The Baker family bought their townhouse in 2015 and it was a four family home. Their design team turned it into a 1 family home with floor to ceiling windows at their rear and exposed steel beams, duct work and sprinkler systems. The renovation created a lofty home with plenty of light and a guest room at the garden level. Their architect was Opera studio.
Tag Archives: renovation
Manhattan townhouse owners-understanding your property tax bill
NYC puts out a guide of how to understand your real estate tax bill of your property. It’s amazing how many NYC property owners do not understand their real estate property tax bill. In fairness, the system is very complicated and you might see two identical Manhattan townhouses with the same number of units yet radically different tax bills.
It is always advisable to consult with a real estate tax attorney before making any changes to your tax classification, and doing renovations especially alterations.
Generally speaking, your real estate tax bills will go up when you do an alteration to your building like changing the number of units or adding gross square footage. If you do not make a change to your building, there are caps on your assessed value which is the amount that your real estate tax bill is derived. For class 1 properties which are 1-3 family homes, it is 6% per year or 20% for 5 years. For tax class 2A (4-6 units), class 2B (7-10 units) the cap is 8% per year or 30% over 5 years. For properties that are class 2 (11 units or more) no cap exists which is one of the reasons a SRO building as classified by Department of Finance with 11 rooms(units) could see taxes climb steadily per year without cap.
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.
Thinking of selling your Manhattan property-Should you paint?
If you are going to be selling your Manhattan property and it’s been a number of years since you painted, and/or you had chosen a dark color, a paint job can really help to spruce things up. Choosing a light color like a designer white can help to brighten up a room or rooms and help to bring out the spaciousness of your offering. If you live in a building, it might be more frugal to have one of the handymen or super do it on his off time. But you will probably see a more favorable reaction from potential buyers with a fresh coat of paint.
Should you stage your apartment?
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.
Why are the taxes so high in some Manhattan buildings but not so in others?
Understanding NYC’s archaic and often inequitable system of real estate taxes might be a life long pursuit but for the purposes of this blog, let’s take a look at a couple of the items that influence your real estate taxes of a Manhattan townhouse.
One of the influencing factors is how recently the property transferred. You have some long time owners in Manhattan whose properties are now worth several million dollars yet their assessed values are artificially low due to the lack of a recent sale. However, once the property changes hands, the Department of Finance might be right there adjusting the value and raising your taxes.
Continue reading Why are the taxes so high in some Manhattan buildings but not so in others?
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 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.
401 West 147th street being cleaned up
401 West 147th street, a 16′ wide townhouse that has been abandoned for the last several years, in the Historic district of Sugar Hill, is being cleaned up. A crew of 2-3 people were in the house yesterday loading up a full dumpster’s worth of materials. No permits are filed to give an indication of what work will be done. But at least, this may be the beginning of the end of this being an eyesore of one of Manhattan’s most beautiful blocks.
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 a renovation necessary to sell your Manhattan property?
Many times, prospective sellers ask if a full or partial renovation will help them to sell their Manhattan apartment? It really depends on several factors.
1-What is the competition like at your price point,neighborhood and building?
2-What is the age of your kitchen, bathrooms and flooring.
3-How long will the renovation take?
4- How much will the reno cost?
5- What is your current market value completely as is?
Let’s look at each one by one.
Competition- If there are several properties for sale that are similar to yours and many of them are renovated, you might have no choice but to do some work in your Manhattan pad before selling. However, if there is a shortage as can be the case for 2 bedroom/2 baths under $2 million for example, the prospective buyer probably will be willing to do the work themselves.
Age of kitchens and bathrooms. If it’s been 30 or more years since the last renovation, you probably will benefit by doing the renovation. If it’s only been about 10 years then the answer is not as clear. Talk to your real estate broker to get an idea of how the apartment will be perceived by a prospective buyer given the age of the renovations.
Length of time for renovation to be completed-If it’s going to be a one year process due to building approval and contractor availability, it might be wise to forego it or scale it down a bit so that it can be completed in less time. Also, timing is an issue here. If the renovation completion date puts you right in the middle of the December holiday season, it might not be the best time to start marketing.
Cost of renovation- If you decide to complete a 6 figure renovation, it might or might not lead to a dollar for dollar return. It most cases it does not. For example if you have a studio apartment of 600 square feet with a value of around $800,000, a renovation of the kitchen, bathroom and flooring of around $50,000 may return dollar for dollar and also lead to a quicker sale. However, a $100,000 reno on the same apartment probably will lead to a quicker sale but not return dollar for dollar.
Sell as is? When you sell as is, you do not complete any renovation and just sell what you have. What you see is what you get and in some cases this might even be the best strategy depending on the above factors and your personal situation. Consult with your real estate broker. Normally, they can recommend a good contractor to do work if that is needed as well as advise you as to what will yield a return and what will not.
If you examine your current market value as is, then you can see if it makes sense to do a renovation, knowing the cost and time involved. For example if the current market value is $2,500,000 and you want to do a $500,000 renovation that will lead to a $3 million sale, it obviously does not make sense. But also consider the time of the year now, market conditions and the time of the year when the renovation has been completed. The purpose of any renovation, large or small prior to selling your Manhattan property is to widen the buyer pool, and make it easier to sell and this has to lead to at least a dollar for dollar return, otherwise save your money and sell as is.
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.
About to renovate your Harlem Brownstone?
If you are considering renovating a NYC brownstone in Harlem, Brooklyn or anywhere in the city, take a look at this article from Brick Underground. Granted it is a little bit of an adverticle but it does give you the basics as far as timelines, potential costs and pitfalls.
Not that long ago, I came into contact with a contractor who renovates Harlem brownstones and he told me that $175 per square foot would be a very middle of the road renovation. A property that I sold in Hamilton Heights achieved a full renovation for $400,000 and it had about 3200 square foot but she was a seasoned investor and was very hands on in the project.
Another investor that I am dealing with from out of state hired contractors and each succeeding one had to redo the mistakes of the previous one and that ended up being costly. So, I would say if you are seasoned investor you are obviously going to spend less and if you are rookie might be better to pay more and have the process managed by someone that you can trust.
Thinking of selling your Manhattan apartment? Should you renovate?
Many times, prospective sellers ask if a full or partial renovation will help them to sell their Manhattan apartment? It really depends on several factors.
1-What is the competition like at your price point,neighborhood and building?
2-What is the age of your kitchen, bathrooms and flooring.
3-How long will the renovation take?
4- How much will the reno cost?
Let’s look at each one by one.
Competition- If there are several properties for sale that are similar to yours and many of them are renovated, you might have no choice but to do some work in your Manhattan pad before selling. However, if there is a shortage as can be the case for 2 bedroom/2 baths under $2 million for example, the prospective buyer probably will be willing to do the work themselves.
Age of kitchens and bathrooms. If it’s been 30 or more years since the last renovation, you probably will benefit by doing the renovation. If it’s only been about 10 years then the answer is not as clear. Talk to your real estate broker to get an idea of how the apartment will be perceived by a prospective buyer given the age of the renovations.
Length of time for renovation to be completed-If it’s going to be a one year process due to building approval and contractor availability, it might be wise to forego it or scale it down a bit so that it can be completed in less time. Also, timing is an issue here. If the renovation completion date puts you right in the middle of the December holiday season, it might not be the best time to start marketing.
Cost of renovation- If you decide to complete a 6 figure renovation, it might or might not lead to a dollar for dollar return. It most cases it does not. For example if you have a studio apartment of 600 square feet with a value of around $800,000, a renovation of the kitchen, bathroom and flooring of around $50,000 may return dollar for dollar and also lead to a quicker sale. However, a $100,000 reno on the same apartment probably will lead to a quicker sale but not return dollar for dollar.
Sell as is? When you sell as is, you do not complete any renovation and just sell what you have. What you see is what you get and in some cases this might even be the best strategy depending on the above factors and your personal situation. Consult with your real estate broker. Normally, they can recommend a good contractor to do work if that is needed as well as advise you as to what will yield a return and what will not.
126 Riverside drive apt 1C New York,NY 10024 Market preview
This 2 bedroom 1.5 bathroom cooperative offering will be coming to the market shortly. It has been undergoing a renovation for the last several months so I thought you might like to see some pictures. Let’s start with the before pictures of the apartment and in another post, I will walk you through the after pictures.
This apartment is directly across from Riverside Park which you can see from the lovely common roof deck.
