Category Archives: Upperwestside

Manhattan Boutique condo versus high rise- which is better?

A Manhattan boutique condo can have some advantages that a high rise might not. A smaller building can mean more of a personal feeling when coming home. In a Manhattan building with 30 or less apartments, chances are you are going to have more customization and less mass production like a new building with 200 units plus. In the boutique building in NYC, you will see amenities but not the scale that you would see in a high rise luxury building like One Manhattan Square or One Riverside where you have swimming pools, bowling alleys, lounges, party rooms and gardens.

In a large building you might pay more per square foot for these due to the amenities like in Waterline Square on Manattan’s west side or 15 Hudson Yards, where prices hover around $3k per square foot. In a smaller boutique building, you will have less amenities but can expect a roof deck, doorman, gym, and maybe a garden. Take for example, the 6 unit 207 West 75th street building which is brand new and averages only $2k per sqft.  In a 6 unit, be prepared to be involved in the operation of the condo.  In a 39 unit building like the Chamberlain at 269 West 87th street, you get amenities like a children’s playroom,storage, gym,doorman and common outdoor spaces and again averaging around $2k per sqft. Also, in small building, any repairs will hit each apartment owner more than in a large condo with more owners to divide up the costs.

I think it comes to your lifestyle. A small building works well for some people who do not need the amenity suites that some of the large luxury buildings offer. For some people they feel this is akin to living in a hotel and some people love it and some do not.

What is your preference: Boutique or high rise with tons of amenities?

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.

50 Riverside boulevard aka One Riverside Park availability

The Extell Development building built in 2015, with a 20 year tax abatement, and 50,000 sqft of amenities currently has 9 units for sale. They are all resales, averaging approximately 10-20% more than their sold prices in 2015. The averge price per square foot is $1,878 per square foot. The average days on the market is 181 and if you remove one listing that has been for sale for 451 days, it goes down to 150 days on market.

There have been 4 sales this year and none in the last 3 months. That’s an average of 1 sale every 2 months which means the inventory would last about 18 more months.

The two resales sold this year were sold for a 100,000 or 6% profit and a $1.2 million loss, suggesting the building is roughly valued very close to the 2015 levels or less in the case of the larger apartments purchased from the sponsor.

Given that there are many more years left in this tax abatement, this might be the right time to get into this building with it’s amenity suite including the La Palestra athletic club, bowling alley and lounge, rock climbing wall and 75 foot lap pool.

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.

Where foreign investors are buying in Manhattan

According to CNBC, foreign investors are choosing New York City as the number two place to make their real estate investments behind only London. Certain neighborhoods seem to be attracted the most interest. The Upper West side was mentioned as attracting Chinese buyers in the $1 to $2 million range according to one real estate broker. Harlem was not mentioned but Brownstone Brooklyn was mentioned.

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.

 

467 Central Park West building profile

467 Central Park west aka The Warner, is a prewar condo which makes it a rarity but even more rare in that it is on Central Park west. The 99 unit pet friendly building at the corner of West 107th street and CPW, has a live-in-super, a bike room, laundry room and storage room.  Availability is the problem. Currently, there are only 2 apartments for sale! There is a 1 bedroom asking $700,000 and a studio asking $595,000. 

467 Central Park west is a 17 story condo with 99 units and low monthly charges. Unfortunately, there are only 2 units for sale and 1 sold in the last year.

Many of the apartments in the building have Central Park views. The most recent sale was apartment 12D, a 736 sqft 1 bedroom that sold for $930,000 in October of last year. So if you are thinking of buying in 467 Central Park west, patience will be key.

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.

382 Central Park west apt 4Y Just listed

A 648 sqft apartment with northern views has come on the market in the Olmstead condominium. The full service postwar building features a renovated lobby features, gym, and exercise studio where various classes are taught. Take a look at the video to get a sneak peak.

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.

Upper west side 2bd/2ba condos under $2 million

According to a search on listings website Streeteasy.com, there are 42 condo listings on Manhattan’s upper west side with at least 2 bedrooms/2 bathrooms under $2 million. The largest apartment for sale in this price range is a 1400 sqft duplex and the listings include 16 listings for $1.7 million and under.

The listings include two listings in the newly converted 350 W 71st street and overall 23 of the 42 listings are in Lincoln Square with many in the amenity rich Riverside Boulevard buildings as sellers attempt to move on from buildings with a tax abatement either recently expired or expiring soon. 7 of the 42 listings are in the Avery, at 100 Riverside boulevard which has a tax abatement expiring in 2 years. Overall, the Avery has 20 listings for sale of the 266 units.

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.

 

 

 

382 Central Park west 4Y Just listed

A convertible 1 bedroom has been listed in the Olmstead condominium at 382 Central Park west. The apartment is a north facing 648 sqft, with a renovated kitchen and bathroom. The monthly charges are very low at $910 for a full service building with a gym, parking(waitlist), and an exercise studio which features classes for residents. See VR Tour below.

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.

 

Most sought after and least supplied amenity in a Manhattan rental is?

Apartmentlist.com did nationwide research to see what amenities were most sought after by renters and compared that to what is most supplied by landlords. Interestingly enough in the NYC market, 39% of the renters were looking for an in-unit laundry while only 10% of the apartments had it. This coincides with the on the ground data of my past rentals where many tenants ask if the unit has an washer/dryer in the apartment and most do not.

When you do a search on streeteasy.com for 1 bedrooms for rent on Manhattan’s upper west side, you find 204 listings but when you check the box for washer/dryer, the number goes down to only 8!

In Central Harlem, under $2,500 per month, you find 59 listings with at least 2 bedrooms and when you only look at apartments with washer/dryers the number goes down to 7!

Full coverage from Apartmentlist.com

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.

Lincoln Square AMC Movie theater evacuated Friday night

Last night, the Lincoln Square AMC on Manhattan’s upper west side evacuated at about 7:30pm. As we entered the Imax on the top floor at about 6:30pm, there was a smell of smoke but the ticket taker seemed confused when we pointed it out to her and thought it was the food concession.

About 45 minutes into the movie, there was a voice that asked everyone to calmly leave the theater. On the way out there was smoke coming from that concession. We went down the stairs and left. Numerous fire trucks arrived quickly on the scene and one firefighter climbed up the ladder towards the terrace facing Broadway, that is one floor the Imax theater.

 

5000 new apartments coming to the market in new development in 2018

According to the latest reports, about 4600 new condo units will be listed this year in NYC. That is in addition to over 3000 that came online in 2017. Given that new development without an amazing location, is selling slowly that sounds like a lot of choices for buyers and anxiety for developers.

Ziel Feldman is bringing to market $3.4 billion in inventory within two projects. One is the Upper West side conversion of the Belnord with large units over 2000 square feet and another is the twisting condo towers known as XI on the Highline. Both projects come with starchitect pedigrees with Robert A.M. Stern redesigning the Belnord and Bjarke Ingels handling the designing of the new construction Highline condo.

More details on Belnord and XI

Previous luxury market 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.