Fewer New York City apartment sellers cut prices in April compared to March, according to a new RealtyHop report.
The drop in price cuts is a result of the coronavirus pandemic, which has caused a plunge in listings. Nervous sellers have been holding off getting into the traditionally robust spring selling season, creating a historic fall in inventory, a pattern that started in March after New York's "pause" order. And so with fewer listings on the market—there are fewer prices to chop. In addition, there's a theory that the sellers who are sticking with the market are not budging on their prices.
The Upper East Side-Carnegie Hill neighborhood continues to have the most price cuts in the city. There were 33 price drops, compared to 92 price drops in March.
In its monthly price drop report, RealtyHop identifies neighborhoods with the highest total number of price cuts. It also highlights areas with the biggest percentage drop in median price, and the biggest median dollar price drop.
The top five addresses with the biggest dollar price drops and highest percentage price drops were all in Manhattan, mainly on the Upper East Side and Upper West Side. An Upper East Side co-op made both lists, with a $800,000, or 18 percent, cut to $3,650,000.
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
737 Park Ave., #12A, Upper East Side
This five-bedroom, seven-and-a-half-bath condo saw a price drop of $3,005,000 to $17,995,000. Apartment 12A has a private elevator, wall of windows, beamed ceilings, and hardwood floors. The chef's kitchen features custom cabinetry, marble floors and countertops, and Miele stainless steel appliances. Located in a full-service building, amenities include a 24-hour doorman, fitness center, children's playroom, courtyard, and private storage.
1289 Lexington Ave., #16A, Upper East Side
This five-bedroom, five-and-a-half-bath condo saw a price drop of $2,000,000 to $10,500,000. The corner apartment has panoramic views of Midtown through oversized bay windows, all of which have recessed shades. The custom-designed kitchen has Gaggenau appliances, including two dishwashers and a wine fridge, plus storage. There's an in-uint LG washer/dryer and a Nest heating and cooling system.
415 Greenwich St., #PHB, Tribeca
This five-bedroom, four-and-a-half-bath penthouse saw a price drop of $1,005,000 to $18,995,000. The penthouse has been gut renovated and has never been lived in. There are large windows and skylights, plus a central atrium. The living room features floor-to-ceiling windows with views of One World Trade, exposed wood beams, and a fireplace. There's also a home office and a second entry with a mudroom with built-in storage.
1289 Lexington Ave., #6B, Upper East Side
This four-bedroom, five-bath condo saw a price drop of $1,000,000 to $5,995,000. The corner apartment has 3,078 square feet of living space, including a foyer with a walk-in closet, a powder room, two gallery walls, and a custom-designed kitchen with a large pantry. The master bedroom has two walk-in closets, a linen closet, and an en suite bath featuring marble floors. Amenities include a rooftop terrace, fitness center, and a dance studio.
1021 Park Ave., #13D, Upper East Side
This three-bedroom, three-bath co-op saw a price drop of $800,000 to $3,650,000. This classic seven has a large foyer that leads to the living room with high ceilings, a wood-burning fireplace, and two oversized windows. There's also a master suite with an en suite bath and dressing room. Located in a Rosario Candela-designed building, there's a live-in resident manager and 24-hour doorman.
Top 5 NYC addresses with the highest percentage price drop in April
139 West 82nd St., #PHA, Upper West Side
This two-bedroom, two-bath co-op saw a price drop of 24.6 percent to $750,000. The penthouse is available for the first time and welcomes pets, pieds-à-terre, and subletting options. It's in need of a full renovation and is currently occupied by rent-stabilized tenants. Amenities include a bike room, storage room, and a doorman.
1021 Park Ave., #13D, Upper West Side
This three-bedroom, three-bath co-op saw a price drop of 18 percent to $3,650,000. Apartment #13D has central air conditioning, an in-unit washer/dryer, and wood-burning fireplace. The dining room is adjacent to the eat-in kitchen, which features stainless steel appliances, a dishwasher, and white cabinetry.
30 West 61st St., #11D, Upper West Side
This two-bedroom, two-bath condo saw a price drop of 17.5 percent to $1,975,000. The corner apartment has hardwood floors, solid wood doors, and all new lighting fixtures. The kitchen has a stainless steel Sub-Zero fridge and Hansgrohe fixtures. The master bedroom has a large walk-in closet and an en suite bath with KWC fixtures. Amenities include concierge service, onsite storage, bike room, and roof terrace.
570 Park Ave., #6A, Upper East Side
This three-bedroom, three-bath co-op saw a price drop of 16.5 percent to $2,500,000. Apartment #6A has an east-facing living room with a wood-burning fireplace and large windows overlooking Park Avenue. Each bedroom has an en suite bath and walk-in closets. Amenities include a gym, laundry room, garden, two elevators, and a doorman. There's a 3 percent flip tax paid by the seller; 50 percent financing allowed.
2000 Broadway, #15G, Upper West Side
This two-bedroom, two-bath condo saw a price drop of 16 percent to $1,995,000. The corner apartment has wraparound windows, high ceilings, and a stacked washer/dryer. The windowed kitchen has stainless steel appliances and a pass-through to the dining room. Amenities include bike storage, garage, garden, roof deck, and doorman. Pets are welcome.