There was an increase in the number of sellers who cut listing prices in May compared to April, but the discounts were smaller on average than the previous month, according to a new RealtyHop report.
The number of price cuts remains lower than usual as many sellers sit out the market because of the shutdown. But that may change soon: Brokers will be able to show apartments under Phase 2—the earliest that could be is June 22, although Mayor Bill de Blasio says July is a more likely timeframe.
In May, Lincoln Square had the most price cuts in the city. The neighborhoods saw 47 price drops, compared to 26 in April. The biggest price drop in dollars was $805,000 and the rest were in the $150,000-$250,000 range. In April, there was a top price cut of $4,088,000 and rest were in the $200,000-$290,000 range.
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 West Side and in Midtown East. A Chelsea penthouse made both lists, with cut of $1,750,000, or 21 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 May
959 1st Ave., #PH1, Midtown East
This three-bedroom, three-and-a-half-bath penthouse saw a price drop of $1,750,000 to $6,500,000. It is located on the 28th and 29th floors of a new development. There's three private terraces, panoramic views, a 14-year tax abatement, and the sponsor is offering $500,000 to help design and build the apartment. Amenities include 24/7 concierge service, a residents' lounge, garden, fitness center, children's playroom, on-site super and bike storage.
1 Central Park West, Upper West Side
This three-bedroom, four-and-a-half bath condo saw a price drop of $1,495,000 to $7,500,000. The condo features corner windows with unobstructed views of Central Park and Columbus Circle, Carlisle hardwood flooring, custom ceiling moldings, Lutron dimmers and shades, high coffered ceilings, and recessed lighting. The kitchen has Basaltina stone countertops and stainless steel appliances. Amenities include a valet parking, a 60-foot lap pool, and a renovated spa and fitness center.
218 East 75th St., #E, Upper West Side
These side-by-side, six-bedroom, four-bath condos saw a price drop of $1,005,000 to $2,990,000. The first duplex has three bedrooms, two baths, a chef's kitchen, and a bonus room. The second duplex is unfinished and ready to be combined to make a total of 4,000 plus square feet of living space. Or, you can use it as a workspace, according to the listing. Investors and flexible financing are welcome, and the condos can be purchased separately.
60 East 55th St., #PH1, Midtown East
This three-bedroom, three-and-a-half bath condo saw a price drop of $1,005,000 to $4,995,000. The full-floor penthouse has a floor-to-ceiling windows, a modern kitchen with Miele appliances, and an in-unit washer/dryer. The owner will have access to CORE Club and its amenities including a restaurant, bar, screening room, fitness center, and spa.
245 10th Ave., #PHE, Chelsea
This three-bedroom, two-and-a-half-bath condo saw a price drop of $1,000,000 to $6,995,000. The triplex penthouse features a marble gas fireplace, oak floors, sound-canceling windows, electronic shades in the great room and master bedroom, storage unit, and a 1,400-square-foot private rooftop terrace. The chef's kitchen has duo Thermador gas ovens, Bosch dishwasher, a pair of Sub-Zero built-in refrigerators, and a marble island.
Top 5 addresses with the highest percentage price drop in May
303 East 57th St., #46G, Midtown East
This four-bedroom, four-bath co-op saw a price drop of 33 percent to $999,000. Apartment #46G has panoramic views, gourmet kitchen, dining room, laundry room, central air conditioning, soundproof windows, and a terrace. Amenities include concierge services, a 24/7 garage, spa, and a salt water indoor/outdoor pool. Pieds-à-terre and pets are welcome.
123 Clinton Ave., #2A, Clinton Hill
This studio saw a price drop of 25 percent to $420,000. It features high ceilings, three big windows, and white oak floors. The custom kitchen has quartz countertops and backsplash and Bosch stainless steel appliances including a dishwasher. Amenities include a laundry room, gym, private storage cages, bike storage, package room, part-time super, and a roof terrace with an outdoor kitchen.
502 Park Ave., #9A, Upper East Side
This one-bedroom, one-bath condo saw a price drop of 24 percent to $1,595,000. There's solid oak floors, large windows, custom built-ins, and high ceilings. The kitchen features stainless steel appliances, a dishwasher, garbage compactor, white wood cabinetry, and marble countertops. Amenities include a 24-hour doorman, concierge services, optional maid and laundry services, and a live-in resident manager.
3121 Middletown Rd., #1M, Pelham Bay
This two-bedroom, two-bath co-op saw a price drop of 21 percent to $250,000. The fixer-upper has an open concept with many closets, large windows, and wait-listed parking is available. Small pets are welcome and board approval is required.
959 1st Ave., #PH1, Midtown East
This three-bedroom, three-and-a-half bath condo saw a price drop of 21 percent to $6,500,000. The penthouse has 3,356 square feet of living space plus three private terraces. There's a private resistance pool/hot tub, high ceilings, and UV-glazed windows. It has a 14-year 421-a tax abatement, making taxes only $673 for the next six years.
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