In the largest deployment yet, about 20 enforcement officers descended on the Atelier condo on West 42nd street and issued 27 summonses for illegal rentals to 20 different owners, including two members of their condo’s Board of Directors. The City is attempting to crack down on illegal rentals and this is the biggest effort yet but may been an indication of things to come. There is a new law that will force sites such as AirBnB to share the information of their hosts with the City which could go into affect as soon as February.
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.
If you are thinking of buying in Midtown west, maybe you should take a look on West 52nd street where there are several conversions between 8th and 10th avenue. One of those developments is Nine52 which is located at 416 west 52nd street and it is in the sweet spot of affordable luxury and with it’s Midtown Manhattan location, it is not suprisingly selling well.
On the same block is 432 West 52nd street which will have 55 units ranging from studios to 2 bedrooms. This building will feature a 4200 sqft landscaped roof terrace, exercise room, doorman and a residents’ lounge. There are currently 5 listings on streeteasy and 2 are in contract. The most expensive is a duplex with 1153 sqft(107m2) of interior space and 1454sqft(135m2) of exterior space with an ask of $2.25 million and about $4k in monthly carrying charges.
Also on West 52nd street is the Sorting House which is a new construction building built on top of a Post Office. 27 units on streeteasy.com and 27 units in contract. Prices were around $2000 per square foot on average and the apartments ranged in size from 605 sqft (56m2) to 1409 sqft(130m2). Several of the apartments had outdoor spaces and the common charges and taxes together range from about $2.20 per sqft to about $2.80. The developer is Cadence Property Group and architect is Architecture Outfit.
All of these developments are doing well partly because they were ahead of the curve in that they address the affordable luxury market and their location speaks highly to both owner/occupants, local investors and foreign nationals who may not be able to afford Billionaire’s Row.
If you are thinking of buying in Midtown west, take a look at Worldwide Plaza. This condo was built in 1988 by William Zeckendorf Jr and occupies an entire city block from 49th to 50th street between 8th and 9th avenue. There’s a 39 story tower on West 50th street, a 7 story tower on West 49th street, a 40 story office tower, a few townhouses and a public square.
2 laundry rooms per floor
many subway lines
Access to the Theatre Distric, Times Square, Rock Center…
Some of the interior hallways and lobby give a hotel like feel and monthly charges are a touch high but not ridiculous given the amenities.
Current availabilities range from $569k for a 375 sqft studio to a reasonable $1,820,000 for a 2bd/2ba in 350 W 50 street.
Rentals range from $2400 for a studio up to $7200 for a 2bd/2ba with 3 other 2 bedrooms available from $4600 to $5800.
Monthlies are a little on the high side averaging around $2.85 per sqft. So a 1000 sqft apartment will run you around 2800 per month in taxes and common charges.
400 west 42nd street aka 577 9th avenue has plans that were filed a few months back for a new 28 story building rising to a height of 341 feet with 45 units. About two years ago, the plan was to built a hotel and condo but the original architect was scrapped and new plans were filed.
It is not clear for the plans filed with DOB if this building will be a condo or a rental. The building is located at the corner of 9th avenue and 42nd street sandwiched between the Orion at 350 W 42nd street and the MIMA tower which is a rental in the middle of Midtown west/Clinton block.
According to streeteasy, a handful of buildings including the building known as 53rd and 8th, are offering “affordable luxury” condos are only a fraction of what some of buildings are asking for luxury condos. This particular building offers 1 bedrooms of just north of 600 sqft as well as 2bedrooms and even some combination units that total over 2000 square feet. The most expensive listing is under $4 million. This is quite a difference from the usual price of luxury condos which typically start north of $5-6 million.
Since the building was a rental conversion the cost savings is passed on to the buyers. About 26 contracts were signed according to Streeteasy.
The pyramid shaped building named Via at 625 West 57th street is the luxury rental building located on West 57th street near the West side highway and is designed by Bjarke Ingels. Construction is progressing as per the photos taken today. 709 units in total and of that 142 affordable apartments starting at $565 for a studio! It is expected that there will be over 100,000 applications for the affordable apartments. No information has been released yet for the market rate rentals.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker