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.
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.
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.
BRP Companies is getting set to launch sales at The Rennie on the site of the former Renaissance Ballroom at Adam Clayton Powell and 137th street need Harlem’s Striver’s Row. Prices will be approximately $530k to $1,700,000. The building will feature a tax abatement obtained under the former framework of the 421a program. 20% of the 130 units will be affordable. Amenities include children’s playroom, gym, rooftop deck, resident’s lounge, garden and 24 hour doorman.
With only 1 week left in the month, only 7 new listings for Central Harlem and Hamilton Heights townhouses have been brought to the market in June, so far. Two of those listings were for under $2 million.
The most expensive June listings are two Hamilton Heights homes which have the same price tag of $4 million each. This is in stark contrast to the months of April and May where there were nearly 20 new listings each month and very few contracts. Full report coming next week.
According to the latest report from listings site Streeteasy, Manhattan inventory rose 16% year over year with the largest uptick in inventory being the Upper East side. On the Upper East side, the inventory increased 20.2%. According to their analysis which is consistent with what I am observing in the field, 16% of the homes on the market received discounts which is an increase year over year of 3.6%.
Recently, I showed a client a couple of townhouses in Harlem and one had an original ask of $2.99 and now is down to $2.3 million and another started at $2.75 million and now is down to $2.25 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.
According to the latest data, there are 85 active listings in the market on the listings website streeteasy in Central Harlem and Hamilton Heights. 36 of these listings have at one point or another been reduced from their original asking prices and some more than once. This data shows that seller’s expectations were not in line with the current market and as a result, adjustments have been made to price sometimes not once but twice. In this market, buyers are even more hesitant to get involved with buildings that have issues or are expecting more of a discount to do so.
Between April and May we saw approximately 40 new townhouse listings and few contracts. Halfway through June, only 4 Harlem townhouses have been brought to the 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.
The LPC has approved the designation of a new historic district for Central Harlem. The stretch between West 130th street to West 132nd street between Lenox and Adam Clayton Powell encompasses 164 buildings which are mostly row houses. LPC rules take effect immediately. But with the LPC currently without a leader and reform potentially coming to the commission, the precise effect of new historic districts are unknown at this point.
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.
313 West 138th street, an 8 unit rent stabilized building recently closed. The asking price for the 17′ wide building between Frederick Douglass boulevard and Edgecombe avenue was $1,800,000 and the purchase price was $1,870,000. The buyer was a professional firm that owns a portfolio of buildings in the Bronx. One unit was delivered vacant at closing and the building had some deferred maintenance.
The kitchen in one of the 8 units
The ground floor unit features access to the backyard.
The view on West 138th street facing towards St Nicholas Park.
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.
303 West 137th street, a new 6 story building by Harlem developer, Icer, has topped out. It will eventually house 16 units over 14,655 square foot. It is located on a beautiful, double brownstone block, near Saint Nicholas park. The building has a brick facade and terraces. Unfortunately, the design is lacking in any architectural merit and could be the poster child for adding more landmark designations to protect historic homes and blocks.
West 137th street looking east. 303 is in the background
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 2 family townhouse at 189 Edgecombe avenue has now rented. It has a garden apartment 1 bedroom with washer/dryer and a triplex apartment with 4 bedrooms and 4.5 bathrooms. The triplex rented for $6,100 and the garden apartment for $2,200. Both apartments rented within 2 weeks of being listed.
The house underwent a full, gut renovation and restoration which took just over a year to complete.
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.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
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.
