Tag Archives: townhouse

146 West 121 street listed showings start today

146 West 121 street, a Harlem SRO building with 13 B rooms and 1 class A apartment is now back in the market after a deal had fallen through. The building comes with the certificate of non harassment, obtained in September of this year and 1 tenant who occupies 2 rooms on the 5th floor. The property is located in the Mount Morris Historic district and is 18′ wide with 5 stories.

Listing details

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.

18 Harlem townhouse open houses set for Marathon Sunday

18 Harlem townhouses will be holding open houses tomorrow on Marathon Sunday with the hopes that not everyone will be looking for the best place to see one of the 50,000 or so runners tomorrow.

Prices range from $2,250,000 for an intact 3 family home to just north of $5mm so there seems to be an offering for all ranges.

Sunday November 4th Open houses

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.

 

Certificate of no harassment process bogged down

Recently, I applied for a certificate of no harassment(CNH) for one of my listings in the Mount Morris section of Harlem . It was a pretty straight forward process since there had only been only one tenant in the last many years. However, due to the shortage of staff at HPD it took more than 9 months to receive it.  In comparison, I went through the same process for another owner and was able to get an approval in 5.5 months. According to reps at HPD, they have many applications and lack the needed staff. Thankfully it was approved and the owner now has it and it’s valid for the next 3 years.

Upon approval of the application, they made the owner sign an affidavit of no future harassment. This is the owner’s statement that they will not harass the tenants in the future either. A future buyer will need to take the CNH along with the affidavit of no future harassment to the Buildings Department in order to get a permit to alter the building.

Previous coverage about CNH

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.

Harlem townhouse August market report

In the month of August the Central Harlem,Hamilton Heights market was quiet with only 4 new listings coming to the market.

Among the 4 new listings, there is an SRO sold without the certificate of no harassment for $2.1 million looking for cash buyers according to the listing which is the least expensive listing. Also listed this month is a home at 210 W 122nd street which appears to be renovated though the DOB records indicate SRO as well asking $3.995 million. Rounding out the new listings are an 8 unit for sale near Fifth avenue and a 3 family with side yard at 517 W 152nd street which was listed previously.

On the sale side(see table below), there were 5 sales and some properties went to contract or were removed from the market which resulted in a decrease of inventory from 82 available listings in July to 70 in August. This led to a corresponding decrease in inventory levels to only 14 months from 21 months in July.

Sold properties for August
Sale Price # Units
160 W 130 ST $2,400,000 8
37 W 126 ST $2,544,000 4
127 W 120 ST $3,451,000 3
106 W 120 ST $3,375,000 3
17 W 120 ST $3,750,000 6
# Active listings Inventory (months)
70 14
<$2mm 5
$2mm-$2.99mm 33
$3mm-$3.99 mm 25
$4mm + 8

July Harlem townhouse report

June Harlem townhouse 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.

361 West 116 street in contract

361 West 116th, an SRO building sold occupied without the certificate of no harassment has entered contract. The last asking price was $1,699,000 for this South Harlem townhouse. It had a renovated ground and 1st floor and 4 total bathrooms.

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.

Upper West Side townhouse report

The Upper West side townhouse market has seen increasing inventory over the last several months and fewer and fewer sales. In the last 3 months, 22 new listings have come on the market.

Last 3 months
# Sales Average/month Low price High price Inventory
8 2.7 3.9 million 9.25 million 24 months

The next table shows all 8 sales in the last 3 months, with sale price and price per square foot.

Address Sale Price PPSFT
308 W 90 ST $3,900,000 $955
112 W 75 ST $4,500,000 $649
113 W 75 ST $5,000,000 $789
47 W 95 ST $5,399,157 $1,342
16 W 88 ST $8,000,000 $1,399
161 W 91 ST $8,072,000 $2,026
316 W 88 ST $8,375,000 $1,560
43 W 76 ST $9,250,000 $1,357

Interestingly enough half of the sale recorded in the last 3 months for Upper West side townhouses were for <$5.5 million and the other half roughly between $8 million to $9.3 million. No sales were recorded above $10 million in the last 3 months and only 2 this year.

Currently at $10 million and up, there are 25 listings available which confirms that this segment of the market is deeply in a buyers market.

Below $10 million, there are 40 listings available on Manhattan’s upper west side. So if you segment the market to below $10 mm then the inventory level looks more like it will last about 15 months which is still a buyer’s market.

Spring 2018 Upper west side townhouse 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.

Thinking of buying a Harlem townhouse around $2 million?

Though inventory has increased in the Harlem townhouse market in the last few months, the under $ 2 million range is still experiencing  a shortage of inventory. Currently, there are 12 townhouses priced at $2.25 million or less but all but 4 of them are SROs. The four houses that are not SROs are all 4 family homes and the two that are priced at $2.25 million and $2 million  are excellent values. One of the other 4 family homes has a contract out and the other one has a rent controlled tenant in place in one unit paying $200.

At the next level of price, between $2.25 million and $2.5 million you will find 11 townhouses for sale and only one with major issues. The rest are more or less intact townhouses close to move in condition but in most cases not renovated. As days on the market increases the lower tier of the price may become more crowded as some of prices are lowered over the next few months.

June Harlem townhouse report

July mid month Harlem townhouse 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 Manhattan market from Battery Park City to Washington Heights.

How to minimize the taxes on the sale of your Manhattan property

One of the easiest way to save money on the sale of your Manhattan investment property is to do a 1031 exchange also known as a like kind exchange. The gist is you sell an investment property, and purchase a property of similar value. The property must close within 6 months of the sale of the first property and you need to identify it within 45 days of the closing of the sale.

Let’s take a look at an example.

You have an investment condo worth $2 million that you have owned for 20 years that you bought for $500,000. Instead of paying tax on the profit, you buy another property worth $2 million and roll over the gain. The purchase can be another condo, multi-family, vacant land etc… When you close the sale of the condo, you have 45 days to identify potential purchases and 6 months to close or you lose the opportunity to do the 1031 exchange. Speak to your CPA and attorney for details on how to execute this process. But once you execute the purchase, you trade one property for the other and have deferred the taxes. With the typical Manhattan condo investment property returning 2-3%, you can probably buy another property either in New York or another statement that will return two to three times the net cash flow. In addition, if you have owned an asset for a number of years, it is likely you have depreciated it possibly even to the max. By starting over, you can begin depreciating anew. Again, speak to your CPA.

Keep in mind that a 1031 exchange is not for your primary residence but rather a property that you have rented it as an investment with one exception. The 1031 exchange can be used for your primary residence if you own a townhouse where you live it but rent other apartments. So in the case of a 3 family, your primary residence is the unit you live in and if you rent the other two units, the 1031 exchange can be applied to the rental portion of the building.

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.

Take a look inside a Harlem renovated townhouse

The Baker family bought their townhouse in 2015 and it was a four family home. Their design team turned it into a 1 family home with floor to ceiling windows at their rear and exposed steel beams, duct work and sprinkler systems. The renovation created a lofty home with plenty of light and a guest room at the garden level. Their architect was Opera studio.

Curbed coverage

Manhattan townhouse owners-understanding your property tax bill

NYC puts out a guide of how to understand your real estate tax bill of your property. It’s amazing how many NYC property owners do not understand their real estate property tax bill. In fairness, the system is very complicated and you might see two identical Manhattan townhouses with the same number of units yet radically different tax bills.

It is always advisable to consult with a real estate tax attorney before making any changes to your tax classification, and doing renovations especially alterations.

Generally speaking, your real estate tax bills will go up when you do an alteration to your building like changing the number of units or adding gross square footage. If you do not make a change to your building, there are caps on your assessed value which is the amount that your real estate tax bill is derived. For class 1 properties which are 1-3 family homes, it is 6% per year or 20% for 5 years. For tax class 2A (4-6 units), class 2B (7-10 units) the cap is 8% per year or 30% over 5 years. For properties that are class 2 (11 units or more) no cap exists which is one of the reasons a SRO building as classified by Department of Finance with 11 rooms(units) could see taxes climb steadily per year without cap.

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.