The Extell Development building built in 2015, with a 20 year tax abatement, and 50,000 sqft of amenities currently has 9 units for sale. They are all resales, averaging approximately 10-20% more than their sold prices in 2015. The averge price per square foot is $1,878 per square foot. The average days on the market is 181 and if you remove one listing that has been for sale for 451 days, it goes down to 150 days on market.
There have been 4 sales this year and none in the last 3 months. That’s an average of 1 sale every 2 months which means the inventory would last about 18 more months.
The two resales sold this year were sold for a 100,000 or 6% profit and a $1.2 million loss, suggesting the building is roughly valued very close to the 2015 levels or less in the case of the larger apartments purchased from the sponsor.
Given that there are many more years left in this tax abatement, this might be the right time to get into this building with it’s amenity suite including the La Palestra athletic club, bowling alley and lounge, rock climbing wall and 75 foot lap pool.
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.
If you are living or thinking of living on Manhattan’s Upper West side, and can find an apartment close to Riverside Park, you will always be able to do find something to do even if it’s just a stroll on a hot summer day.
There’s a Cherry Walk from 100th to 125th street on the water as well as the red clay tennis courts at West 96th street in case you want to channel the spirit of The French Open. There’s soccer fields, long winding paths, the Boat Basin Cafe and this just takes you into the West 70’s. Here are some photos to get you motivated to take a walk on the Hudson River and maybe catch a sunset, take a free yoga class or watch an outdoor movie. Click on the below for a list of events. Calendar of events in Riverside Park
One of the best places to live is in one of the many full service buildings on Riverside boulevard. There are a range of apartments from studios to family size apartments. Many of the buildings have roof decks, and swimming pools among the amenities. One of the best buildings is the newest addition- One Riverside Park where a 3 bed/3.5 of around 2000 sqft (185m2) can be had for under $4 million or rented for under $10k per month. Around the corner at 1 West end avenue, you can find interesting offerings at around $2000 per sqft and this building comes with a 20 year tax abatement.
Beyond the glitzy new condos in this section of Lincoln Square, you can find the more affordable Lincoln Towers, a postwar co-op on West end avenue. In Lincoln Towers, there is a 2 bedroom/2 bathroom apartment for sale under $1.5 million. This co-op has several buildings and while not as fancy as it’s neighbors to the west, it is more centrally located, a full two avenues closer to Broadway including Zabar’s and the express subway stop.
Whether you decide to purchase, rent near Riverside Park or just pass through, there’s always plenty to do…
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