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.

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New Mixed Use Building

466-468 Columbus Avenue New York, NY 10024

The current building is three stories tall and is situated in a historic district in the Upper West Side of Manhattan. The building is not landmarked. This building will be demolished.

A new mixed use building owned by Roe Corporation is in the works for 466 – 468 Columbus Avenue between West 82nd Street and West 83rd Street. The new building will rise 96 feet, eight (8) stories tall with 4,646 square feet of retail space on the ground floor, and 23,860 square feet of residential use. The residential space will include seven (7) units with south facing balconies which equates to one residential unit per floor. The top floor is proposed to be a duplex unit.

The architect is BKSK Architects who is well versed in all types of projects. You can see their work here: http://www.bkskarch.com/work/

Rendering of proposal for 466-468 Columbus Avenue

Update 9/12/2016: On Tuesday September 6 2016, the Landmarks Preservation Committee approved new plans for 466 Columbus Avenue which allow an overall height of 103 feet and four inches. Other changes include floors three to seven that will have balconies.

A full presentation of the new proposed building can be seen here: http://newyorkyimby.com/2016/09/second-try-nets-landmarks-win-for-new-mixed-use-building-at-466-468-columbus-avenue-upper-west-side.html

 

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The New Riverside-West End Historic District

Landmark Preservation Committee successfully added 344 buildings now designated landmarks known as the Riverside-West End Historic District Extension II. These buildings now landmarked are located between West 94th and West 108th streets between Riverside Drive and West End Avenue making the Riverside-West End Historic District running from West 70th Street to West 108th Street between Riverside Drive and West End Avenue.

There were discussions of including 21 Broadway buildings into the Riverside-West End Historic District which was ultimately excluded.

 

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2H16 UWS Building Sales Market Recap

The Upper West Side investment sales market of the first half of 2016 saw 20 transactions involving 30 buildings sell for an aggregate dollar volume of $366,543,506. The buildings, which traded so far this year, contain total of 522 Units and total approximately 411,273 gross square feet.

In comparison, in the first half of 2015 there were 23 transactions involving 29 buildings which sold for an aggregate dollar volume of $572,186,500. The buildings, which traded last year, contained total of 330 Units and totaled approximately 413,890 gross square feet.

2H16 in detail:

Five to Ten Unit Walk up Townhouses sold at an average of  $1,118.08 per square foot and $972,355.95 per unit.  Eleven Unit plus, Walk up residential apartment buildings sold at an average of  $914.57 per square foot and $556,046.12 per unit.  Mixed use walk up buildings sold at an average of $1,501.71 per square foot and $956,521.74 per unit.  Elevator buildings sold at an average of $472.27 per square foot and $562,068.97 per unit. Church buildings sold at an average of $1,038.57 per square foot.

The Upper West Side is on track to close 2016 with a 2.2 percent turnover rate compared to 2015’s 1.8 percent turnover rate.

*Please note that the second quarter of 2016 has three more weeks to go as of this writing. I will update the 2H16 sales in this report in the next few coming months. Stay tuned..       

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Luxury Rental Building @ Lincoln Square

The Encore at 175 West 60th Street is to open July 1. The new luxurious building features a rooftop 50 foot glass tile lap pool bathed under a gabled skylight, a men’s and women’s dressing and locker rooms, and a state of the art fitness center.

The shared spaces include a custom themed children’s playroom and a fully furnished lounge area with kitchen facilities. Convenience features include an ATM, a dry cleaning valet and maid service on premises, high speed wireless internet access available with subscription and an air conditioned laundry facility.

For your security, there is a 24 hour doorman with a private intercom system and package room and delivery escort. Each unit has an individual intrusion alarm.

Each unit features an individual seasonal control of heating and air conditioning, a full size vented washer and dryer. The kitchens are customized with Italian white glass cabinets from Scavolini, Jet Mist granite counter-tops, and state of the art GE Cafe Series Energy Star appliances. Bathrooms are marble with porcelain under mount sinks.

The luxurious living spaces include solid bamboo strip flooring, an abundance of storage space in every apartment and many with walk-in closets. Most living rooms with floor to ceiling glass windows, 9-foot- ceilings, 8-foot- doors with satin nickel hardware. Many apartments feature Lincoln Center, Hudson River, Central Park and/or City views.

For more info and leasing opportunities check out GlenwoodNYC.com, here’s the link: http://www.glenwoodnyc.com/properties/upper-west-side-apartments/the-encore/

 

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Tax Plans: Trump v Clinton

clinton vs trump-cartoon

The two front runners are Hillary Clinton and Donald Trump. Let’s take a look at their proposed tax plans.

Clinton plans a mandatory minimum of 30% tax on income above $1MM and an additional 4% surtax on income above $5MM. Clinton plans to add more tax credits for taking care of elderly parents up to $1200 and out of pocket health care costs. Clinton plans to raise capital gains from anywhere between 27.8 percent and 47.4 percent (capital gains is currently at 23.8%). Clinton plans to reduce the $5MM estate tax threshold to $3.5MM and increase the estate tax to to 45% from 35%.

Bottom line with President Hillary Clinton, you will pay more in taxes no matter who you are.

Trump plans to consolidate the current seven tax brackets into four tax brackets – 0, 10, 20, and 25 percent.  Trump plans to increase the standard deduction to $6,300 from singles earning $25,000 or less and to $12,600 from married couples earning $50,000 or less and eliminate almost all deductions other than mortgage deductions and charitable contributions. Trump plans to eliminate the gift tax, the alternative minimum tax, the Affordable Care Act tax, the marriage penalty and the federal estate tax. Trump plans to change the corporate tax of eight tax brackets which currently ranges from 15 to 35 percent to one flat tax of 15 percent.

Bottom Line with President Donald Trump, you will pay less in taxes no matter who you are.

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Goldenwood Property Advisors, What We Do And Why We Do It

Goldenwood Property Advisors is a Commercial and Investment Real Estate firm that specializes in the disposition of specific types of property. Some of the types of property Goldenwood Property Advisors specializes in are: development sites, conversion sites, non-residential vacant land, retail buildings, commercial buildings, office buildings, mixed-use buildings, multifamily buildings and townhouses consisting of five units or more.

We do handle bulk sales of condos and unsold shares of coops. We do not manage, lease, buy, or finance property. We do not represent buyers. We only represent sellers on an exclusive basis.

‘Well, why not, every other broker does it’, you say.  With our approach, the reason is simple.  There is no conflict of interest. Too many times a seller sells their building with “I do it all realty” and a very short period of time later the buyer flips the building for hundreds of thousands or millions of dollars more and the seller is left scratching his head full of questions. We strongly believe that when you sell your property, you deserve to achieve the highest and best sales price possible.

Another reason we know your building will sell for the highest and best price when you sell with Goldenwood Property Advisors is because we create a global market where your building is being marketed to investment funds, trusts, firms and individuals not only in the United States but also around the world to countries such as Canada, China, Russia, Japan, Brazil, Greece, Philippines, and Great Britain to name a few.  A property being viewed by the most eyeballs among investors who are actively doing deals will net You, the seller, the highest dollar amount possible.

Your interest as a seller is protected as we align our interest with yours in achieving your ultimate goal.

 

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