Tag Archives: Upperwestside

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.

Real estate

Upper West side townhouse market report Fall 2018

The Upper West side townhouse market has been in a buyer’s market for the entirety of 2018. The last 4 months had 11 sales ranging from $3.8 million for a rent stabilized multi-family to a park block renovated 5 story townhouse at 31 W 89th street which sold during August for $13.3 million.

Current inventory stands at 60 townhouses/multi-family properties with the least expensive being for sale at $3.1 million for a 9 unit rent stabilized building on West 108th street near Riverside Park to 25.9 million for a townhouse at 248 Central Park west. Average days on the market for all Upper West townhouses is 230 days.

At the current pace it will take 22 months to sell off all of the existing inventory.

Below are the list of all the sales between August 1st and November 30th, 2018.

Number Street Apt_No NYC GLA Calc GLA Bldg Size Stories Units Lot Size Sale Price PPSFT Sale Date
310 W 82 ST 5100 17′ X 74′ 4 9 17′ X 102.17′ $3,800,000 $745 9/6/2018
219 W 78 ST 4692 20′ X 68′ 3 7 20′ X 102.17′ $4,100,000 $874 11/1/2018
117 W 78 ST 3400 16′ X 50′ 3 2 16′ X 102.17′ $5,000,000 $1,471 8/28/2018
49 W 94 ST 6060 20′ X 68′ 4 6 20′ X 100.67′ $5,900,000 $974 8/22/2018
220 W 83 ST 4500 25′ X 69′ 2 1 25′ X 73.58′ IRR $6,600,000 $1,467 8/16/2018
22 W 90 ST 5570 20′ X 67′ 4 10 20′ X 100.67′ $6,700,000 $1,203 11/9/2018
60 W 89 ST 6630 20′ X 67′ 4 9 20′ X 100.67′ $7,100,000 $1,071 9/13/2018
52 W 85 ST 6266 20′ X 70′ 4 1 20′ X 102.17′ $9,395,000 $1,499 11/7/2018
57 W 88 ST 7170 20′ X 72′ 4 7 20′ X 100′ $9,750,000 $1,360 8/30/2018
18 W 75 ST 6673 21′ X 80′ 5 10 21′ X 102.17′ $12,250,000 $1,836 11/20/2018
31 W 89 ST 6535 20′ X 70′ 4 10 20′ X 100.67′ $13,300,000 $2,035 8/7/2018

August Upper West side townhouse market 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.

CentralParkWest, Listings, Upperwestside

400 Central Park west apt 12M Sold

A 1 bedroom, sponsor renovated unit was sold at the 400 Central Park west condo. The apartment featured a top of the line renovation by the contractor of the Sponsor and had southern views of Central Park. The sales price was $1,325,000 negotiated down from the ask of $1,345,000.  The listing broker was Douglas Elliman and the selling broker was BSRG Inc/ Brian Silvestry.

The 400 Central Park west condominium is a 400 plus unit full service building with resident’s lounge, private gardens, parking, storage, live-in-super and on-site management.

Link to listing

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, Real estate, Upperwestside

Why do some Manhattan buildings have so few units for sale?

I always find it interesting to see that in some Manhattan buildings that are very few apartments for sale. In 400 Central Park west, a 414 unit condominium there are 6 apartments for sale, and 2 of those are in contract. So out of 414 units, there are 4 units available for sale or less than 1% of the building.

Contrast that with 120 Riverside boulevard, which has 23 units for sale with only 2 of those in contract. The 14 year old building has 276 units and many amenities. But taxes for a 1292 sqft 2bd/2ba run around $21,000 per year. Perhaps, this is the clearest example of the effect of the Tax Reform? Either way, with nearly 8% of the building for sale, it might create a pause in a buyer looking to purchase.

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.

 

Luxury, New Developments, RiversidePark, Upperwestside

Manhattan Boutique condo versus high rise- which is better?

A Manhattan boutique condo can have some advantages that a high rise might not. A smaller building can mean more of a personal feeling when coming home. In a Manhattan building with 30 or less apartments, chances are you are going to have more customization and less mass production like a new building with 200 units plus. In the boutique building in NYC, you will see amenities but not the scale that you would see in a high rise luxury building like One Manhattan Square or One Riverside where you have swimming pools, bowling alleys, lounges, party rooms and gardens.

In a large building you might pay more per square foot for these due to the amenities like in Waterline Square on Manattan’s west side or 15 Hudson Yards, where prices hover around $3k per square foot. In a smaller boutique building, you will have less amenities but can expect a roof deck, doorman, gym, and maybe a garden. Take for example, the 6 unit 207 West 75th street building which is brand new and averages only $2k per sqft.  In a 6 unit, be prepared to be involved in the operation of the condo.  In a 39 unit building like the Chamberlain at 269 West 87th street, you get amenities like a children’s playroom,storage, gym,doorman and common outdoor spaces and again averaging around $2k per sqft. Also, in small building, any repairs will hit each apartment owner more than in a large condo with more owners to divide up the costs.

I think it comes to your lifestyle. A small building works well for some people who do not need the amenity suites that some of the large luxury buildings offer. For some people they feel this is akin to living in a hotel and some people love it and some do not.

What is your preference: Boutique or high rise with tons of amenities?

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.

Marketreports, Rentals, Soho, Tribeca

Most expensive zip code for renters in US is…Battery Park City

The most expensive zip code in the US for renters according to a recent report by RentCafe is Battery Park City, 10280. The average rent is just over $5657 according to the report. This is down from the previous year’s average of $6,000. 26 of the 50 most expensive zip codes in the US for renters were in Manhattan. Three of the top 12 most expensive zip codes were on Manhattan’s Upper West side.

Soho/TriBeca was the area that experienced the largest increase in rent year over year. 10013’s average rent was up over 10%.

Coverage from 6sqft

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.

LincolnSquare, Listings, Luxury, New Developments, RiversidePark, Upperwestside

50 Riverside boulevard aka One Riverside Park availability

1 Comment

The Extell Development building built in 2015, with a 20 year tax abatement, and 50,000 sqft of amenities currently has 9 units for sale. They are all resales, averaging approximately 10-20% more than their sold prices in 2015. The averge price per square foot is $1,878 per square foot. The average days on the market is 181 and if you remove one listing that has been for sale for 451 days, it goes down to 150 days on market.

There have been 4 sales this year and none in the last 3 months. That’s an average of 1 sale every 2 months which means the inventory would last about 18 more months.

The two resales sold this year were sold for a 100,000 or 6% profit and a $1.2 million loss, suggesting the building is roughly valued very close to the 2015 levels or less in the case of the larger apartments purchased from the sponsor.

Given that there are many more years left in this tax abatement, this might be the right time to get into this building with it’s amenity suite including the La Palestra athletic club, bowling alley and lounge, rock climbing wall and 75 foot lap pool.

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.

Foreign Investment, Upperwestside

Where foreign investors are buying in Manhattan

According to CNBC, foreign investors are choosing New York City as the number two place to make their real estate investments behind only London. Certain neighborhoods seem to be attracted the most interest. The Upper West side was mentioned as attracting Chinese buyers in the $1 to $2 million range according to one real estate broker. Harlem was not mentioned but Brownstone Brooklyn was mentioned.

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.

 

Building profile, CentralParkWest, Upperwestside

467 Central Park West building profile

467 Central Park west aka The Warner, is a prewar condo which makes it a rarity but even more rare in that it is on Central Park west. The 99 unit pet friendly building at the corner of West 107th street and CPW, has a live-in-super, a bike room, laundry room and storage room.  Availability is the problem. Currently, there are only 2 apartments for sale! There is a 1 bedroom asking $700,000 and a studio asking $595,000. 

467 Central Park west is a 17 story condo with 99 units and low monthly charges. Unfortunately, there are only 2 units for sale and 1 sold in the last year.

Many of the apartments in the building have Central Park views. The most recent sale was apartment 12D, a 736 sqft 1 bedroom that sold for $930,000 in October of last year. So if you are thinking of buying in 467 Central Park west, patience will be key.

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.

CentralParkWest, Listings, Upperwestside

382 Central Park west apt 4Y Just listed

A 648 sqft apartment with northern views has come on the market in the Olmstead condominium. The full service postwar building features a renovated lobby features, gym, and exercise studio where various classes are taught. Take a look at the video to get a sneak peak.

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.