Category Archives: LincolnSquare

Jennifer Lopez and ARod have an apt on Upper west side

According to Architectural Digest, Alex Rodriguez and Jennifer Lopez have been renting an upper west side apartment in 15 Central Park west, the limestone condo near Lincoln Center on Manhattan’s upper west side. Apparently, the lease will be up and the apartment,  will be for rent for $11,500 come September 1.  The apartment is 1,079 sqft with a 111 sqft private terrace.

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.

Tips for International buyers

If you are an international buyer looking for an investment property in the confusing Manhattan real estate market, there are many things to consider but here we have one simple tip. Consider buying in a new construction building that is tax abated.

A tax abated building will give you a higher rate of return of your investment due to the low monthly charges in comparison to a similar building without the abatement. A 20 year tax abatement will mean you pay probably around $100 or so per month instead of nearly $1500(at least). By year 12, the taxes begin to adjust upwards with each 2 year cycle the taxes going up as per the below.

Year 12 20% of fair market taxes
Year 14 40% of fair market taxes
Year 16 60% of fair market taxes
Year 18 80% of fair market taxes
Year 20 100% of fair market taxes

So for example a $3mm apartment with 2 bedrooms/2.5 bathrooms with common charges of about $1800 and 1300 sqft (120m2) of living space might rent for about $7000. With a tax abatement, your monthly return is about $5100 or $61,200 annually assuming taxes of $100 per month. Your rate of return is just above 2% on the $3mm investment. These would be the numbers for 50 Riverside boulevard aka One Riverside Park on Manhattan’s upper west side. Now if the building was not tax abated and you were paying $1500 per month in real estate taxes then your monthly return goes down to $3600 or $43,200 annual. The rate of return of approximately would be approximately 1.4%. Over the course of 10 years, the savings from a tax abatement would be approximately $170,000.

So if you are an international investor or even a local real estate investor purchasing new construction in Manhattan, take a look at tax abated buildings. Certainly, there are not a ton of them but they do exist and will increase your rate of return both now and long term.


25 CPW- The Century building profile

One of the most iconic buildings on Central Park west, The Century was built in 1932 and declared a landmark by the LPC in 1985. The Art Deco condo contains about 350 units spread over 32 stories. Currently, prices range from $995,000 for a 1 bedroom to $3.695 million for a 2bd/2ba of 1700 sqft(158m2). Rentals are also available in the Lincoln Square, pet friendly, building from $2850 for a studio to $15,750 for a 2bd,2.5ba 1815 sqft(169m2). The Century is located between 62-63rd street on Central Park west in Manhattan’s Lincoln Square area.

Prices are around $2000 per square foot and monthly charges run around $2.25 per sqft which seems very reasonable especially given it’s neighbor just to the south 15 CPW, the Robert A.M. Stern building that created the luxury boom with it’s sellout of over $1 billion.  If you are thinking of buying in 15 CPW, expect to shell out about 3-5 times the price of apartment in The Century condo.

25 CPW