New York City sellers were more willing to slash their listing prices in January than in December—reversing a trend of the past two months.
A new report by RealtyHop found the neighborhood with the highest number of price cuts last month was Upper East Side-Carnegie Hill, with 159 cuts. In December, Turtle Bay-East Midtown topped the list with 97 price drops.
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 are all in Manhattan. A penthouse at the Chelsea building designed by the late Zaha Hadid, 520 West 28th St., lead the pack with a price drop of $4,775,000 or 16.1 percent off. That condo was also in last month's report in the number two spot, thanks to a price cut of $5,050,000.
On the list of biggest price drops in terms of percentage, the top five addresses are also in Manhattan, as in previous months. A Midtown East condo, 240 East 47th St., topped the list with a 28.6 percent price chop, representing a $1,201,000 reduction.
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 December
520 West 28th St., #PH3739, Chelsea
This seven-bedroom, 10-bath condo saw a price drop of $4,775,000 to $38,925,000. Located in the Zaha Hadid-designed building, there's 11,121 square feet of living space spread across three floors. The penthouse features a 3,892-square-foot roof deck with views of Chelsea and the High Line. The building has the city's first private IMAX theater, a swimming pool, fitness center, robotic parking, full-time concierge, and hand-delivered mail.
172 Madison Ave., #mansion, Murray Hill
This four-bedroom, four-and-a-half-bath condo saw a price drop of $2,000,000 to $11,000,000. An elevator takes you to a private entryway with a long foyer and marble floors. The full-floor apartment features a 3,000-square-foot wraparound terrace with a private, heated swimming pool. All of the bedrooms have en suite baths, walk-in closets, and three have private entries to the terrace.
32 West 18th St., #PH, Flatiron
This four-bedroom, six-bath penthouse saw a price drop of $2,000,000 to $10,500,000. The apartment has 6,733 square feet of living space, which includes an open kitchen, dining, and living area with a wall of windows. There's also a laundry room, 11 closets, two south-facing terraces, two gas fireplaces, radiant heating and central air, and two double-sized storage units. Building amenities include a doorman, gym, and a landscaped roof-deck.
515 Park Ave., #1516, Upper East Side
This seven-bedroom, seven-bath condo saw a price drop of $2,000,000 to $33,000,000. The condo features a custom wrought-iron staircase, fireplace, wine cellar, home theater, billiards room, private terrace, and a studio apartment. The chef's kitchen has tons of cabinets, counter space, stainless steel appliances and is open to a breakfast room with French doors that lead to the terrace.
22 West 66th St., #2122, Upper West Side
This five-bedroom, six-and-a-half bath condo saw a price drop of $2,000,000 to $7,450,000. An elevator takes you to the private landing where a foyer leads to the open-concept kitchen, dining, and living rooms. There's also an office, staff room, and one bedroom on the top floor with the master bedroom, three bedrooms, play room, and laundry room on the lower level. For outdoor space, there's four private terraces, two on each floor, and Central Park is a two-minute walk away.
Top 5 addresses with the highest percentage price drop in December
240 East 47th St., #35EF, Midtown East
This three-bedroom, three-and-a-half bath condo saw a price drop of 28.6 percent to $2,999,000. Apartment #35EF has custom lighting, electronic solar and blackout shades, two balconies, and a laundry room. Amenities include a resident manager, 24-hour doorman, concierge, a swimming pool, health club, children's playroom, bike storage, and garage.
139 West 82nd St., #PHA, Upper West Side
This two-bedroom, two-bath co-op saw a price drop of 26.5 percent to $1,099,000. The penthouse has close to 1,000 square feet of outdoor space, but is in need of a full renovation. Currently, the apartment is occupied by rent-stabilized tenants. Building amenities include a bike room and storage room while pets, pieds-à-terre, and subletting are welcome.
22 West 66th St., #2122, Upper West Side
This five-bedroom, six-and-a-half bath condo saw a price drop of 21.2 percent to $7,450,000. The chef's kitchen features custom birds-eye maple countertops and cabinetry; an oversized island; Miele ovens, range, and dishwasher; Sub-Zero fridge and freezer; and a large pantry. Building amenities include a 24-hour doorman, a storage room, and elevator. Sublets are allowed.
721 Fifth Ave., #59B, Midtown East
This two-bedroom, two-bath condo saw a price drop of 20.2 percent to $3,350,000. The 1,600-square-foot apartment is located on the 59th floor of Trump Tower and has housekeeping services, a doorman, fitness center, residential lounge, and children's playroom. The master bedroom has two large windows, a walk-in closet, and en suite bath.
111 Murray St., #9W, Tribeca
This three-bedroom, three-and-a-half-bath condo saw a price drop of 20.1 percent to $4,995,000. The custom Molteni kitchen was designed by David Mann and features white oak cabinetry trimmed with black metal, a Calacatta Borghini marble island, countertops, and blacksplash, black matte Dornbracht fictures, Wolf, Miele, and Sub-Zero stainless steel appliances including a dishwasher and wine fridge. Building amenities include a wellness suite that has a heated stone hammam, steam room, sauna, treatment rooms, and a hair salon.
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