Category Archives: Upperwestside

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Real estate, Renovation, Townhouse, Upperwestside

Is it better to purchase and renovate a townhouse or spend more for a renovated one?

Many townhouse buyers like the idea of buying a Manhattan fixer upper but underestimate both the cost, time and effort involved with a renovation. If you purchase a fixer upper, the positives are that you can make the home exactly as you want from unit number, to finishes to outdoor space like a roof terrace or penthouse. But you will pay for that convenience in renovation costs which could be as low as $150 per square foot to as much as $700 or more per square for a high end renovation.

Additionally, a renovation will require approvals from Department of Buildings, as well as Landmarks Preservation Commission (LPC) if the building is one of the coveted Manhattan historic districts. Also there is no guarantee that if you purchase a $7 million Upper West side townhouse and add $4 million that your space is worth more than $11mm total.

I think the questions you should ask are:

1- Can you find something in a higher price range that is already finished close to what I am looking for in a townhouse?
2- Do you have all of the necessary capital to pay for the renovation including architecture fees, permits and expediters? Also, do you have the time to dedicate to supervising the work and making sure your expectations are met?
3- Do you have the patience to wait between 1-3 years or more for the townhouse to be finished while undergoing renovation?
4- Do you have enough capital to cover the cost overruns or increased costs associated with the unanticipated items?
5- Are you okay with the potential increase in real estate taxes due to the renovation and potential alteration? Speak to your real estate tax attorney for more details on that.

A townhouse renovation is not for the faint of heart and should be entered into with care and tons of research. Perhaps it might be wise instead, to purchase a Manhattan townhouse that is already renovated and ready for occupancy.

The dining area at 189 Edgecombe, a gut renovated townhouse in Hamilton Heights that is for sale for $2.525 million.
The marble clad kitchen with island, dishwasher, garbage disposal, wine refrigerator and sliding doors to the deck. 189 Edgecombe avenue

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.

Retail, Store Openings, Upperwestside

Trader Joe’s Upper west side now has signage

The Trader Joe’s store that is being built at 670 Columbus avenue now has signage. Opening date to be determined.

Trader Joe’s has installed signage this week and will be located at 670 Columbus avenue

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.

Central Park, Tennis, Upperwestside

Central Park Tennis Center opening day Saturday April 14th

It does not seem that long ago that there was snow in Central Park but all of sudden it seems that Spring is here. So as a result, the Central Park tennis center is opening on Saturday April 14th. The weather is supposed to be 77 degrees!

 

Court conditions and updates 212-280-0205
Lessons 212-316-0800

Central Park Tennis center website

CentralParkWest, Sales, Upperwestside

400 Central Park west 7K SOLD

A 1 bedroom, 1 bath south facing apartment at the 400 Central Park west condominium closed yesterday. The asking price was $1,255,000 and the sold price was $1,235,000. The apartment featured a 18′ south facing terrace with views just above the trees into Central Park. The sellers were longtime owners/investors in the building and had purchased the apartment 18 years ago.

The building has a full time concierge, live-in-super, on-site management, renovated gym, childrens’ playroom, residents’ lounge, storage and parking available both on wait-list.

 

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.

 

Investment, Upperwestside

How does a rent stabilized tenant affect a Manhattan townhouse’s value?

In an ideal setting,  a Manhattan townhouse will be delivered vacant and sold to a buyer who can convert it to a single family mansion, condos or a rental building. However, when a Manhattan building is conveyed with a rent stabilized tenant or a few rent stabilized tenants, then the buyer pool will narrow but it still has tremendous value. The factors that impact the value will be size of the apartment, likelihood of accepting a buyout, and what percentage of square footage, the RS tenants occupy within the building. The calculation of value is going to be based on the net operating income.(NOI). The NOI and cap rate will dictate the value, but the upside which the buyer/investor will evaluate will have to do the likelihood that the tenant might be bought out now or in the near future, the age of the tenant, and how likely they might have immediate family who will succeed them within the apartment.

For example, on a recent tour of Upper west side townhouses with an investor we looked a one building that was asking $5.4 million with 6 units 2 of which were rent stabilized. Within the same neighborhood, a 7 unit building was asking nearly $1 million more with all free market tenants. Both were both offered at an approximate 3% cap rate.

Now what happens when the majority or all of the building is occupied by rent stabilized tenants and the cap rate is extremely low or the income is not even covering the expenses, now you will see an even more narrow pool of buyers whose expectations for a discount go up as the rents paid by the tenants goes down as does the likelihood of a buyout. In this situation, a more thorough analysis based on current market conditions will need to be done by a Manhattan real estate broker experienced in the transfer of townhouses and multifamily properties.

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.

 

Retail, Soho, Upperwestside

Should NYC landlords be fined for leaving their stores empty?

Amid a 27% vacancy rate on Amsterdam avenue on Manhattan’s Upper west side and a 20% vacancy rate in Soho, Mayor Bill DeBlasio is considering a vacancy tax or fine for Manhattan landlords that leave their stores vacant. The idea is in the planning stages without a concrete plan as to how it would work. Retail has been struggling due to the brick and mortar sales declining as internet sales have risen in the last several years.

NYP coverage

Building profile, CentralParkWest, Condos, Upperwestside

400 Central Park West Building snapshot

If you are thinking of buying on the Upper west one of the most desired building is within the postwar Park West Village. It is located at the corner of Central Park west and 100th street. The building features studios to 2 bedrooms (540 sqft(50m2) to 1140 sqft(105m2)). There are 1 bedrooms and 2 bedrooms with balconies. Apartments face either north or south due to the building being sideways on Central Park west and the 2 bedroom apartments have a second exposure either west or east.

Inside the building, there is a full time concierge, live-in-super, on site property manager, exercise room, children’s playroom, and laundry. Bike storage, storage and parking are also available on a wait list basis with parking in the outdoor parking lot going for only $204 per month! It takes about 1 year to get a space in the 400 Central Park west parking lot as of this time.

Best of all, 400 Central Park west has very low monthly charges. A 2 bedroom/2 bathroom which might sell for between $1.6-$1.9 million will have a common charge of about $900 and taxes around $400. For this reason, there are a limited number of apartments for sale in 414 unit building. Owners tend to purchase and stay or hold their properties long term.

The building also shares a playground with the neighboring buildings plus there is another playground inside Central Park at West 100th street. Many of the southern facing apartments have wonderful views of the Park and a Citi bike station is located across the street at Central Park west and West 100th street on the park side of the street.

400 CPW Lobby

Listings in 400 Central Park west

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.

 

Condos, New Developments, Tribeca, Upperwestside

As Manhattan new development sales slow, developers offer incentives

1 Comment

Developers do not like to lower prices in their Manhattan offerings so when sales slow, they offer incentives. A TriBeCa condo with an unsold penthouse is offering a free parking space to go along with their nearly 5000 sqft penthouse. At 71 Laight street, the only unsold unit is offering a 12 by 24 spot below the lobby as an enticement.

At 1 West end avenue (1WEA) 80% of the units are sold and the developers is offering $25,000 in custom closets for potential buyers on the remaining units to entice buyers. 1 WEA launched about 1 year or so ahead of the Waterline Square development just to it’s west which has a shared amenity space called the Waterline Club, a starchitect pedigree, and better views of the Hudson due to it’s location.

At the Beekman Residences downtown, the condo connected to the famed Beekman Hotel, the sponsor is offering $10,000 towards services in the adjacent hotel.

Developers in buildings with unsold units prefer to offer these incentives (instead of reducing prices) which are not recorded on a deed so that it will not affect the future sales of other units in the building.

Read the NYT article

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.

 

Upperwestside

Pomander Walk Upper west side hidden gem

Pomander Walk image

Pomander Walk is one of the Upper West side’s best kept secrets: Pomander Walk. It’s a series of low rise, garden apartments that evoke a feeling of England. It is located on West 94 street between Broadway and West end avenue. The apartments are coops and the vetting process is rigorous in that they want to make sure that shareholders are going to be part of the community.

There are 61 units in this community with none available for sale right now. 1 year ago there was a duplex 3bd/2ba for sale for $2.3 million with a monthly maintenance of $2400.

 

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.

 

 

 

 

 

Celebrity real estate, New Developments, Upperwestside

Bruce Willis purchases at 1 West end avenue

1 WEA one of the final pieces of the Riverside Center project is apparently going to be the home of Bruce Willis and family. He is in contract to buy a 3000 sqft pad at the new condo building.

Streeteasy.com is showing 85 listings in the building with 74 in contract. The building is full of amenities including a 75 foot pool, 12,000 sqft outdoor terrace with cabanas and fitness center.

Full coverage here

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.