Tag Archives: Upperwestside

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Real estate, Renovation, Townhouse, Upperwestside

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 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.

Retail, Store Openings, Upperwestside

Trader Joe’s Upper west side now has signage

The Trader Joe’s store that is being built at 670 Columbus avenue now has signage. Opening date to be determined.

Trader Joe’s has installed signage this week and will be located at 670 Columbus 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.

Central Park, Tennis, Upperwestside

Central Park Tennis Center opening day Saturday April 14th

It does not seem that long ago that there was snow in Central Park but all of sudden it seems that Spring is here. So as a result, the Central Park tennis center is opening on Saturday April 14th. The weather is supposed to be 77 degrees!

 

Court conditions and updates 212-280-0205
Lessons 212-316-0800

Central Park Tennis center website

CentralParkWest, Sales, Upperwestside

400 Central Park west 7K SOLD

A 1 bedroom, 1 bath south facing apartment at the 400 Central Park west condominium closed yesterday. The asking price was $1,255,000 and the sold price was $1,235,000. The apartment featured a 18′ south facing terrace with views just above the trees into Central Park. The sellers were longtime owners/investors in the building and had purchased the apartment 18 years ago.

The building has a full time concierge, live-in-super, on-site management, renovated gym, childrens’ playroom, residents’ lounge, storage and parking available both on wait-list.

 

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, Historic district, Listings, Sales

Recent closed Upper West side townhouse sales

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.

Retail, Soho, Upperwestside

Should NYC landlords be fined for leaving their stores empty?

Amid a 27% vacancy rate on Amsterdam avenue on Manhattan’s Upper west side and a 20% vacancy rate in Soho, Mayor Bill DeBlasio is considering a vacancy tax or fine for Manhattan landlords that leave their stores vacant. The idea is in the planning stages without a concrete plan as to how it would work. Retail has been struggling due to the brick and mortar sales declining as internet sales have risen in the last several years.

NYP coverage

Upperwestside

Citibike to expand on Upper West and Upper East side

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The often troubled Citibike NYC is expanding  further onto the Upper West and Upper East side. The expansion could bring bike stations as far north as 130 street. In all, an estimated 135 new stations could be created by 2017. Residents have mixed feelings and have the opportunity to share their thoughts at Community Board hearings. One for the Upper West side is scheduled for tonight at the Redeemer Presbyterian Church on West 83 street between 6 and 7pm.

NYPOST