Category Archives: Listings

189 Edgecombe avenue townhouse rented

The 2 family townhouse at 189 Edgecombe avenue has now rented. It has a garden apartment 1 bedroom with washer/dryer and a triplex apartment with 4 bedrooms and 4.5 bathrooms. The triplex rented for $6,100 and the garden apartment for $2,200. Both apartments rented within 2 weeks of being listed.

The house underwent a full, gut renovation and restoration which took just over a year to complete.

 

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Harlem townhouse updated market report

According to analysis done today, there are 78 townhouses for sale in Central Harlem and Hamilton Heights ranging from $1.7 million to $5.7 million. There are 20 buildings in this area in contract bringing the total number of active plus contract to 98.

Most but not all of these 20 contracts were signed within the first four months of the year. 34 listings closed since the beginning of the year. That means there is approximately 10 months of existing supply in the market at this time.

Active listings Contracts Sold
78 20 34

For that reason, even listings in Central Harlem and Hamilton Heights that look to be very attractively priced are languishing on the market and price reductions are pretty steep these days.

April new listing data

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Recent closed Upper West side townhouse sales

15-17 West 94th street– Two interconnected townhouses on a Park block which offering a mixture of free market and rent stabilized tenants were sold for a total of $9.6 million. The buildings were 18′ wide each and about 70 feet deep. This properties will be ideal for a conversion to condos or maybe a large mansion. The purchaser was Dikran Properties LLC. The sale closed 1/30/18.

42 West 94th street- Also located in the Upper west side/Central Park west historic district, this legal 8 unit townhouse had a mixture of free market and rent stabilized tenants. The 17 by 52 built townhouse sold for $4.35 million and closed 1/17/18. The purchaser was listed as 42 West 94th, Inc.

Both of these properties appeared to have changed hands in off market transactions though they were previously listed by real estate brokers.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Is Spring time the best time to sell Manhattan residential property?

Many times, I am asked this very question by potential sellers and the answer is it depends. Right now we are heading into the spring and a shifting market.

In the beginning of the year, sales usually start to slowly build momentum as we climb out of the winter/holiday doldrums. We are seeing that right now as activity has picked up but with the threat of rising rates, who knows?

In the Spring, more sellers tend to enter the market also due to their desire to move during the summer when children are off from school. More competition is not necessarily good for sellers. I usually like to start working on a listing right before the Spring rather than wait. My advice is to look at your needs as a seller, current market activity and not position your listing to be forgotten because there is a major holiday in one week. I would like to also add that assessing the competing properties for yours will help too. For example, a few years ago, there was a glut of 2bd/2ba apartments in 400 Central Park west. This rarely ever happens. As a result, buyers had more choices. My recommendation was that if the seller could wait 1 month or so, some of these other properties might be in contract and as a result we would have less competition.

Two years ago, I sat down with another seller and there was only 1 similar property in the market in Park West Village on Manhattan’s Upper west side. I advised them to go for it. They did and as a result, we got a very high price due to the lack of competition.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

 

2 South end 9B Battery Park City in contract

2 south end avenue 9B in Battery Park City’s Cove Club is now in contract. The 3 bedroom/2 bath condo is a corner unit with Harbor views, two exposures, poured concrete floors, a huge kitchen and built in sound system. The last asking price was $1,200,000 and the monthly carrying charges are $6250.

 

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

313 West 138th street 8 unit in contract

313 West 138th street, one block west of Strivers’ Row in Central Harlem,  has gone to contract. The property which has 5 studios and 3-1 bedroom apartments was asking $1.8 million. After a flurry of activity, it has gone to contract for more than the asking price.

 

313 W 138th street listing details

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

 

313 West 138 street Harlem townhouse enters the market

by  Brian Silvestry

An 8 family home has entered the market just outside the Striver’s Row historic district. The building is 17.5 wide by 51 and has a lot that runs just shy of 100′ deep. There are 5 studios and 3-1 bedroom apartments. The cap rate is 5.1 % for this rent stabilized building located around the corner from St.Nicholas Park and the B,C subway stops. There is plenty of upside as nearly every tenant has been in place for at least 4 years. One apartment will be delivered vacant.

 

Full listing details