2016 Year in Review and What to Expect in 2017

2016 is proving to be a very busy year in the Upper West Side commercial real estate market. Throughout the first three quarters of the year, the Upper West Side experienced heavy activity focused in walk up multifamily and mixed use properties. Some sub-markets of the Upper West Side commercial real estate market has remained steady on a price per square foot basis.

This year through the first three quarters, 16 Townhouses of five to ten units sold at an average of $1,075 per square foot which is the same average for 23 Townhouses of five to ten units sold through the first three quarters of 2015. This year, Townhouses sold for an average of $883,023 price per unit, in comparison to $799,882 average price per unit during the same time-frame last year, an increase of 10.39%.

This year through the first three quarters, two Multifamily Elevator Buildings sold at an average of $538 per square foot compared to an average of $426 for four Multifamily Elevator Buildings sold through the first three quarters of 2015, an increase of 26.3%. This year, Multifamily Elevator Buildings sold for an average of $544,300 price per unit, in comparison to $382,561 average price per unit during the same time-frame last year, an increase of 42.28%.

This year through the first three quarters, six Walk-up Mixed-use Buildings sold at an average of $1,012 per square foot compared to an average of $994 for three Walk-up Mixed-use Buildings sold through the first three quarters of 2015, an increase of 1.8%. This year, Walk-up Mixed-use Buildings sold for an average of $804,245 price per unit, in comparison to $795,648 average price per unit during the same time-frame last year, an increase of 1.1%.

 

Even though 2016 is an election year, the Upper West Side commercial real estate market has grown strong and steady. In 2017, you can expect to see some changes in capital gains taxes as well as a tremendous change in estate taxes.

 

For more statistics on other property types such as walk-up multifamily buildings 11units+, hotels, special use buildings, and development sites, or to discuss either candidates’ tax proposal and its effect on the sale of your building, call Alex Isak at 212-658-0895.

 

For property owners who want to know what your property is worth, call Alex Isak at 212-658-0985 for a complimentary evaluation.

Advertisements

About alexisak

Born and raised in Queens New York, Alex Isak, a Director of Sales for Goldenwood Property Advisors, is a helpful man who breathes Commercial Real Estate. Alex Isak has brokered numerous transactions within the five boroughs and specializes in multifamily and mixed use property on the Upper West Side of Manhattan. In his spare time, Alex Isak helps raise funds for various charities and coaches a junior varsity basketball team in Forest Hills, New York. To date, Alex Isak helped raise over $1,000,000.00 most of which went towards early childhood education.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s