If sold at their asking price, it would break the record for most expensive Harlem townhouse. However, sales are very slow at this price point in Harlem so a sale may be hard to come by.
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.
The LPC has approved the designation of a new historic district for Central Harlem. The stretch between West 130th street to West 132nd street between Lenox and Adam Clayton Powell encompasses 164 buildings which are mostly row houses. LPC rules take effect immediately. But with the LPC currently without a leader and reform potentially coming to the commission, the precise effect of new historic districts are unknown at this point.
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.
If your plan is to expand a Manhattan townhouse in a landmark district you will need to get approval from the Landmark Preservation Commission(LPC) before getting a Department of Buildings Permit. You should hire an architect who is familiar and has worked before with the LPC so that they can best advise you. Generally, you might be able to build an extension on the back of the house that will match what the LPC has approved for neighboring properties but they may or may not let you go as high as they did. Also, materials used in the renovation will influence their decision to approve or deny including down to the types of windows and colors of the window frames.
Putting a penthouse on the roof might also be acceptable but it can not be visible from the street. So you might have 3000 square foot of air rights left on an Upper West townhouse on park block but the likelihood that you will be able to use them all will be small.
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.
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.
15-17 West 94th street– Two interconnected townhouses on a Park block which offering a mixture of free market and rent stabilized tenants were sold for a total of $9.6 million. The buildings were 18′ wide each and about 70 feet deep. This properties will be ideal for a conversion to condos or maybe a large mansion. The purchaser was Dikran Properties LLC. The sale closed 1/30/18.
42 West 94th street- Also located in the Upper west side/Central Park west historic district, this legal 8 unit townhouse had a mixture of free market and rent stabilized tenants. The 17 by 52 built townhouse sold for $4.35 million and closed 1/17/18. The purchaser was listed as 42 West 94th, Inc.
Both of these properties appeared to have changed hands in off market transactions though they were previously listed by real estate brokers.
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.
Is is the most beautiful street in Manhattan? This is West 147th street in Hamilton Heights between Convent avenue and St. Nicholas avenue in the Historic district. There are a variety of well maintained homes. Recent sales have consistently topped $3 million.
West 147th street from Convent avenue looking towards St Nicholas avenue
The Mount Morris Historic district has now expanded to include practically all of the buildings from Adam Clayton Powell boulevard to Lenox avenue from 118th street to 123rd street. The expansion includes many beautiful brownstone homes as well as some apartment buildings. Homes that fall within a historic district need the LPC approval to do work to their exteriors. Over the last few years, historic districts are attempting to expand to preserve the character of neighborhoods.
Typical brownstones within the Mount Morris Historic district ask over $3mm and it’s only a matter of time before one sells for over $4 million.
What do you think of the expansion?
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
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.
