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There were more price drops in Manhattan in April than the previous month, according to RealtyHop's latest monthly price drop report. Increased buyer demand is swinging Manhattan toward a seller's market, taking some pressure off sellers in general to lower prices further; these sellers may be looking to capitalize on increased buyer demand for luxury properties or listings that are hard to sell for some reason.
Turtle Bay-East Midtown saw the most price drops again, with a total of 190 cuts, a 23 percent increase from 154 in March. The Upper East Side-Carnegie Hill took the second spot once again, with 182 drops, compared to 150 previously. All of the other neighborhoods with the most price cuts were also in Manhattan, with 101 to 190 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 listing with the biggest dollar price drop was a six-bedroom, seven-bath co-op on the Upper East Side, which saw an $11,000,000, or 22 percent, drop to $39,000,000. A three-bedroom, four-bath co-op in Midtown East saw the highest percentage drop to $550,000, a 31 percent, or $245,000 cut. Two Queens listings, a multi-family and a mixed-use building, also made the list of highest percentage price drops.
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
820 Fifth Ave., #3FL, Upper East Side
This six bedroom, seven bath saw a price drop of $11,000,000 to $39,000,000. The co-op is on the market for the first time in 60 years. It features a private elevator landing, parquet floors, oversized windows, marble mantles, high ceilings, six wood-burning fireplaces, moldings, millwork, built-ins, and Central Park views. The white-glove building has a doorman, garage, laundry room, wine cellar, and private storage.
432 Park Ave., #82FL, Midtown East
This five bedroom, six and a half bath saw a price drop of $11,000,000 to $79,000,000. The penthouse has hardwood floors, oversized windows, recessed lighting, high ceilings, custom wall treatments, millwork, an eat-in chef's kitchen, laundry room, and security system. Amenities include a doorman, gym, pool, conference room, playroom, and an onsite parking garage with valet.
2 Park Ave., Pavilion A, Murray Hill
This five bedroom, five bath saw a price drop of $3,900,000 to $25,950,000. The penthouse features high ceilings, six skylights, marble countertops, Miele appliances, a walk-in closet, library, two terraces, and central air conditioning. Located in The Woolworth Tower residences, amenities include a doorman, lounge, pool, fitness center, wine cellar, bike storage, and on-site parking.
15 Central Park West, #37A, Upper West Side
This three bedroom, three and a half bath saw a price drop of $3,500,000 to $24,500,000. The apartment has a foyer, corner living room with a bay window, hardwood floors, walk-in closets, stainless steel appliances, oversized windows, a Lutron light system, surround sound, and central air conditioning. The building has a doorman, fitness center, pool, courtyard, garge, and bike storage.
247 West 46th St., #PH2, Theater District
This four bedroom, five bath saw a price drop of $3,001,000 to $10,499,000. The triplex has hardwood floors, floor-to-ceiling windows, high ceilings, floating staircases, moldings, stainless steel appliances, track and recessed lighting, electronic shades, central air conditioning, walk-in closets, a fireplace, and terrace. Amenities include a doorman, fitness center, laundry room, bike storage, and onsite parking.
Top 5 NYC addresses with the highest percentage price drop in April
303 East 57th St., #44G, Midtown East
This three bedroom, four bath saw a price drop of 31 percent to $550,000. Apartment #44G is part of an estate sale and has a south-facing terrace, built-ins, recessed lighting, several closets, and oversized windows. The white-glove building has concierge, a fitness center, pool, parking garage, and roof deck.
205 Beach 30th St., Far Rockaway
This two-family house saw a price drop of 29 percent to $375,000. It has a one bedroom, one bath with hardwood floors and a fireplace plus a two bedroom, one bath below. There's also a backyard and semi-attached shed.
67-07 Roosevelt Ave., Woodside
This mixed-use building saw a price drop of 27 percent to $1,099,888. It's currently used as an office with commercial space but could be redeveloped into a six-story mixed-used building according to the listing. It also has separate entrances and parking spaces.
245 7th Ave., #PHBC, Chelsea
This three bedroom, two and a half bath saw a price drop of 24 percent to $5,995,000. The condo has high ceilings, oversized windows, stainless steel appliances, a separate breakfast area, custom built-ins, a laundry room, central air conditioning, surround sound system, moldings, custom millwork, and multiple terraces. The building has a 24-hour doorman, on-site super, bike storage, and storage bins.
123 Washington St., #51D, Financial District
This two bedroom, two bath saw a price drop of 24 percent to $1,900,000. Apartment #51D has hardwood floors, SubZero and Miele appliances, oversized windows, multiple closets, and an in-unit Miele washer/dryer. Located in the W Hotel, residents get hotel amenities like maid service plus resident amenities like a fitness center, lounge, and a roof deck.
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