New Yorker City sellers were serious about slashing prices last month. RealtyHop’s price drop report for New York City for September shows a dramatic increase in the number of sellers across the city that dropped their prices compared to August.
The top five NYC neighborhoods with the largest number of price drops reported 600 cuts in October, compared to 382 in September.
The neighborhood with the most price drops was, again, Upper East Side-Carnegie Hill with 211 price drops, a 56 percent increase in the number of price drops compared to the prior month.
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.
The top five neighborhoods with the largest number of price drops ended up having a bigger number of price drops than the number one neighborhood in August, when the Upper East Side saw 93 price cuts. The neighborhoods on the list for September had a total number of cuts that ranged from 146 to 211.
Borough Park, Brooklyn, ranked highest on the list of top five neighborhoods with the largest median dollar price drop, with a price drop of $223,000.
Once again, all of the addresses in the top five addresses with the largest dollar price drop are located in Manhattan. In August, the biggest price drop was $2,000,000. For September, there were significantly bigger price drops, lead by an apartment at 15 East 69th Street that chopped $6,500,000 off its asking price.
The top five addresses that saw the largest price drops in September by percentage were all in Manhattan, lead by a three-condo offering at 20 West 48th that trimmed 38.1 percent off its sales price. All the addresses on this top five list saw price cuts above 22 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 September
15 East 69th St., #PH, Upper East Side
This four-bedroom, six-and-a-half-bath penthouse saw a price drop of $6,500,000 to $38,500,000. A private vestibule leads to the 6,241-square-feet of living space spread across two floors. The condo has multiple outdoor spaces including a north terrace with a greenhouse and a walkway with panoramic city views.
778 Park Ave., #14L, Upper East Side
This six-bedroom, seven-bath co-op saw a price drop of $6,000,000 to $39,000,000. The apartment has been renovated with state-of-the-art technology including Creston audio and Savant lighting systems. The windows have built-in UV coatings to protect finishes, art, and fabrics inside.
240 Centre St., #PH, Little Italy
This four-bedroom, four-and-a-half bath co-op penthouse in NYC's former police headquarters, saw a price drop of $4,600,000 to $14,900,000. The 5,500-square-feet of living space is spread across four floors, and there is a clock tower that has 360-degree views of the city's skyline. You can access two terraces from the third-story living room.
1040 Fifth Ave., #13A, Upper East Side
This four-bedroom, six-bath co-op saw a price drop of $4,600,000 down to $23,900,000. A private elevator leads to a marble entrance gallery with high ceilings and original 20th century crown moldings. Both the living room and library have wood-burning fireplaces, and there is a chef's kitchen featuring a six-burner Viking range and dual ovens and dual Miele dishwashers.
515 Park Ave., #1516, Upper East Side
This seven-bedroom, seven-bath condo saw a price drop of $4,500,000 to $35,000,000. There are 8,055 square-feet of living space with a chef's kitchen and breakfast room that opens to a terrace. A custom wrought-iron staircase leads to the second floor where you'll find the master suite and media theater. There are 2,000 square feet of terraces as well.
Top 5 addresses with the highest percentage price drop in September
20 West 48th St., #1B, 3C, 3D, Upper West Side
These three condos are being sold together and saw a price drop of 38.1 percent to $990,000. The deal includes two classic-six apartments and a junior four, all of which are currently occupied by rent stabilized/controlled tenants. The units are being sold at a discount, and have stipulations that prevent viewing the individual apartments or negotiating with current tenants until after closing.
50 Riverside Blvd., #12N, Upper West Side
This two-bedroom, two-and-a-half-bath condo saw a price drop of 25.7 percent to $2,888,000. The condo features a master suite with a walk-in closet and marble master bathroom with double sinks, soaking tub, glass enclosed shower with rainfall shower-head and Dornbracht chrome features. The building's amenities include La Palestra Athletic Club and Spa, Kidville playroom, an indoor pool, golf simulator, basketball court, and a rock climbing wall.
151 Central Park West, #10N, Upper West Side
This two-bedroom, two-bath co-op saw a price drop of 25 percent to $2,400,000. The co-op is the only five-room apartment in the prewar building and has views of Central Park including the Lake. Other features include 10-foot ceilings, a eat-in kitchen with original woodwork, and a master bedroom with a walk-in closet.
240 Centre St., #PH, Little Italy
This four-bedroom, four-and-a-half bath co-op penthouse in the former NYC police headquarters saw a price drop of 23.6 percent to $14,900,000. With four floors of living space, the penthouse was combined with an adjacent apartment to use as a living space for staff or a private family wing. The first floor also includes a chef's kitchen, media room, two guest bedrooms with en-suite baths, and a second kitchen.
260 West Broadway, #11A, Tribeca
This two-bedroom, two-bath condo saw a price drop of 22.3 percent down to $11,500,000. Previously featured on the cover of Architectural Digest, the 3,777-square-foot penthouse has an oak-paneled rotunda with a domed ceiling and stained-glass oculus. The Aero Studios-designed kitchen includes floor-to-ceiling, linen-and-glass-paneled accordion doors that open to the living room, and Sub-Zero and Viking appliances.
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