Tag Archives: ParkWestVillage

Park West Village July market report

Park West Village is a 4 unit condo complex on Central Park West on Manhattan’s Upper west side. 372,382,392 and 400 CPW are all 19 story buildings with approximately 414 +/- units and share similar amenities and low monthly charges.

There were two sales in the 4 building complex in the month of July and both were in 382 Central Park west aka the Olmstead. Apt 3A, a renovated 845 sqft, north facing apartment with a balcony fetched $1,076,500 and took 3 months to go to contract in May before closing in July. While apartment 16G, a south facing, 545 sqft studio was listed back in November of last year, also took 3 months to go to contract and then 4.5 months from contract to closing and closed for $765,000.

Below is the current inventory by building and the availability by unit size.

Current active inventory
372 2
382 4
392 4
400 2
Inventory by apt size
Studio 3
Big studio 3
1 bd w terrace 5
2bd/2ba 1

 

The below tables show currently signed contracts by building and by unit size.

Contracts by building
372 4
382 2
392 2
400 4
Contracts by unit size
Studio 4
Big Studio 1
1 bed without terrace 1
1 bed w terrace 4
2bd/2ba 2

There are 12 total listings for sale and the amount of time it would take to sell all 12 listings is projected as 6 months. However, with 12 properties in contract that will likely close in the next 3 months, the sales per month for the next 3 months will likely be in the range of 4 per month which would suggest the current inventory might only last 3 months.

Park West Village market report 1st half 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.

Park West Village Market report Year to date

Park West Village is a 4 unit condo complex on Central Park West on Manhattan’s Upper west side. 372,382,392 and 400 CPW are all 19 story buildings with approximately 414 +/- units and share similar amenities and low monthly charges.

Total sales 372 382 392 400
21 6 4 5 6

Sales by apartment size

1bd w terrace 11
2bd 4
big studio 2
small studio 3
1bd no terrace 1
Active 372 382 392 400
3 3 5 6

Active by apartment size

Small studio 9
Big Studio 3
1bd w terr 3
2bd 2

There have been 3 small studios(approximately 545 sqft) sold in 6 months and there are 9 in the market. That translates to an inventory of 18 months which is why the prices have been dropping on that apartment size.

With only 2-2 bedrooms available for sale in all 4 buildings that size of apartment is in demand along with the 1 bedroom with terrace which only have 3.

The least expensive sale this year was apartment 5L in 400 CPW which sold for only $740,000 and the most expensive was a combination which sold for $5,445,000.

400 Central park west currently has 2 studios asking $710k and $738k which might end up selling for low $700’s or high $600’s.

 

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.

Park West Village on Manhattan’s Upper west side inventory low

Here is the update on the market conditions in Park West Village, the 4 building condo complex that runs from West 97th street to West 100th street between Columbus and Central Park west. Inventory is low with each building having no more than 3 units available for sale. Considering that each building has over 400 units, that’s a minuscule amount of inventory available. Interestingly, there are no 2 bedroom/2bathroom apartments available right now in the Upper West side complex.

The table below shows the number of active listings, contracts signed this year that have not closed and closed sale since the beginning of the year.

 

Building # listings contracts sold
400 3 1 3
392 2 1 3
382 3 4 3
372 2 1 5

 

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 7K SOLD

A 1 bedroom, 1 bath south facing apartment at the 400 Central Park west condominium closed yesterday. The asking price was $1,255,000 and the sold price was $1,235,000. The apartment featured a 18′ south facing terrace with views just above the trees into Central Park. The sellers were longtime owners/investors in the building and had purchased the apartment 18 years ago.

The building has a full time concierge, live-in-super, on-site management, renovated gym, childrens’ playroom, residents’ lounge, storage and parking available both on wait-list.

 

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 Building snapshot

If you are thinking of buying on the Upper west one of the most desired building is within the postwar Park West Village. It is located at the corner of Central Park west and 100th street. The building features studios to 2 bedrooms (540 sqft(50m2) to 1140 sqft(105m2)). There are 1 bedrooms and 2 bedrooms with balconies. Apartments face either north or south due to the building being sideways on Central Park west and the 2 bedroom apartments have a second exposure either west or east.

Inside the building, there is a full time concierge, live-in-super, on site property manager, exercise room, children’s playroom, and laundry. Bike storage, storage and parking are also available on a wait list basis with parking in the outdoor parking lot going for only $204 per month! It takes about 1 year to get a space in the 400 Central Park west parking lot as of this time.

Best of all, 400 Central Park west has very low monthly charges. A 2 bedroom/2 bathroom which might sell for between $1.6-$1.9 million will have a common charge of about $900 and taxes around $400. For this reason, there are a limited number of apartments for sale in 414 unit building. Owners tend to purchase and stay or hold their properties long term.

The building also shares a playground with the neighboring buildings plus there is another playground inside Central Park at West 100th street. Many of the southern facing apartments have wonderful views of the Park and a Citi bike station is located across the street at Central Park west and West 100th street on the park side of the street.

400 CPW Lobby

Listings in 400 Central Park west

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 buildings that may appreciate the most in 2018

by  Brian Silvestry

Right now due to the new tax laws, some parts of the real estate market will be see price depreciation. See previous coverage.

However, some developments like the Upper West side’s Park West Village may see continued price stability and appreciation. The reason is that real estate taxes and SALT (state and local taxes) will no longer be deductible beyond $10,000. So if you have the funds to purchase an apartment and your cap is below $2.5 million, paying $22,000 per year in taxes may not seem as appealing. Or let’s say your budget is $1.5 million and knowing that in one apartment you will pay $15,000 per year in taxes, most of which will not be deductible or $3600 per year in taxes? Which apartment will you gravitate towards?

This is why Park West Village which is a 4 building condo development built in early 1960’s  and other developments with tax abatement may see a surge in activity as the upper middle class purchasers get more discerning due to the lack of subsidy from the eliminated deduction.

Park west Village is located between West 97th street and West 100th street, Central Park west and Columbus avenue. Each of the four buildings has just over 400 apartments, concierge, gyms, storage, children’s playroom, live-in-super and parking available. Average common charges and taxes combine for a very low $1 per square foot. Apartment sizes range from studios of about 540 sqft (50m2) start at about $800k, to 2 bedroom/2bathrooms of 1140 sqft(106m2)which start at $1.5 million.

392 CPW apt 9B Lease signed

So much talk about this being the dead time of the year for rentals yet some well priced apartments do rent. A 1 bedroom apartment with an 18′ foot south facing terrace in a full service building with gym, laundry, 24 hour attended lobby and many other amenities was rented for $3,200. Priced below the market to garner a quick rental, it lasted less than 6 weeks on the market even though it listed for rent during the holiday time.

400 Central Park west 11K enters contract

Apartment 11k, a 1 bedroom condo with a south facing 18′ terrace has now entered contract. The building is the 400 Central park west condo which is at the corner of Central Park west and West 100th street on Manhattan’s upper west side. Amenities including storage, parking, 24 hour concierge, gym, childrens’ playroom, laundry, live-in-super, private garden and coming soon renovated interior hallways and a combined heat and power aka cogen system.

Recently in the Real Deal, Jonathan Miller of Miller-Samuel Inc., commented that apartments in the 1 million to $1.5 million have a inventory of about 8 months for condos and 4 months for co-ops. The lower end of the market continues to move well….

 

 

 

Citi Bike installs stations on Upper West side

The Citi Bike stations are now live in the West 90’s. There is a station on West 96th street and Central Park west and also one on West 95th street and Broadway. This makes sense so that instead of waiting for the M96 to take you from CPW to Broadway, you just grab a bike. The one on Central Park west at West 96th street has 52 docks which is a big station.

Today there was an installation of a station on the sidewalk adjacent to the condo complex known as Park West Village. When the sidewalk is wide like the one between 400 CPW and 372 CPW, Citi Bike likes to make sidewalk installations.

Citibke W 96
The Citi Bike station on the parkside of Central Park west at West 96th street is a large station with 52 bikes.
This morning a new station was being installed on the sidewalk between the Vaux condo at 372 CPW and 400 CPW.
This morning a new station was being installed on the sidewalk between the Vaux condo at 372 CPW and 400 CPW.

Upper West side resident tries to combine rent stabilized apartment with another apartment illegally

According to NYPost.com, the rent stabilized tenant at 400 Central Park west apt 1R is trying to illegally combine this 2bd/2ba apartment with the adjacent studio that they own. Apartment 1R is being rented for $1183 per month in a market where similar apartments in the same building have been rented for upwards of $5,000 and similar apartments have sold for nearly $2 million. According to the landlorrd, the tenant is illegally trying to combine this apartment with the studio apartment next door that they own.

400 Central Park west is a doorman condo with approximately 414 apartments, live-in-super, exercise room, laundry room, and playroom. The building is located at the corner of 100th street and Central Park west.

LINK-NYPost.com