RealtyHop’s newest price drop report for New York City reveals a decline in the number of cuts for August, reflecting a summer slowdown, and the fact that sellers are pricing their apartments more realistically these days.
The Upper East Side-Carnegie Hill topped the list of neighborhoods with the most price cuts. The area had 93 price drops last month, a 41 percent decline from July when Turtle Bay-East Midtown led the same list with 157 drops. In fact, the number of price drops declined in all the five top neighborhoods—and four of them are in Manhattan.
RealtyHop’s report zeros in on neighborhoods with the highest total number of price cuts. It also identifies areas with the biggest percentage drop in median price, and the biggest median dollar price drop.
Brooklyn's Fort Greene ranked highest on the list of top five neighborhoods with the largest median dollar price drop, with a price drop of $298,000, which is equal to 22.9 percent.
This month's listings with the largest dollar price drops include some prominent addresses, like the Plaza Hotel and 860 United Nations Plaza in Manhattan, while the listings with the largest percentage drops reflect more modest apartments in Brooklyn and Queens.
All of the addresses for the biggest price drops in absolute dollar terms are in Manhattan. The largest decrease in dollar amount was $2,000,000 in August, compared to $6,950,000 in July. And all the addresses on the top five list with the biggest percentage price drop saw cuts above 16 percent, compared to the previous month, which saw cuts above 23 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 August
145-146 Central Park West, #21C, Upper West Side
This three-bedroom, three-bath co-op saw a price drop of $2,000,000 to $12,500,000. The apartment has a private elevator landing that opens into the center hall of this full-floor apartment. With windows in every room, both the living room and master bedroom have direct views of Central Park West.
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1 Central Park South, #1601, Midtown East
This three-bedroom, three-and-a-half-bath condo was reduced by $2,000,000 to $12,900,000. Located in the Plaza Hotel, this condo has unobstructed views of Central Park. Features include custom coffered wood ceilings, oversized windows, and a state-of-the-art kitchen with Nero Marquina stone counters, and a master bedroom with a Juliette balcony and a walk-in closet. Residents here have access to hotel amenities and services.
161 Hudson St., #89C, Tribeca
This two-bedroom, two-and-a-half-bath condo saw a price chop of $750,000, bringing it to $5,000,000. The duplex has 3,012 square feet and multiple outdoor spaces—a patio, roof deck, and garden. There's also a temperature-controlled wine cellar, wood-burning fireplace, Sonos surround-sound system, and double high ceilings.
860 United Nations Plz., #PHB, Midtown East
This four-bedroom, four-bath co-op had a price cut of $600,000 to $3,900,000. Apartment features include a semi-spiral staircase and great room with wood-burning fireplace and two walls of windows. A formal dining room has city views and a custom built-in bar. Next to the dining area is a windowed eat-in-kitchen with double ovens and a granite countertop.
3 West 13th St., #7, Greenwich Village
This two-bedroom, two-bath condo saw a price drop of $455,000 to $2,995,000. The south-facing condo includes a 25-by-18-square-foot terrace that can be accessed by the dining room. The new construction condo offers central air, laundry, and is pet-friendly.
Top 5 addresses with the highest percentage price drop in August
107-40 Queens Blvd., #14E, Forest Hills
This studio in a co-op building had a price cut of 36.4 percent to $349,000. Recently renovated, the L-shaped alcove studio features central air and heat, and polished wood floors. The building has a 24-hour doorman and a rooftop terrace on the 18th floor.
66 Madison Ave., #10F, Nomad
This two-bedroom, two-bath co-op saw a price drop of 26.8 percent to $1,095,000. The apartment has a built-in office nook, which can be sectioned off to create additional closet space. The prewar co-op's amenities include a 24-hour doorman, a live-in super, full-time porters, bike storage, and laundry on every floor.
495 East 7th St., #6K, Kensington
This one-bedroom, one-bath co-op saw a price cut of 21.3 percent to $295,000. The building features include a restored lobby, planted entryway, live-in super, resident parking, and storage. The apartment has an open floor plan with a king-size bedroom and a large walk-in closet.
166 East 63rd St., #3C, Upper East Side
This three-bedroom, three-bath condo saw a price drop of 16.9 percent to $1,995,000. The condo has 1,615 square feet but needs a renovation. Located in a prime location, just blocks from Bloomingdale's, the building has a 24-hour doorman, live-in super and a garage accessible through the lobby.
96 Schermerhorn St., #PHG, Boerum Hill
This studio saw a price drop of 16.8 percent to $495,000. It is part of an estate sale with rooftop access and it features a sleeping alcove that also functions as extra storage. Other features include a skylight, two entrances, high ceilings, and a kitchen that has new appliances including a dishwasher.
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