Tag Archives: Harlem

Harlem, Listings, Mount Morris

Certificate of no harassment process bogged down

Recently, I applied for a certificate of no harassment(CNH) for one of my listings in the Mount Morris section of Harlem . It was a pretty straight forward process since there had only been only one tenant in the last many years. However, due to the shortage of staff at HPD it took more than 9 months to receive it.  In comparison, I went through the same process for another owner and was able to get an approval in 5.5 months. According to reps at HPD, they have many applications and lack the needed staff. Thankfully it was approved and the owner now has it and it’s valid for the next 3 years.

Upon approval of the application, they made the owner sign an affidavit of no future harassment. This is the owner’s statement that they will not harass the tenants in the future either. A future buyer will need to take the CNH along with the affidavit of no future harassment to the Buildings Department in order to get a permit to alter the building.

Previous coverage about CNH

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.

Harlem, Store Openings

Shake Shack opening soon on Harlem’s 125th street

As Shake Shack prepares to open their Harlem store on 125th street, some residents are excited and some local burger joints are concerned. Harlem Shake and Harlem Burger Co which are both located nearby. are hoping their clientele will continue to come. Some of the offerings are similar. There is no set date yet for the opening of Shake Shack in Harlem but there is partnership with a local bakery, Lady Lexis pies to produce an item only available at the Harlem store. Also 5% of the custard sales will go to a local charity, Harlem Grown.

AMNY full coverage

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.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Marketreports, Selling tips, Townhouse

Harlem townhouse August market report

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In the month of August the Central Harlem,Hamilton Heights market was quiet with only 4 new listings coming to the market.

Among the 4 new listings, there is an SRO sold without the certificate of no harassment for $2.1 million looking for cash buyers according to the listing which is the least expensive listing. Also listed this month is a home at 210 W 122nd street which appears to be renovated though the DOB records indicate SRO as well asking $3.995 million. Rounding out the new listings are an 8 unit for sale near Fifth avenue and a 3 family with side yard at 517 W 152nd street which was listed previously.

On the sale side(see table below), there were 5 sales and some properties went to contract or were removed from the market which resulted in a decrease of inventory from 82 available listings in July to 70 in August. This led to a corresponding decrease in inventory levels to only 14 months from 21 months in July.

Sold properties for August
Sale Price # Units
160 W 130 ST $2,400,000 8
37 W 126 ST $2,544,000 4
127 W 120 ST $3,451,000 3
106 W 120 ST $3,375,000 3
17 W 120 ST $3,750,000 6
# Active listings Inventory (months)
70 14
<$2mm 5
$2mm-$2.99mm 33
$3mm-$3.99 mm 25
$4mm + 8

July Harlem townhouse report

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 neighborhood from Battery Park City to Washington Heights.

Harlem, Subway

West 110th street subway station to open this Saturday

After 5 months of being closed for repairs and improvements, on Saturday southbound service will begin again and on Tuesday northbound service will resume. The MTA announced that the project was completed on time and on budget. The station had closed April 9th.

Curbed coverage

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, Investment, multifamily, Rentals

Average 1 bedroom rental in Harlem just under $2,000

The average rental price for a 1 bedroom apartment in Harlem above 125th street is $1994 per month according to a study of rental listings. The average price for a studio is $1784 and the average days on the market is 22 day for active listings.

In the last couple of years the rental market has been in a down cycle but likely this will be coming to an end in the next year as excess inventory is absorbed and a new cycle of increases begins.

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, Investment, Listings, multifamily

49 East 129th street Coming soon to the market

A 9000 sqft 12 family will be coming soon to the market. The property was built in 2007 and has a 25 year tax abatement. There are 11- 1 bedroom apartments and 1 studio. All apartments are in very good condition and the building is fully rented. Rents range from about $1500 to $1900. Nearly all tenants are being charged a preferential rent.

The asking price will be $6 million.

The building has huge upside potential as a potential condo conversion or a turnkey investment in the East Harlem area.

More details coming soon.

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, New Developments

Two new high-rises on West 124th street

According to Patch.com plans have been filed for 2 new building to rise on West 124th street between 7th and 8th avenue.  Each will be 12 stories tall. The existing buildings will be demolished but no plans have been filed as of yet. The average size unit will be just over 1000 sqft and the total square footage for both buildings will be 226,704.

Patch.com coverage

Harlem, Listings, Townhouse

361 West 116 street in contract

361 West 116th, an SRO building sold occupied without the certificate of no harassment has entered contract. The last asking price was $1,699,000 for this South Harlem townhouse. It had a renovated ground and 1st floor and 4 total bathrooms.

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.

 

 

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, multifamily, Townhouse

Harlem townhouse shortage below $2 millon

According to the July Harlem townhouse report, not one townhouse below $2 million was listed for sale. In July,  2 of the 4 sales recorded in the Central Harlem,Hamilton Heights townhouse market, were below $2 million. That brings the number of available properties below $2mm to only 6 out of over 80 listings. I am seeing a little bit of a tug of war as sellers priced at around $2.3-2.6 now begin to see the market may not sustain these prices for their Harlem properties  and probably not for 4 family homes above 125th street.

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.