13 new listings have come on the market so far in September which is a healthy amount especially since last month there were only 4 new listings.
This is the breakdown of the new listings by price.
| <$3mm | 5 | |
| $3-$4mm | 7 | |
| >$4mm | 1 |
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.
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.
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.
As Shake Shack prepares to open their Harlem store on 125th street, some residents are excited and some local burger joints are concerned. Harlem Shake and Harlem Burger Co which are both located nearby. are hoping their clientele will continue to come. Some of the offerings are similar. There is no set date yet for the opening of Shake Shack in Harlem but there is partnership with a local bakery, Lady Lexis pies to produce an item only available at the Harlem store. Also 5% of the custard sales will go to a local charity, Harlem Grown.
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.
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 |
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.
After 5 months of being closed for repairs and improvements, on Saturday southbound service will begin again and on Tuesday northbound service will resume. The MTA announced that the project was completed on time and on budget. The station had closed April 9th.
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.
The average rental price for a 1 bedroom apartment in Harlem above 125th street is $1994 per month according to a study of rental listings. The average price for a studio is $1784 and the average days on the market is 22 day for active listings.
In the last couple of years the rental market has been in a down cycle but likely this will be coming to an end in the next year as excess inventory is absorbed and a new cycle of increases begins.
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.
A 9000 sqft 12 family will be coming soon to the market. The property was built in 2007 and has a 25 year tax abatement. There are 11- 1 bedroom apartments and 1 studio. All apartments are in very good condition and the building is fully rented. Rents range from about $1500 to $1900. Nearly all tenants are being charged a preferential rent.
The asking price will be $6 million.
The building has huge upside potential as a potential condo conversion or a turnkey investment in the East Harlem area.
More details coming soon.
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.
According to Patch.com plans have been filed for 2 new building to rise on West 124th street between 7th and 8th avenue. Each will be 12 stories tall. The existing buildings will be demolished but no plans have been filed as of yet. The average size unit will be just over 1000 sqft and the total square footage for both buildings will be 226,704.
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.
So far this year, only 4 Harlem townhouses have sold for $4 million or more. One of the four townhouses broke a record in when it sold in February of this year for $5.1 million. That was a renovated home at 72 Hamilton terrace.
Beyond that, there have been 3 other townhouses that sold for $4 million and up. 251 West 138th street, a 20 foot wide townhouse on Striver’s Row sold also sold in February for $4 million. In April and May, the other two townhouses- 139 W 120th street and 455 Lenox ave, sold.
However, according to the July Harlem townhouse report, there are 17 buildings listed at $4 million and up. With the average per month sale rate for this price point being less than 1 per month, the number of months it will take to sell the existing inventory is 30 months which means that the $4 million and up price range in Harlem is oversupplied and in a buyer’s market.
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.
