Category Archives: Upperwestside

Thinking of buying in a Manhattan building with a tax abatement expiring soon?

I am constantly searching for apartments for clients and occasionally come across buildings that are tax abated. Generally speaking apartments above 96th street had 20-25 year tax abatements and below 96th street the length of the abatement was only 10 years. As a result, in the last several years, the abatement is phased out, and the taxes go up substantially.

When the monthly numbers are lower, buyers will pay more for the apartment which helps developers of new condos make more profits. But how do you analyze the value of a condo with a tax abatement expiring shortly and how much time is enough that is left on a tax abatement?

Continue reading Thinking of buying in a Manhattan building with a tax abatement expiring soon?

Why are the taxes so high in some Manhattan buildings but not so in others?

Understanding NYC’s archaic and often inequitable system of real estate taxes might be a life long pursuit but for the purposes of this blog, let’s take a look at a couple of the items that influence your real estate taxes of a Manhattan townhouse.

One of the influencing factors is how recently the property transferred. You have some long time owners in Manhattan whose properties are now worth several million dollars yet their assessed values are artificially low due to the lack of a recent sale. However, once the property changes hands, the Department of Finance might be right there adjusting the value and raising your taxes.

Continue reading Why are the taxes so high in some Manhattan buildings but not so in others?

Upper West side townhouse report

In the month of April, 9 new listings for townhouses on the Manhattan’s Upper West side came on the market.

331 W 78th street 5.3 million
52 W 85th street 9.95 million
248 CPW $29 million
42 W 70th street $14.2 milllion
49 W 94th street $6.288 million
22 W 90th street $8.150 million
129 Manhattan ave $5.25 million
164 W 81 street $5.35 million
305 W 78th street $7.95 million

Overall, there are 55 townhouses in the market on Manhattan’s Upper west side ranging from $4.35 million to $29 million for a high end renovation at 248 Central Park west.

Two contracts were signed in April for townhouses on the Upper West side. At this rate, it would take more than 2 years to sell all of the supply that currently exists in the market.

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.

Park West Village on Manhattan’s Upper west side inventory low

Here is the update on the market conditions in Park West Village, the 4 building condo complex that runs from West 97th street to West 100th street between Columbus and Central Park west. Inventory is low with each building having no more than 3 units available for sale. Considering that each building has over 400 units, that’s a minuscule amount of inventory available. Interestingly, there are no 2 bedroom/2bathroom apartments available right now in the Upper West side complex.

The table below shows the number of active listings, contracts signed this year that have not closed and closed sale since the beginning of the year.

 

Building # listings contracts sold
400 3 1 3
392 2 1 3
382 3 4 3
372 2 1 5

 

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.

Trader Joe’s Upper West announces opening date

The Upper West Side Trader Joe’s, located between 92nd and 93rd street on Columbus avenue will be opening on May 4th at 10am according to NBC.

A Soho Trader Joe’s is not far behind as they recently held a job fair for the store on Spring street.

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 it better to purchase and renovate a townhouse or spend more for a renovated one?

Many townhouse buyers like the idea of buying a Manhattan fixer upper but underestimate both the cost, time and effort involved with a renovation. If you purchase a fixer upper, the positives are that you can make the home exactly as you want from unit number, to finishes to outdoor space like a roof terrace or penthouse. But you will pay for that convenience in renovation costs which could be as low as $150 per square foot to as much as $700 or more per square for a high end renovation.

Additionally, a renovation will require approvals from Department of Buildings, as well as Landmarks Preservation Commission (LPC) if the building is one of the coveted Manhattan historic districts. Also there is no guarantee that if you purchase a $7 million Upper West side townhouse and add $4 million that your space is worth more than $11mm total.

I think the questions you should ask are:

1- Can you find something in a higher price range that is already finished close to what I am looking for in a townhouse?
2- Do you have all of the necessary capital to pay for the renovation including architecture fees, permits and expediters? Also, do you have the time to dedicate to supervising the work and making sure your expectations are met?
3- Do you have the patience to wait between 1-3 years or more for the townhouse to be finished while undergoing renovation?
4- Do you have enough capital to cover the cost overruns or increased costs associated with the unanticipated items?
5- Are you okay with the potential increase in real estate taxes due to the renovation and potential alteration? Speak to your real estate tax attorney for more details on that.

A townhouse renovation is not for the faint of heart and should be entered into with care and tons of research. Perhaps it might be wise instead, to purchase a Manhattan townhouse that is already renovated and ready for occupancy.

The dining area at 189 Edgecombe, a gut renovated townhouse in Hamilton Heights that is for sale for $2.525 million.
The marble clad kitchen with island, dishwasher, garbage disposal, wine refrigerator and sliding doors to the deck. 189 Edgecombe 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.

Trader Joe’s Upper west side now has signage

The Trader Joe’s store that is being built at 670 Columbus avenue now has signage. Opening date to be determined.

Trader Joe’s has installed signage this week and will be located at 670 Columbus 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.

Central Park Tennis Center opening day Saturday April 14th

It does not seem that long ago that there was snow in Central Park but all of sudden it seems that Spring is here. So as a result, the Central Park tennis center is opening on Saturday April 14th. The weather is supposed to be 77 degrees!

 

Court conditions and updates 212-280-0205
Lessons 212-316-0800

Central Park Tennis center website

400 Central Park west 7K SOLD

A 1 bedroom, 1 bath south facing apartment at the 400 Central Park west condominium closed yesterday. The asking price was $1,255,000 and the sold price was $1,235,000. The apartment featured a 18′ south facing terrace with views just above the trees into Central Park. The sellers were longtime owners/investors in the building and had purchased the apartment 18 years ago.

The building has a full time concierge, live-in-super, on-site management, renovated gym, childrens’ playroom, residents’ lounge, storage and parking available both on wait-list.

 

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.