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.
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.
A convertible 1 bedroom has been listed in the Olmstead condominium at 382 Central Park west. The apartment is a north facing 648 sqft, with a renovated kitchen and bathroom. The monthly charges are very low at $910 for a full service building with a gym, parking(waitlist), and an exercise studio which features classes for residents. See VR Tour below.
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 you list your Manhattan property and are imagining bidding wars and cash offers. What happens if you do not receive offers or have a dearth of showings? At what point do you adjust your price and how much do you adjust? Normally, within the first month you like to see showings and perhaps an offer, this is the best time to capture someone off the initial marketing/interest. If however, you have very few showings, an adjustment might be needed. But how much?
Often times, I will see price adjustments of $20,000 on a $3 million property or $100k on and $8 million property. These types of adjustments will not move the needle at all. Generally speaking analyze the data of showings of your property with your real estate broker and compare it with traffic of recently sold and comparable listings that are for sale and you can see how far off you are on your pricing. If you are getting showings but no offers what that means is the market is willing to come see your property but not offer on it. In this case 7-8% might be enough. However a total lack of showings and a declining market are a bad combination. If that is the case an adjustment of 10% or more depending on what the competing properties are offering. Communication is very important here with your real estate broker. I use a project management site to communicate directly with my clients so that if they want to know about showings and feedback from buyers in real time they can receive these updates directly in their email box or on their phones. You need to get that feedback to understand what the buyer market mindset is.
Recently, on a Battery Park City listing that I had, we had to reduce it twice from $1.5 million to $1.35 to eventually $1.2 million. That was due to an extreme case where the common charges and taxes were unusually high. In this case, two very strong negatives were dragging the price down but thankful the seller adjusted and was able to get a buyer before the market headed down even more which it did especially in that neighborhood.
So as far as price adjustments, be aggressive with them especially if after the first month you are getting zero or a very low amount of showings. Be less aggressive when you are getting showings but no offers. And adjust your expectations when the market is heading down and there is more inventory coming to market to compete with your property.
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.
A 1 bedroom with a den in a brownstone between St Nicholas avenue and Convent avenue was rented for $2,350. The apartment was in the market for less than 20 days and was rented without any concessions. The 900 sqft +/- space featured high ceilings, fireplace mantels, plenty of woodwork and pocket doors.
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.
So far in the first half of July, we have seen 9 new townhouse listings come to the market in Harlem. That is fairly in line with the number of new listings that we saw come to market in April and May. June seemed to bring a pause in the rising inventory. The least expensive Harlem townhouse brought to the market was listed at $2.3 million but a recent 4 family lowered it’s ask to $2 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 Manhattan market from Battery Park City to Washington Heights.
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.
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.
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 |
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.
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.
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.
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.
