Commercial, Harlem, Marketreports, multifamily

NYC Commercial real estate prices remain strong

November 15, 2018 Brian Silvestry Leave a comment

According to the latest study from Ariel Property Advisors, the dollar volume of commercial real estate deals is up about 28% year to date over the same period in 2017. Additionally, 4 of the 5 boroughs are showing price increases in multi-family. Manhattan was up 16% price per unit versus last year. Only Brooklyn’s price per unit decreased.

This is consistent with what I am seeing which is continued foot traffic at my exclusives which include a 12 unit near Madison avenue in Central Harlem for $5.7 million and a 4500 sqft SRO in Mount Morris. Additionally, there is plenty of interest in 20-40 unit buildings Uptown with little inventory.

Commercial Observer 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.

Harlem, Listings, Mount Morris, Townhouse

146 West 121 street listed showings start today

November 13, 2018 Brian Silvestry 1 Comment

146 West 121 street, a Harlem SRO building with 13 B rooms and 1 class A apartment is now back in the market after a deal had fallen through. The building comes with the certificate of non harassment, obtained in September of this year and 1 tenant who occupies 2 rooms on the 5th floor. The property is located in the Mount Morris Historic district and is 18′ wide with 5 stories.

Inside rooms have many fireplace mantels waiting for restoration.

The home has air rights and is built 18′ by 50′ according to City records.

Currently, the home is setup with SRO rooms and 1 garden apartment.

The street view of West 121st street looking west.

Listing details

Airbnb, Manhattan, MidtownWest

NYC raids Atelier building in Midtown in attempt to crack down on illegal short term rentals

November 12, 2018 Brian Silvestry Leave a comment

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.

WSJ coverage

Buying tips for your NYC apartment, BuyingtipsforManhattanproperty, Luxury, Marketreports

24 luxury contracts signed last week in Manhattan

November 10, 2018 Brian Silvestry Leave a comment

24 luxury contracts were signed last week according to the Olshan Report. An 80th floor apartment in One57, Extell’s luxury tower on Billionaire’s Row went into contract after asking $19.9 million. A seller at 150 Charles managed a $4 million profit after buying his condo for just north of $12 million off floor plans back in 2012 as well.

TRD coverage

HamiltonHeights, Harlem, Marketreports, Townhouse

Harlem October Townhouse Market report

November 6, 2018 Brian Silvestry 1 Comment

In the month of October there were 5 sales and 10 new listings. This is a dip from the last month when there were 20 new listings and almost no sales. The most expensive sale of the month was 123 W 120th street which a 4 family 20′ wide sold for $3.25 million down from it’s asking price of $3.75 million.

79 Harlem townhouse listings are available for sale and for the first time the under $2 million price range is seeing an increase. Last month there were only 5 listings under $2 mm and now there are 9 listings in that price range.

< $2 million	9
$2-$2.99million	38
$3.0-$3.99 million	23
> $4 million	9

134 days on the market is average for all Harlem townhouses. The number of months to absorb all of the inventory is 16 currently.

Harlem townhouse September report

Harlem townhouse August market report

HamiltonHeights, Harlem, Townhouse

18 Harlem townhouse open houses set for Marathon Sunday

November 3, 2018 Brian Silvestry Leave a comment

18 Harlem townhouses will be holding open houses tomorrow on Marathon Sunday with the hopes that not everyone will be looking for the best place to see one of the 50,000 or so runners tomorrow.

Prices range from $2,250,000 for an intact 3 family home to just north of $5mm so there seems to be an offering for all ranges.

Sunday November 4th Open houses

Buying tips for your NYC apartment, BuyingtipsforManhattanproperty, Real estate, Upperwestside

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

October 29, 2018 Brian Silvestry Leave a comment

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.

CentralParkWest, Listings, Upperwestside

372 Central Park west 17U sold and closed

October 22, 2018 Brian Silvestry Leave a comment

A studio apartment was sold in the 372 Central Park west condo, a full service building with concierge, gym, laundry, parking and storage. The asking price for the south facing estate condition apartment was $799,000 and we were able to negotiate the price down to $740,000 for our client, an investor. It’s rare to find a high floor studio, facing south in the Vaux condominium.

Current availability in the condo located at the corner of West 97th street and Central Park west, includes 4 apartments for sale and 3 apartments for rent.

Previous coverage

Buying tips for your NYC apartment, Listings, Luxury, New Developments, Real estate

Waterline Square construction update

October 16, 2018 Brian Silvestry Leave a comment

Two Waterline Square as seen from the south

Three Waterline Square designed by Rafael Vinoly

Supermarket opening in the next few months adjacent to Waterline Square

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

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Inventory, Marketreports

33 townhouse Open houses today in Harlem

October 14, 2018 Brian Silvestry Leave a comment

In the Hamilton Heights, Central Harlem, market there are 33 open houses set for today. As listings linger on the market and sellers start to come to grips with the idea that the market is in favor of the buyers, some listings sit on the market. As a result, the amount of open houses is at a staggering number. However, the market under $2.5 million is still low on inventory as only 4 of the 33 open houses are for that price point and only 1 open house for a listing under $2 million. The inventory under $2 million has not budged at all in the last several months and the choices are limited.

Harlem townhouse Open house list for Sunday

Harlem townhouse September market report

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