Tag Archives: Manhattan

NYC Commercial real estate prices remain strong

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.

24 luxury contracts signed last week in Manhattan

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

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.

Manhattan rental prices starting to increase

The Manhattan median rental price inched up 1.8% to $3,394 according to the latest report while the luxury rents stayed static at $8,194. According to the broker feedback there is a lot of inventory to absorbed into the market and concessions and price still drive the Manhattan rental market. While buyers are staying on the sidelines, you would think that rents were begin to increase but while lease activity in September has increased market wide we have to enter into a new cycle of rent increases. There is so much parity in the market in terms of choices and Manhattan has competition from both Queens and Brooklyn in terms of offerings and types of buildings.

TRD coverage

How is a Manhattan co-op different from a condo part 3?

In this continuing series we will take a look at a couple more differences between co-ops and condos.

1- Co-ops tend to be located in prewar buildings while condos tend to be newer, shinier and more full of amenities. So if you love prewar lobbies, crown moldings and other details of prewar buildings, you probably will be looking at more co-ops. Almost all new offerings in the last 10 years plus are condos so condos tend to satisfy the wants of Manhattan buyers who are looking for newer buildings with amenities like swimming pools, roof decks, bowling or golf simulators. Some co-ops will have nice amenities as well but very few co-ops have been built in the last 20 years or so.

2- If you are a foreign national or US based investor, condos will most likely be your choice. Co-ops tend to examine a plethora of documents as previously mentioned including US credit. Since a co-op can turn down someone without providing a reason, if you are foreign national purchasing as a primary residence or a pied-a-terre, your safer bet will be a condo. Also, if you are purchasing for investment, almost all co-ops will require you live there first then there will be restrictions for how long you can rent.

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.

Manhattan co-ops versus condos part 2

There are many differences between Manhattan co-ops and condos and in this series we take a look at a couple at a time.

1- Condos typically let you rent your apartment out without limit. So if you experience a job change and do not want to sell, you can rent out the apartment without an issue. In a co-op typically, you can rent out 2 of 5 years and then need to move back or sell.

2-Co-ops normally have higher monthly carrying charges than condos but lower prices. For example a 2bd/2ba co-op on the upper west side of about 1100 sqft might cost you  $1.5 million and have monthly charges of about $2900. A similar condo might run you $2.1 million but the monthly charges might only be $2000.

Price differences, and ability to rent out are just two differences of the many between co-ops and condos in Manhattan.

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.

What are the main differences between a NYC co-op and condo part 1?

This is the first in a 3 part series of the differences between Manhattan co-ops and condos. 

There are many differences between a Manhattan co-op and condominium and in this first installment we will explore 2 of them.

1- Co-ops can turn down the application of a prospective purchaser without any reason given and that’s it, the buyer can not complete the purchase.  Any fees or costs incurred are not reimbursed and that’s it. A condo grants a waiver of the right of first refusal when they take an application from a prospective purchaser. The only time that they may exercise the right of first refusal is when an apartment is being sold far below market. Instead of letting the sale go forward, they can purchase the apartment.

2- Co-ops more closely scrutinize the financial wherewithal of prospective buyers than condos. So you need to have a down payment of 20-25% plus a debt to income ratio of no more than 28% plus stable job history, and excellent credit. A condo may run credit but they are satisfied with you obtaining a loan commitment or purchasing cash. They are not going to turn you down because you do not make enough money.

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.

24 Luxury contracts signed last week in Manhattan

Last week, 24 contracts for $4 million and up were signed. This was an increase from 15 contracts signed for the same week, last year. The most expensive contract was a co-op at the Pierre at 795 Fifth avenue which had an asking price of $22.5 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.

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.

 

What type of Manhattan apartment is the best investment in the current market?

This is the 2nd in a series of articles for buyers who are considering buying a Manhattan apartment as an investment. 

According to the latest data, Manhattan apartments with the least price vulnerability continue to be affordable luxury. Depending on what market segment and neighborhood you look in, the price range is different. On the Upper west side, where I live, that would amount to $3 million and below. In the townhouse market on the Upper West side, it’s roughly $6 million and below where sales still occur. Above $10 million is a different story. In Harlem, affordable luxury is probably closer to $1.5 million and down for apartments and about $2.3 million and below for townhouses.

Mansion Global takes a look at the Manhattan market as a whole and asserts that the affordable luxury market makes up a large portion of Manhattan apartments. Year by year, property at $5mm and below accounts for more than 90% of the sales. The eight figure deals are the outliers but tend to get the headlines. One interesting point that they bring up is that larger apartments change hands less frequently so are more difficult to price, remain on the market longer, and eventually discount their prices more.

More from Mansion Global

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.