Tag Archives: Newdevelopment

Manhattan Boutique condo versus high rise- which is better?

A Manhattan boutique condo can have some advantages that a high rise might not. A smaller building can mean more of a personal feeling when coming home. In a Manhattan building with 30 or less apartments, chances are you are going to have more customization and less mass production like a new building with 200 units plus. In the boutique building in NYC, you will see amenities but not the scale that you would see in a high rise luxury building like One Manhattan Square or One Riverside where you have swimming pools, bowling alleys, lounges, party rooms and gardens.

In a large building you might pay more per square foot for these due to the amenities like in Waterline Square on Manattan’s west side or 15 Hudson Yards, where prices hover around $3k per square foot. In a smaller boutique building, you will have less amenities but can expect a roof deck, doorman, gym, and maybe a garden. Take for example, the 6 unit 207 West 75th street building which is brand new and averages only $2k per sqft.  In a 6 unit, be prepared to be involved in the operation of the condo.  In a 39 unit building like the Chamberlain at 269 West 87th street, you get amenities like a children’s playroom,storage, gym,doorman and common outdoor spaces and again averaging around $2k per sqft. Also, in small building, any repairs will hit each apartment owner more than in a large condo with more owners to divide up the costs.

I think it comes to your lifestyle. A small building works well for some people who do not need the amenity suites that some of the large luxury buildings offer. For some people they feel this is akin to living in a hotel and some people love it and some do not.

What is your preference: Boutique or high rise with tons of amenities?

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.

Hudson Yards effect on nearby condo and rental buildings

As Hudson Yards continues it’s march towards completion in 2025 and many amenities are open or near open including the Culture Shed, and the Vessel, the development is effecting nearby development.

According to Real Estate Weekly, brokers in nearby developments- both rental and sale are seeing increases in activity. These new developments include 515 West 29th street aka Five One Five, a boutique condo building with 3 listings on streeteasy starting at $4.375 mm for an 1895 sqft(172m2) 2bd/3ba. Also listed on the same block is 550 West 29th street which features a 3290 sqft(306m2) penthouse with a huge outdoor space  in a 19 unit boutique building.

Neaby rental buildings are also seeing increased activity due to the influx of new commercial tenants to Hudson Yards. According to brokers representing those luxury rentals, some do not want to live exactly where they work but with a 5-10 minute walk and as a result are choosing nearby Hell’s Kitchen developments like Sky and The Oskar.

Mets pitcher Noah Syndergaard rents in Sky

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.

 

Two new high-rises on West 124th street

According to Patch.com plans have been filed for 2 new building to rise on West 124th street between 7th and 8th avenue.  Each will be 12 stories tall. The existing buildings will be demolished but no plans have been filed as of yet. The average size unit will be just over 1000 sqft and the total square footage for both buildings will be 226,704.

Patch.com coverage

Ariana Grande and fiance Pete Davidson purchase luxury apartment in West Chelsea

Ariana Grande and her fiance SNL’s Pete Davidson have purchased in the Zaha Hadid building in West Chelsea. The building is full of amenities including a private Imax Theater and skylit pool. There are 39 units in the building with 5 showing as active on listings site Streeteasy. Prices range from just over $5mm to over $13 mm for the available units.

This swimming pool in 520 West 28th street where Sting and Trudy Styler might run into their new neighbors Ariana Grande and Pete Davidson.
This is the gym in the Zaha Hadid West Chelsea new development

Full coverage

Sting rented an apartment in the same building

5000 new apartments coming to the market in new development in 2018

According to the latest reports, about 4600 new condo units will be listed this year in NYC. That is in addition to over 3000 that came online in 2017. Given that new development without an amazing location, is selling slowly that sounds like a lot of choices for buyers and anxiety for developers.

Ziel Feldman is bringing to market $3.4 billion in inventory within two projects. One is the Upper West side conversion of the Belnord with large units over 2000 square feet and another is the twisting condo towers known as XI on the Highline. Both projects come with starchitect pedigrees with Robert A.M. Stern redesigning the Belnord and Bjarke Ingels handling the designing of the new construction Highline condo.

More details on Belnord and XI

Previous luxury market 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.

 

22 luxury contracts signed last week in NYC

22 luxury contracts were signed last week at $4 million and above but only 4 of those were signed for new development according to the Olshan report. Transaction volume was down to $160 million from $225 million of the previous week.

Buyers are shopping for value at this point and we are seeing it across all market price points but especially the luxury 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.

Top Manhattan buildings outperformed stock market over the last decade according to report

According to a recent report by City Realty, buildings such as 15 Central Park west out performed the stock market over the last decade. Buildings with tons of amenities, famous architects(starchitects) and celebrity residents certainly do get lots of attention but are they truly worth the investment? According to the report, the compound annual growth rate at 15 CPW was 6.84% compared to stock market which was -2% and gold which was 3.2%.

Recently, I had a client that sold their Manhattan townhouse for $15 million to an investor. Is this a good investment for the buyer? According to most experienced Manhattan real estate brokers, 2016 was more or less the peak of the ultra luxury market and since then we are in a buyer’s market. There are certainly a fair amount of coverage in the press of buyers who are liquidating investments in ultra luxury, new development buildings that are being sold for less than they paid.

One strategy to increase liquidity,  would be to split that investment up to smaller investments. The 2 bedroom/2 bathroom market continues to be a sweet spot as it’s the family sized apartment that is within reach of many buyers. Also, performing really well now is the multi-family market. Would it have made more sense to buy a 1-2 buildings with anywhere from 6-40 units? With professional management, these properties have been performing well and continue to perform well right now as there is a shortage of inventory.

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 amenities generate the most buyer interest in Manhattan?

There are a variety of different amenities that you will see in Manhattan new developments ranging from movie theaters, and golf simulators to swimming pools, catering kitchens and shared outdoor spaces and even an occasional tennis court.

This swimming pool is a new construction condo in West Chelsea

According to Jonathan Miller or Miller Samuel Inc. there is a perception that more is better. From my experience, buyers look for what makes sense for their lifestyle. In a larger projects, you have more room for amenities. For example in Waterline Square on the West side of Manhattan, you have a shared amenity space called the Waterline club which includes a soccer pitch and a tennis court among the many amenities.

This is the gym in the Zaha Hadid West Chelsea new development

Within an apartment or townhouse, you look at the condition of the apartment including the finishes in the kitchens and bathrooms but also the details.

A renovated bathroom in a Harlem brownstone including a claw-foot bath
Having space to entertain is crucial for the most discerning buyer and having that space be usable.

What amenities do you think are most important to have in a building and within the individual apartment or townhouse?

Mansion Global coverage

Waterline Square 20% sold

by  Brian Silvestry

The final phase of the Riverside South project that started in 1974 is due to complete construction in late 2019. The 3 buildings will be a mix of rentals and condos with an amenity space that includes a tennis court, and a swimming pool. The developers have a food hall by the Cipriani Group that will take up a portion of the retail and a park in between the starchitect designed buildings known as 1,2 and 3 Waterline Square. Prices start at $1.83 million.

Bloomberg Coverage