Category Archives: Real estate

Upper West side townhouse market report Fall 2018

The Upper West side townhouse market has been in a buyer’s market for the entirety of 2018. The last 4 months had 11 sales ranging from $3.8 million for a rent stabilized multi-family to a park block renovated 5 story townhouse at 31 W 89th street which sold during August for $13.3 million.

Current inventory stands at 60 townhouses/multi-family properties with the least expensive being for sale at $3.1 million for a 9 unit rent stabilized building on West 108th street near Riverside Park to 25.9 million for a townhouse at 248 Central Park west. Average days on the market for all Upper West townhouses is 230 days.

At the current pace it will take 22 months to sell off all of the existing inventory.

Below are the list of all the sales between August 1st and November 30th, 2018.

Number Street Apt_No NYC GLA Calc GLA Bldg Size Stories Units Lot Size Sale Price PPSFT Sale Date
310 W 82 ST 5100 17′ X 74′ 4 9 17′ X 102.17′ $3,800,000 $745 9/6/2018
219 W 78 ST 4692 20′ X 68′ 3 7 20′ X 102.17′ $4,100,000 $874 11/1/2018
117 W 78 ST 3400 16′ X 50′ 3 2 16′ X 102.17′ $5,000,000 $1,471 8/28/2018
49 W 94 ST 6060 20′ X 68′ 4 6 20′ X 100.67′ $5,900,000 $974 8/22/2018
220 W 83 ST 4500 25′ X 69′ 2 1 25′ X 73.58′ IRR $6,600,000 $1,467 8/16/2018
22 W 90 ST 5570 20′ X 67′ 4 10 20′ X 100.67′ $6,700,000 $1,203 11/9/2018
60 W 89 ST 6630 20′ X 67′ 4 9 20′ X 100.67′ $7,100,000 $1,071 9/13/2018
52 W 85 ST 6266 20′ X 70′ 4 1 20′ X 102.17′ $9,395,000 $1,499 11/7/2018
57 W 88 ST 7170 20′ X 72′ 4 7 20′ X 100′ $9,750,000 $1,360 8/30/2018
18 W 75 ST 6673 21′ X 80′ 5 10 21′ X 102.17′ $12,250,000 $1,836 11/20/2018
31 W 89 ST 6535 20′ X 70′ 4 10 20′ X 100.67′ $13,300,000 $2,035 8/7/2018

August Upper West side townhouse market report

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.

CPW Towers market update

CPW Towers, aka Park West Village, the 4 building condo development, that runs between West 97th street and West 100th street and between Columbus and Central Park west, has low common charges and taxes, making it an affordable option for buyers. As a result, inventory though it increased has remained low. 

The buildings are 372,382,392, and 400 Central Park west. All 4 buildings are condo, though separately managed, they become condo about 25-30 years ago and are postwar buildings with similar amenities. They all have access to the playground in the middle of the development, have available parking(waitlist), live-in-supers, on-site management, community rooms, 24 hour concierges, gyms and laundry rooms in the basement. 

See below tables for current availability by building and apartment size. 

BuildingAvailableIn contract
37241
38231
39244
40040
Active inventory by unit size
Studio(545 sqft)50
Studio(648 sqft)01
1 bedroom11
1 bedroom w terrace53
2bd/2ba31
>2bd/2ba10

CPW Towers July Market report

In another post, we will take a look at the sales data for the 4 buildings for the 2nd half of 2018. 

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.

16 Luxury contracts signed in Manhattan last week

16 Luxury contracts were signed last week for $4 million and up according to the Olshan Report. Luxury homes spent an average of 728 days on the market according to the report. The most expensive sales were a townhouse at 9 East 84th street which was asking $20.25 million and a penthouse at 56 Leonard which was asking $17.75 million. 

The Real Deal Coverage

 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.

23 Harlem townhouse open houses set for tomorrow

23 Open houses are set for tomorrow Sunday December 9th. 5 of the 23 offerings are for $2.5 million and less. 2 of the offerings are for $4 million and up. Very few properties have sold this year for $4 million and up. 

As of just days ago, the number of listings available for <$2 million hit double digits. List of open houses for Sunday December 9th

Harlem townhouse November report

West 147th street near St.Nicholas avenue

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.

Why do some Manhattan buildings have so few units for sale?

I always find it interesting to see that in some Manhattan buildings that are very few apartments for sale. In 400 Central Park west, a 414 unit condominium there are 6 apartments for sale, and 2 of those are in contract. So out of 414 units, there are 4 units available for sale or less than 1% of the building.

Contrast that with 120 Riverside boulevard, which has 23 units for sale with only 2 of those in contract. The 14 year old building has 276 units and many amenities. But taxes for a 1292 sqft 2bd/2ba run around $21,000 per year. Perhaps, this is the clearest example of the effect of the Tax Reform? Either way, with nearly 8% of the building for sale, it might create a pause in a buyer looking to purchase.

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.

 

Waterline Square construction update

Waterline square the 3 building development on the West side from the exterior looks to be finished. The buildings are designed by the starchitects Rafael Vinoly, Kohn Pedersen Fox and Richard Meier.

Prices start at just over $1.8 million for 1 bedrooms with occupancy expected in Spring of 2019.

Previous coverage of Waterline Square

Available properties in Waterline Square

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 September market report

During the months of June, July and August, 16 new Harlem townhouse listings came on the market combined. Apparently, the summer lull is over, as 20 new Harlem townhouse listings came on the market in September.

The least expensive listing was $1.399 million for a Convent avenue building sold without interior access. The most expensive townhouse offering was a property that sold a year ago and now is back on the market for $5.25 million at 730 St Nicholas.

While, 20 townhouses were listed for sale, only 1 was sold during the month of September. The property an SRO with over $40,000 in annual taxes is a 19′ wide, 5 story building near Striver’s Row. It transferred for $2.4 million.  The below table shows the breakdown of the new listings by price range.

< $2 million 5
$2-$2.99 million 40
$3-3.99 million 31
> $4 million 8
Total 84

The average days on the market has increased to 122 days. Today, Sunday, September 30th, there are 34 open houses scheduled.

August Harlem townhouse market

Harlem townhouse July market report

 

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.

 

Can a Manhattan rent stabilized tenant own a 2nd home?

Although, it might seem unfair,  a rent stabilized tenant who pays well below market  is allowed to own a 2nd home in Miami or South America or wherever they choose.  As long as the tenant lives in their stabilized apartment for 183 days per year, they can do what they want with their money according to NYT.

As a matter of fact, in my building, there is a rent stabilized tenant, that owns an apartment right next door to their rent stabilized apartment and allegedly they tried to combine the two!

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.

 

West 100th street playground remains closed

The Tarr family playground at West 100th street in Central Park closed about 1 month ago for repairs and remains closed. They removed the matting and this week, workers were cutting the concrete and removed metal railings. No news on when it will re-open.

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.