Tag Archives: Upperwestside

Upper West side townhouse market report Fall 2018

The Upper West side townhouse market has been in a buyer’s market for the entirety of 2018. The last 4 months had 11 sales ranging from $3.8 million for a rent stabilized multi-family to a park block renovated 5 story townhouse at 31 W 89th street which sold during August for $13.3 million.

Current inventory stands at 60 townhouses/multi-family properties with the least expensive being for sale at $3.1 million for a 9 unit rent stabilized building on West 108th street near Riverside Park to 25.9 million for a townhouse at 248 Central Park west. Average days on the market for all Upper West townhouses is 230 days.

At the current pace it will take 22 months to sell off all of the existing inventory.

Below are the list of all the sales between August 1st and November 30th, 2018.

Number Street Apt_No NYC GLA Calc GLA Bldg Size Stories Units Lot Size Sale Price PPSFT Sale Date
310 W 82 ST 5100 17′ X 74′ 4 9 17′ X 102.17′ $3,800,000 $745 9/6/2018
219 W 78 ST 4692 20′ X 68′ 3 7 20′ X 102.17′ $4,100,000 $874 11/1/2018
117 W 78 ST 3400 16′ X 50′ 3 2 16′ X 102.17′ $5,000,000 $1,471 8/28/2018
49 W 94 ST 6060 20′ X 68′ 4 6 20′ X 100.67′ $5,900,000 $974 8/22/2018
220 W 83 ST 4500 25′ X 69′ 2 1 25′ X 73.58′ IRR $6,600,000 $1,467 8/16/2018
22 W 90 ST 5570 20′ X 67′ 4 10 20′ X 100.67′ $6,700,000 $1,203 11/9/2018
60 W 89 ST 6630 20′ X 67′ 4 9 20′ X 100.67′ $7,100,000 $1,071 9/13/2018
52 W 85 ST 6266 20′ X 70′ 4 1 20′ X 102.17′ $9,395,000 $1,499 11/7/2018
57 W 88 ST 7170 20′ X 72′ 4 7 20′ X 100′ $9,750,000 $1,360 8/30/2018
18 W 75 ST 6673 21′ X 80′ 5 10 21′ X 102.17′ $12,250,000 $1,836 11/20/2018
31 W 89 ST 6535 20′ X 70′ 4 10 20′ X 100.67′ $13,300,000 $2,035 8/7/2018

August Upper West side townhouse 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.

400 Central Park west apt 12M Sold

A 1 bedroom, sponsor renovated unit was sold at the 400 Central Park west condo. The apartment featured a top of the line renovation by the contractor of the Sponsor and had southern views of Central Park. The sales price was $1,325,000 negotiated down from the ask of $1,345,000.  The listing broker was Douglas Elliman and the selling broker was BSRG Inc/ Brian Silvestry.

The 400 Central Park west condominium is a 400 plus unit full service building with resident’s lounge, private gardens, parking, storage, live-in-super and on-site management.

Link to listing

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.

Why do some Manhattan buildings have so few units for sale?

I always find it interesting to see that in some Manhattan buildings that are very few apartments for sale. In 400 Central Park west, a 414 unit condominium there are 6 apartments for sale, and 2 of those are in contract. So out of 414 units, there are 4 units available for sale or less than 1% of the building.

Contrast that with 120 Riverside boulevard, which has 23 units for sale with only 2 of those in contract. The 14 year old building has 276 units and many amenities. But taxes for a 1292 sqft 2bd/2ba run around $21,000 per year. Perhaps, this is the clearest example of the effect of the Tax Reform? Either way, with nearly 8% of the building for sale, it might create a pause in a buyer looking to purchase.

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.

 

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.

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.

50 Riverside boulevard aka One Riverside Park availability

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.

Where foreign investors are buying in Manhattan

According to CNBC, foreign investors are choosing New York City as the number two place to make their real estate investments behind only London. Certain neighborhoods seem to be attracted the most interest. The Upper West side was mentioned as attracting Chinese buyers in the $1 to $2 million range according to one real estate broker. Harlem was not mentioned but Brownstone Brooklyn was mentioned.

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.

 

467 Central Park West building profile

467 Central Park west aka The Warner, is a prewar condo which makes it a rarity but even more rare in that it is on Central Park west. The 99 unit pet friendly building at the corner of West 107th street and CPW, has a live-in-super, a bike room, laundry room and storage room.  Availability is the problem. Currently, there are only 2 apartments for sale! There is a 1 bedroom asking $700,000 and a studio asking $595,000. 

467 Central Park west is a 17 story condo with 99 units and low monthly charges. Unfortunately, there are only 2 units for sale and 1 sold in the last year.

Many of the apartments in the building have Central Park views. The most recent sale was apartment 12D, a 736 sqft 1 bedroom that sold for $930,000 in October of last year. So if you are thinking of buying in 467 Central Park west, patience will be key.

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.

382 Central Park west apt 4Y Just listed

A 648 sqft apartment with northern views has come on the market in the Olmstead condominium. The full service postwar building features a renovated lobby features, gym, and exercise studio where various classes are taught. Take a look at the video to get a sneak peak.

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.

Upper west side 2bd/2ba condos under $2 million

According to a search on listings website Streeteasy.com, there are 42 condo listings on Manhattan’s upper west side with at least 2 bedrooms/2 bathrooms under $2 million. The largest apartment for sale in this price range is a 1400 sqft duplex and the listings include 16 listings for $1.7 million and under.

The listings include two listings in the newly converted 350 W 71st street and overall 23 of the 42 listings are in Lincoln Square with many in the amenity rich Riverside Boulevard buildings as sellers attempt to move on from buildings with a tax abatement either recently expired or expiring soon. 7 of the 42 listings are in the Avery, at 100 Riverside boulevard which has a tax abatement expiring in 2 years. Overall, the Avery has 20 listings for sale of the 266 units.

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.