Tomorrow 7:30pm on FB Live I will discuss the current real estate market and predictions for the coming weeks, months as the NYC economy reopens.
www.facebook.com/bsrginc
Manhattan luxury market has best week in 2 months
26 contracts were signed in Manhattan last week for property priced at $4 million and above. Perhaps, the winter slowdown plus price reductions may begin to fuel higher activity for the Manhattan luxury market.
Amazon scraps plans for NYC HQ
Amazon had intended to open a HQ in Long Island City but local politicians and some local residents opposed the opening feeling that too much was being given away. Nearly $1.5 billion in tax incentives were being allocated. As a result of the push back, Amazon took their semi-empty cardboard boxes filled with one item and went home.
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.
| Building | Available | In contract |
| 372 | 4 | 1 |
| 382 | 3 | 1 |
| 392 | 4 | 4 |
| 400 | 4 | 0 |
| Active inventory by unit size | ||
| Studio(545 sqft) | 5 | 0 |
| Studio(648 sqft) | 0 | 1 |
| 1 bedroom | 1 | 1 |
| 1 bedroom w terrace | 5 | 3 |
| 2bd/2ba | 3 | 1 |
| >2bd/2ba | 1 | 0 |
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 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
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 starter townhouse inventory increasing
The last two months showed inventory for below $ 2 million in the Central Harlem, Hamilton Heights market stay steady at 9 townhouses. This is nearly double the amount that was present in the market only two months ago of 5 properties. In the last 2 months, 2 sales were recorded under $2 million and one was an off market deal on Astor Row. If you take a closer look at the inventory under $2 million, you are seeing a fair amount of SROs: some with a certificate of no harassment and some without it. You are also seeing inventory with rent stabilized tenants or other tenancy that would complicate the conversion of a building.
With several townhouses on the cusp of asking under $2 million, it can be expected that these properties will lower their asking price and will see even more attractive offers in the coming months under $2 million. Now and in 2019, might be the most attractive time for a buyer to purchase their first townhouse in the Harlem market at a discount.
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 November market report
In November, there were 11 new listings in the Central Harlem, Hamilton Heights market and 3 sales. The 3 sales ranged from a South Harlem fixer-upper for $2.2 million to a Striver’s Row townhouse for just under $3 million.
Current inventory is 80 townhouses up from 79 in October. The amount of time to absorb all of the existing inventory would be 27 months. Days on the market average for all active listings is 132 days.
| < $2 mm | 9 |
| $2.0- $2.99mm | 43 |
| $3.0-$3.99 | 19 |
| $ 4.0 mm + | 9 |
Harlem townhouse October report
Harlem townhouse September 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.
400 Central Park west apt 12M Sold
A 1 bedroom, sponsor renovated unit was sold at the 400 Central Park west condo. The apartment featured a top of the line renovation by the contractor of the Sponsor and had southern views of Central Park. The sales price was $1,325,000 negotiated down from the ask of $1,345,000. The listing broker was Douglas Elliman and the selling broker was BSRG Inc/ Brian Silvestry.
The 400 Central Park west condominium is a 400 plus unit full service building with resident’s lounge, private gardens, parking, storage, live-in-super and on-site management.
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.