Tag Archives: marketreports

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.

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.

Harlem October Townhouse Market report


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

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.

33 townhouse Open houses today in Harlem


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

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 market price adjustments


Just two months ago, the Harlem townhouse market report showed 17 listings at $4 million and above. Now as of September 30th, that number has halved to 8. Those listings did not sell as only 4 listings over $4 million have sold this year in the Harlem,Hamilton Heights townhouse market. Either they reduced the price and joined the under $4 million club or they gave up.

In the last 2 months, the number of listings available from $3 million to $3.99 million, has increased from 26 to 31. The number of listings from $2 million to $2.99 million has increased in the same time period from 33 to 40. These numbers tend to support the trend that price reductions are forcing sellers to readjust their expectations.

However, the market segment least affected is the below $2 million which currently has 5 available listings while the May Harlem townhouse report showed 7. This suggests that inventory is still very tight in the <$2 million/starter townhouse range.

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.

13 new listings in Harlem townhouse market so far in September


13 new listings have come on the market so far in September which is a healthy amount especially since last month there were only 4 new listings.

This is the breakdown of the new listings by price.

<$3mm 5
$3-$4mm 7
>$4mm 1

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 expensive zip code for renters in US is…Battery Park City


The most expensive zip code in the US for renters according to a recent report by RentCafe is Battery Park City, 10280. The average rent is just over $5657 according to the report. This is down from the previous year’s average of $6,000. 26 of the 50 most expensive zip codes in the US for renters were in Manhattan. Three of the top 12 most expensive zip codes were on Manhattan’s Upper West side.

Soho/TriBeca was the area that experienced the largest increase in rent year over year. 10013’s average rent was up over 10%.

Coverage from 6sqft

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.

Average 1 bedroom rental in Harlem just under $2,000


The average rental price for a 1 bedroom apartment in Harlem above 125th street is $1994 per month according to a study of rental listings. The average price for a studio is $1784 and the average days on the market is 22 day for active listings.

In the last couple of years the rental market has been in a down cycle but likely this will be coming to an end in the next year as excess inventory is absorbed and a new cycle of increases begins.

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.

Only 4 Harlem townhouses sold this year for $4 million or more


So far this year, only 4 Harlem townhouses have sold for $4 million or more. One of the four townhouses broke a record in when it sold in February of this year for $5.1 million. That was a renovated home at 72 Hamilton terrace. 

72 Hamilton terrace sold for a record breaking $5.1 million in early 2018.

Beyond that, there have been 3 other townhouses that sold for $4 million and up. 251 West 138th street, a 20 foot wide townhouse on Striver’s Row sold also sold in February for $4 million. In April and May, the other two townhouses- 139 W 120th street and 455 Lenox ave, sold.

However, according to the July Harlem townhouse report, there are 17 buildings listed at $4 million and up. With the average per month sale rate for this price point being less than 1 per month, the number of months it will take to sell the existing inventory is 30 months which means that the $4 million and up price range in Harlem is oversupplied and in a buyer’s 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.