According to the NYT Ask Real estate column, the answer is maybe. You need to have a legitimate claim to the apartment. The advice is that if you have lived in the apartment for 2 years at the time that your relative leaves the apartment you will have a strong claim. If the person is elderly or disabled, you need to live there for one year.
From an investor or landlord perspective, I often get questions on apartments that seem to have a price of 1/2 or 1/3 of the market value and buyers inquire why. In my experience, this have been apartments sold with a rent stabilized tenant in place. If it’s a large enough apartment, it’s probably more feasible to see a relative moving in and sharing the space with the leasee for a period of time and then gaining succession rights keeping out of the owner’s hands for many years. However, if it’s a studio, it might not be worth the trouble for a relative to gain succession rights. These type of investments are risky and should only pursued if you can support them as typically the rent does not even cover the monthly charges.
A panel made up of real estate brokers, architects and developers got together and discussed which features add value and what direction the various parts of the market are heading.
Passive homes are starting to gain traction in the NYC real estate market with a few projects done and more on the way according to the NYT Sunday real estate section. These homes reduce the loss of energy tremendously by more efficient construction materials including thick insulated walls and double pane windows. They do not have traditional heating and cooling systems but rather use a system that exchanges interior and exterior air.
Rental project at 542 W 153 street called Perch Harlem to be built to Passive House standards.
410 Central Park west is a prewar building built in 1929 at the corner of 101 street and CPW. The building itself has a live-in-super, Laundry,Bike room and allows pets and subletting. It is comprised primarily of 1 and 2 bedrooms but there are a couple combination units which are larger. Maintenance is reasonable for the Upper west side. 15B a 2bd/1.5 bath apartment sold about 1.5 years ago and the maintenance was only $1933 according to the listing on Streeteasy.
Plently of windows and exposures in this prewar UWS doorman building.
The 2 bedroom 2 bathroom condo with low monthly charges and a balcony with Central Park views has had a price adjustment which makes it even more attractive. The price for this 1140 square foot south facing condo is now $1.75million. An open house is planned for Sunday 1-2pm. Follow the link for more pictures and floorplan. Continue reading 400 CPW apt 10C price reduction→
One57 where a record $100mm sale has set a new benchmark for residential real estate
The NYDN is reporting that several of the most expensive apartments in Manhattan are cutting their prices including a penthouse in Tribeca where the price is being slashed from $40mm to under $30mm for a 7000+/- space. At the same time, while other units incuding one at The Pierre are also slashing their prices, other developers are taking aim at the $100mm record set this year by the sale of an apartment at One57 on Billionaire’s Row.
Those developers inlcude 550 Madison aka the Sony building condo conversion where an apartment will reportedly ask $150mm, 520 Park avenue which will have a penthouse asking $130mm and 220 CPS where its’ top asking price is rumored to be $175mm!
The Seymour condo at 261 W 25 street will have 49 units almost all of which are in contract
Roof deck
Gym near the resident’s garden
According to Streeteasy there will be 49 units in this new construction condo on West 25 street and 47 of them are in contract. There are two remaining units- one priced at $3.195mm and the other at just under $4mm.
This building sold quickly as
The Seymour
a result of a good mix of smaller and larger units and at just under $2000 per sqft for this location, it’s not hard to see why it went so fast. The amenities include a resident’s lounge with fireplace, a garden, media room as well as a “quiet” library plus a roof deck with outdoor kitchen. The developer is the Naftali Group who is having a slighter hard time selling their Upper west side project at 261 W 77 street which they pulled off the market and will reboot shortly.
175 West 95th, a recently converted condo between Columbus and Amsterdam avenue on the Upper West side is off a very good start with sales. According to Streeteasy, this building has 24 contracts out and 12 available properties. They range from a studio for $630k to a 3bedroom for $2,020,000. The most expensive property in contract is a 2bd/2ba with balcony that was asking $1,555,000. It took 42 days to get into contract but many of the other apartments were spoken for after less than 1 week. Continue reading 175 West 95 street NY,NY 10025 New developement spotlight→
This very question was posed in the NYT ASk Real Estate column. The general opinion is that a no dog/pet policy limits the pool of buyers but it is difficult to analyze how much. Generally, the apartment may be worth about 5% more because of allowing little Lassie or Milu to live in the building.
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
