All posts by Brian Silvestry

I have been in the real estate industry first as a licensed agent and as a broker since 1999. I have sold in every Manhattan neighborhood though do work a lot on the Upper west side where I live and upper Manhattan. I speak French,Portuguese, and Spanish.
Real estate, Renewable Energy

Solar Power now available for apartments

According to an article this week in the New York Times, now even apartment dwellers can elect to use solar power. No need to install solar panels on the roof of your Manhattan building. You can purchase your power from another location and potentially reduce your energy costs. The claim is between 10-15% and also it’s great for the environment and the grid.

Full 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 Manhattan market from Battery Park City to Washington Heights.

Listings, Midtown, Real estate, Rentals

200 west 54 street 9C rented

At the Adlon prewar co-op in Midtown, a 1 bedroom was rented. The apartment features a windowed kitchen, plenty of closets, and nice size bedroom. The apartment featured an ornate living room ceiling and high ceilings among the prewar features. The asking rent was $2,750 and no landlord concessions were given. The apartment rented within 1 week of being in the market.

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 Manhattan market from Battery Park City to Washington Heights.

Investment, multifamily, Selling tips, Taxes, Townhouse

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.

Harlem, Investment, multifamily

How to take advantage of the difference in pricing of 4 family versus 2 family

As you examine listings in the Harlem townhouse market, you  notice the discrepancy in price per square foot of 4 family homes versus 2 family. One idea is to buy a 4 family which in today’s market can be purchased for around $2 million or less and then begin combining the units to make a 2 or even 3 family home.  One recent 4 family that I viewed had a small studio, duplex and 2 floor through apartments. In this case, taking down one wall and you create a duplex plus two floor through apartments. Additionally, more and more you are seeing the cellar being incorporated as a game room, den, exercise room so that also can be recaptured, space.

The least expensive 3 family home in the market right now in Central Harlem is for $2.5 million. With that being the case, if you purchase a 4 family for around $2 mm or less then convert to a 3 family, you would already have equity in the difference in the pricing.

The least expensive 2 family right now in Central Harlem is over $2.8 million.

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.

 

 

 

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Rentals, Sales

Thinking of moving to Hamilton Heights?

CurbedNY takes a look at the Hamilton Heights neighborhood and gives you the lowdown on it.

Edgecombe avenue

I agree that it is a wonderful place to live with some of Manhattan’s most beautiful tree lined blocks. If you are looking to purchase very little is available below $2 million right now. For a property that needs work but you can live in, the starting point is just north of $2 million. Recently, I had a chance to show property  to a buyer client that had many historic details in place and was a 2 family home that could have been purchased for $2.1 million.

Continue reading Thinking of moving to Hamilton Heights? →

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Townhouse

Why does a Harlem 2 family sell for more than a 4 family?

If you examine listings on the market in Harlem, you see a price difference between a 4 family and a 2 family.  Why is that?

One reason is that the buyer for a 2 family is typically look at the purchase to gain more space and perhaps live on 3 floors and rent the garden level apartment. In a 4 family, the most common layout is a floor thru and that might be a 1 or 2 bedroom which is not going to address the space needs of a primary residence buyer. It is going to be an interesting offering for an investor or someone who wants to buy instead of renting. But these are not need based buyers so they will shop for a better price.

Another reason is that a 4 family may have been converted from SRO or some other use and the historic details that make a Harlem townhouse so appealing may not be present. Certainly, that is not always the case but many times it is. For example, I evaluated a solid 4 family townhouse in Hamilton Heights for an owner and it was 4 well maintained 1 bedrooms with a value of around $2 million more or less. A similar 2 family home in the same area that has many original details in place but in inferior condition is asking $2.3 million, or 15% more.

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.

 

Real estate

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.

HamiltonHeights, Harlem, Listings, Marketreports

June Harlem townhouse report

1 Comment

The June Harlem townhouse report is here and it shows less activity both in number of listings, and new sales. Only 3 sales were made during the month of June in the Hamilton Heights and Central Harlem market. 262 Lenox avenue was the most expensive sale which transferred for $2.625 million. Two SRO townhouses were sold. 102 Edgecombe avenue transferred for $1.7 million while 429 W 146 street sold for $1.645 million.

The least expensive Harlem townhouse in the market is 361 West 116th street which is being offered at $1,699,000 and is being delivered with 4 tenants at closing and without the certificate of no harassment.

June listing data

# new listings Low price High price Contracts Sales
8 $1,825,000 $4,700,000 3 3
#Total  listings Inventory
81 27 months

Harlem townhouse May report

In both April and May, nearly 20 houses were put in the market as sellers sprung into action but without the slow amount of sales, it will take quite a while to deal with all of this inventory. This means more price reductions on the way. 

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.

HamiltonHeights, Listings, Rentals

Take a VR Tour of 423 W 147th street

423 West 147th street apartment 2 is now for rent for $2300. You can see a VR Tour below. The asking rent is $2,300 for this 1 bedroom with den/office on one of the most beautiful blocks in Hamilton Heights.

Listing details here

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.

 

BuyingtipsforManhattanproperty, Harlem, Renovation, Townhouse

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