Tag Archives: Manhattan

BuyingtipsforManhattanproperty, Co-ops, Historic district, Upperwestside

What is it like to buy a co-op on the Upper Westside in NYC?

Co-op Board Process

In this post, we will discuss the Co-op Board process for a typical upper west side building on Manhattan’s upper west side. When you have already found an apartment and are in contract, you will begin two processes- your loan application and your co-op application. We will give an overview of the 2nd process.

You will prepare documents to submit to the Building’s management. This will include reference letters-both personal and professional as well as a financial statement with supporting documents, many disclosures, and even a landlord or management reference letter. Once you have prepared these documents, they will be uploaded to a portal or if the management is still in love with paper, you will be dealing with paper.

When you have everything prepared you can submit it to your real estate broker who will review it and help to present it in the best possible light. The seller’s broker as per protocol will review as well and make suggestions to your real estate broker.

In NYC co-ops, management will review the submitted package and then will request clarifications or missing documents. This process of management review for a co-op will likely take about 2 weeks depending on the building. Then it goest to the Board of Directors.

On the Upper West Side, it depends on the building as to what will be evaluated by the Board. Is the building a small, non-doorman building or a historic, architecturally significant residence on Central Park West? Some buildings will be flexible with the usual guidelines and some will be more rigid. Speak to your Broker prior to submitting an offer to understand the guidelines. In general, Boards in cooperatives would like to see 20-25% down payment, 28% Debt to income ratio, and 2 years of post-closing reserves. Long term debt like cars or student loans will be factored in. If your monthly mortgage and maintenance is projected to be $5000 then showing $120,000 in your Chase account after allocating your down payment will be ideal.

Advanced tips
Pay off your credit card debt
If you are short on Post-closing reserves, ask Mom or Dad for a gift to cover those reserves. You can return the money after closing.
Reference letters should be from people that know you very well and should speak about how they know you and why you would be an ideal addition to your prospective co-op
Get your Board application in as soon as possible especially if you are trying to move by a certain time as in when your NYC lease expires.

Hopefully, the Board will then ask you to come in for an interview. In most cases, you are probably on your way to becoming a shareholder. But still treat it like a professional interview and do not offer more information than you are asked.
In the case where you are turned down, unfortunately, there is not too much you can do but little known fact, you can re-submit your application especially if you can get some intel as to why the rejection.

Buying an Upper West Side cooperatives can be a challenge especially when inventory is low, but putting together a good Co-op Board application can really help you to increase your odds of approval. Be patient with the process and you will make it through.

About the Author
Brian Silvestry is a licensed real estate broker on Manhattan’s Upper West Side. He has been licensed since 1999 and lives on the Upper West side since 2004.

Commercial, Harlem, Marketreports, multifamily

NYC Commercial real estate prices remain strong

According to the latest study from Ariel Property Advisors, the dollar volume of commercial real estate deals is up about 28% year to date over the same period in 2017. Additionally, 4 of the 5 boroughs are showing price increases in multi-family. Manhattan was up 16% price per unit versus last year. Only Brooklyn’s price per unit decreased.

This is consistent with what I am seeing which is continued foot traffic at my exclusives which include a 12 unit near Madison avenue in Central Harlem for $5.7 million and a 4500 sqft SRO in Mount Morris. Additionally, there is plenty of interest in 20-40 unit buildings Uptown with little inventory.

Commercial Observer 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.

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

24 luxury contracts signed last week in Manhattan

24 luxury contracts were signed last week according to the Olshan Report. An 80th floor apartment in One57, Extell’s luxury tower on Billionaire’s Row went into contract after asking $19.9 million. A seller at 150 Charles managed a $4 million profit after buying his condo for just north of $12 million off floor plans back in 2012 as well.

TRD 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.

Manhattan, Marketreports, Rentals

Manhattan rental prices starting to increase

The Manhattan median rental price inched up 1.8% to $3,394 according to the latest report while the luxury rents stayed static at $8,194. According to the broker feedback there is a lot of inventory to absorbed into the market and concessions and price still drive the Manhattan rental market. While buyers are staying on the sidelines, you would think that rents were begin to increase but while lease activity in September has increased market wide we have to enter into a new cycle of rent increases. There is so much parity in the market in terms of choices and Manhattan has competition from both Queens and Brooklyn in terms of offerings and types of buildings.

TRD coverage

Buying tips for your NYC apartment, Co-ops, Condos, Manhattan

How is a Manhattan co-op different from a condo part 3?

In this continuing series we will take a look at a couple more differences between co-ops and condos.

1- Co-ops tend to be located in prewar buildings while condos tend to be newer, shinier and more full of amenities. So if you love prewar lobbies, crown moldings and other details of prewar buildings, you probably will be looking at more co-ops. Almost all new offerings in the last 10 years plus are condos so condos tend to satisfy the wants of Manhattan buyers who are looking for newer buildings with amenities like swimming pools, roof decks, bowling or golf simulators. Some co-ops will have nice amenities as well but very few co-ops have been built in the last 20 years or so.

2- If you are a foreign national or US based investor, condos will most likely be your choice. Co-ops tend to examine a plethora of documents as previously mentioned including US credit. Since a co-op can turn down someone without providing a reason, if you are foreign national purchasing as a primary residence or a pied-a-terre, your safer bet will be a condo. Also, if you are purchasing for investment, almost all co-ops will require you live there first then there will be restrictions for how long you can rent.

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.

Manhattan, Retail, StoreClosings

A look at the empty storefronts in Manhattan

The NYT took a panoramic look at all of the empty storefronts in various neighborhoods throughout Manhattan. You can see them in every neighborhood from Battery Park to Harlem and in the gentrifying areas of Brooklyn and Queens as well.

NYT coverage

Previous coverage

Buying tips for your NYC apartment, Co-ops, Condos, Manhattan

Manhattan co-ops versus condos part 2

There are many differences between Manhattan co-ops and condos and in this series we take a look at a couple at a time.

1- Condos typically let you rent your apartment out without limit. So if you experience a job change and do not want to sell, you can rent out the apartment without an issue. In a co-op typically, you can rent out 2 of 5 years and then need to move back or sell.

2-Co-ops normally have higher monthly carrying charges than condos but lower prices. For example a 2bd/2ba co-op on the upper west side of about 1100 sqft might cost you  $1.5 million and have monthly charges of about $2900. A similar condo might run you $2.1 million but the monthly charges might only be $2000.

Price differences, and ability to rent out are just two differences of the many between co-ops and condos in Manhattan.

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.

Co-ops, Condos, Manhattan, Real estate

What are the main differences between a NYC co-op and condo part 1?

This is the first in a 3 part series of the differences between Manhattan co-ops and condos. 

There are many differences between a Manhattan co-op and condominium and in this first installment we will explore 2 of them.

1- Co-ops can turn down the application of a prospective purchaser without any reason given and that’s it, the buyer can not complete the purchase.  Any fees or costs incurred are not reimbursed and that’s it. A condo grants a waiver of the right of first refusal when they take an application from a prospective purchaser. The only time that they may exercise the right of first refusal is when an apartment is being sold far below market. Instead of letting the sale go forward, they can purchase the apartment.

2- Co-ops more closely scrutinize the financial wherewithal of prospective buyers than condos. So you need to have a down payment of 20-25% plus a debt to income ratio of no more than 28% plus stable job history, and excellent credit. A condo may run credit but they are satisfied with you obtaining a loan commitment or purchasing cash. They are not going to turn you down because you do not make enough money.

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.

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.