Category Archives: Marketreports

Marketreports, Rentals, Soho, Tribeca

Most expensive zip code for renters in US is…Battery Park City

The most expensive zip code in the US for renters according to a recent report by RentCafe is Battery Park City, 10280. The average rent is just over $5657 according to the report. This is down from the previous year’s average of $6,000. 26 of the 50 most expensive zip codes in the US for renters were in Manhattan. Three of the top 12 most expensive zip codes were on Manhattan’s Upper West side.

Soho/TriBeca was the area that experienced the largest increase in rent year over year. 10013’s average rent was up over 10%.

Coverage from 6sqft

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.

Luxury, Manhattan, Marketreports

24 Luxury contracts signed last week in Manhattan

Last week, 24 contracts for $4 million and up were signed. This was an increase from 15 contracts signed for the same week, last year. The most expensive contract was a co-op at the Pierre at 795 Fifth avenue which had an asking price of $22.5 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.

HamiltonHeights, Harlem, Listings, Luxury, Marketreports

Only 4 Harlem townhouses sold this year for $4 million or more

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. 

72 Hamilton terrace sold for a record breaking $5.1 million in early 2018.

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.

 

 

Harlem, Marketreports, multifamily, Townhouse

July Harlem townhouse market report

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The July market saw 13 new townhouse listings come on the market in the Central Harlem, Hamilton Heights area. The first table shows the number of new listings by price on the left side and the prices of the 4 sales on the right.

The 2nd  table shows the amount of active listings which has stayed steady the last several months and the amount of time it would take to sell the existing inventory.

The last table shows the current active listings by price range. 40% of the listings are in the $2-3 mm range and very few listings are less than $2 million.

average  $       3,225,000 4 sales
6 $2-3 mm 3,175,000
5 $3-4 mm 3,350,000
2 >$4mm 1,625,000
1,800,000
# active Inventory
82 21 months
Listings by price
<$2mm 6
$2mm-$2.99mm 33
$3mm-$3-99mm 26
$4mm + 17

June Harlem townhouse report

Harlem townhouse May report

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.

Amenities, Harlem, Investment, Manhattan, Marketreports, Rentals, Upperwestside

Most sought after and least supplied amenity in a Manhattan rental is?

Apartmentlist.com did nationwide research to see what amenities were most sought after by renters and compared that to what is most supplied by landlords. Interestingly enough in the NYC market, 39% of the renters were looking for an in-unit laundry while only 10% of the apartments had it. This coincides with the on the ground data of my past rentals where many tenants ask if the unit has an washer/dryer in the apartment and most do not.

When you do a search on streeteasy.com for 1 bedrooms for rent on Manhattan’s upper west side, you find 204 listings but when you check the box for washer/dryer, the number goes down to only 8!

In Central Harlem, under $2,500 per month, you find 59 listings with at least 2 bedrooms and when you only look at apartments with washer/dryers the number goes down to 7!

Full coverage from Apartmentlist.com

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.

HamiltonHeights, Harlem, Marketreports, Townhouse

Thinking of buying a Harlem townhouse around $2 million?

Though inventory has increased in the Harlem townhouse market in the last few months, the under $ 2 million range is still experiencing  a shortage of inventory. Currently, there are 12 townhouses priced at $2.25 million or less but all but 4 of them are SROs. The four houses that are not SROs are all 4 family homes and the two that are priced at $2.25 million and $2 million  are excellent values. One of the other 4 family homes has a contract out and the other one has a rent controlled tenant in place in one unit paying $200.

At the next level of price, between $2.25 million and $2.5 million you will find 11 townhouses for sale and only one with major issues. The rest are more or less intact townhouses close to move in condition but in most cases not renovated. As days on the market increases the lower tier of the price may become more crowded as some of prices are lowered over the next few months.

June Harlem townhouse report

July mid month Harlem townhouse report

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.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Inventory, Listings, Marketreports

9 New Harlem townhouse listings so far in July

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.

June Harlem townhouse report

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.

HamiltonHeights, Harlem, Listings, Marketreports

June Harlem townhouse report

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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.

Marketreports, Rentals

Manhattan rental market continues to be driven by concessions

In May, rental prices for both 3 bedrooms and 2 bedrooms dropped, 6% and 4.6% respectively. Concessions are up 12.5% year over year and have been steadily rising for the last 3 years.

This is consistent with the rentals that I have listed of late which need to be either priced very aggressively or offered with concessions to be rented. Along the same lines, landlords are negotiating with existing tenants to keep them.

Coverage from CNN

Buying tips for your NYC apartment, BuyingtipsforManhattanproperty, Luxury, Marketreports

33 Luxury contracts signed last week Record breaking week

33 Luxury Manhattan apartments priced at $4 million and up went to contract last week marking the best late June week since records were kept by Olshan Realty. Could this be a turning point in the luxury market as the pipeline begins to dry up. There is still a lot of inventory out there that needs to be absorbed but market conditions in favor of buyers do not usually last long in Manhattan.

Real Deal coverage