Sellers on the Upper East Side are coming to grips with reality: That neighborhood had the most price cuts in the city in April, according to a new report from listings site RealtyHop, which has launched a new monthly price drop report for New York City.
The report zeros in on neighborhoods with the highest total number of price drops, as well as the biggest median price drop and the biggest percentage drop in median price.
The Upper East Side-Carnegie Hill area in Manhattan had the most price drops in April, a total of 212—which makes sense considering inventory is piling up in that neighborhood. A recent market report from Stribling also noted that the Upper East Side had the greatest number of price declines.
According to RealtyHop, Midwood in Brooklyn had the biggest median price drop, 24.9 percent.
Below is a look at the listings with deepest price chops identified in RealtyHop's report.
Top 5 NYC addresses with the biggest dollar price drop in April
834 Fifth Ave., $78A, Upper East Side
This seven-bedroom, seven-and-a-half-bath co-op dropped a whopping $9 million off its asking price, a chop of 13.2 percent. It is now on the market for $59,000. The massive 22-room apartment is in a prestigious 1932 Rosario Candela-designed building facing Central Park.
157 West 57th St., #80, Midtown
This four-bedroom, six-bath condo saw its asking price drop a stunning $7 million, or 11.7 percent. It is now asking $53 million. The 6,240-square-foot apartment has 360-degree views with interiors by Thomas Juul-Hansen with a Smallbone of Devizes custom kitchen.
56 Leonard St., #PH57, Tribeca
This four-bedroom, five-bath condo cut $2,550,000, or 8.6 percent from its price in April, and is now asking $26,950,000. The penthouse has 360 degree “helicopter views” of the city, with custom interiors by Pritzker Prize-winning architects Herzog & de Meuron.
1 Central Park West, #42C, Upper West Side
This four-bedroom, four-and-a-half-bath condo dropped its price by $2,505,000, or 11.7 percent. It is now asking $18,995,000. The apartment has views of Central Park and was recently renovated by Parisian architect Nathan Litera.
377 Rector Pl,. #PHAB, Battery Park City
This seven-bedroom, six-and-a-half bath condo slashed its asking price by $2,100,000, or 15.4 percent and is now asking $11,500,000. The 6,400-square-foot waterfront duplex has views from seven terraces.
Top 5 NYC addresses with the biggest percentage price drop in April
1465 East 16th St., #4F, Midwood, Brooklyn
This co-op dropped 24.9 percent, or $174,000 in April. It is now asking $525,000. The two-bedroom, two-bath apartment is a sponsor unit in a prewar building with no board approval required.
303 East 57th St., #36B, Midtown
This co-op cut 24.7 percent, or $325,000 off its asking price in April, now priced $990,000. The three-bedroom, two-and-a-half-bath apartment is located in a full-service building.
435 East 77th St., #8E, Upper East Side
This co-op saw its price fall 20.6 percent last month, or $175,000, to $675,000. The one bedroom, one bath is close to John Jay Park and the East River Promenade.
1010 Fifth Ave., #14F, Upper East Side
This co-op lopped 20.4 percent off its asking price, a cut of $1,000,000. It is now asking $3,900,000. The one bedroom, two bath has an award-winning minimalist interior design by Thomas Phifer and Partners.
157 East 72nd St., #1H, Upper East Side
This condo axed 20.1 percent, or $151,000 of its asking, resulting in a current $599,000 price. The one bedroom, one bath is in a prewar, full-service 1923 building.
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