There's been a steady increase in sellers who cut listings prices in recent months and the trend continued in June. The top five neighborhoods had 50 to 77 price drops last month, up from 31 to 47 in May, according to a new RealtyHop report.
These cuts occurred as the shutdown entered the third month. Now that New York City is in Phase 2 of reopening, in-person showings of vacant or unoccupied apartments are permitted, and sellers are eager for buyers to return. For those looking to invest, especially in luxury real estate, you can get big discounts right now.
In June, the Upper East Side and Carnegie Hill had the most price cuts in the city. The neighborhoods saw 77 price drops, compared to 31 in May. The biggest price drop in dollars was $5,100,000 and the rest of the cuts ranged from $2,500,000 to $5,000,000. In May, there was a top price cut of $1,750,000 and rest ranged from $1,000,000 to $1,495,000.
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 were all in Manhattan, mainly on the Upper East Side. An Upper East Side duplex penthouse had the biggest dollar price drop to $39,900,000, a $5,100,000, or 11 percent, cut. A Briarwood, Queens co-op made the list of biggest percentage price drops with a 39 percent, or $127,000 drop to $198,000.
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 June
1010 Park Ave., #PH, Upper East Side
This four-bedroom, six-bath condo saw a price drop of $5,100,000 to $39,900,000. The duplex penthouse has 6,745 square feet of living space and a library and terrace. It also has high ceilings, Versailles parquet flooring, custom wood trim and casings. The kitchen has stainless steel Miele appliances, custom oak cabinetry, and stone slab countertops. Amenities include a 24-hour attended lobby, heated salt water pool, fitness center, and a screening room.
15 West 53rd St., #PH, Midtown East
This seven-bedroom, 12-and-a-half-bath penthouse saw a price drop of $5,000,000 to $30,000,000. The 14,000-square-foot duplex has panoramic views of Central Park, eight wood-burning fireplaces, three terraces, a wrought-iron and bronze semi-circular staircase, library, butler's pantry, and service kitchen. Located in Museum Tower, directly above the Museum of Modern Art, amenities include a full-time doormen, valet, fitness center with a sauna and steam room, conference room, and a landscaped rooftop terrace.
927 Fifth Avenue, #9FL, Upper East Side
This six-bedroom, five-bath co-op saw a price drop of $3,000,000 to $32,500,000. The full-floor apartment has views of Central Park, high ceilings, central air conditioning, three fireplaces, herringbone floors, plaster moldings, 27 oversized windows, built-in bookshelves, and a laundry room. There's a 2.5 percent transfer tax paid by the buyer. Building amenities include a fitness center, wine room, and a doorman.
240 Riverside Blvd., #PHSuite2, Upper West Side
This three-bedroom, four-bath condo saw a price drop of $3,000,000 to $15,570,000. The full-floor penthouse features panoramic views of Hudson River and Riverside Park from every room, a private elevator, grand foyer, three wood-burning fireplaces, media room with leather upholstered walls, and a breakfast bar. Amenities include bike storage, fitness center, pool, garden, laundry room, four elevators, and a courtyard.
351 East 51st St., #PHB, Midtown East
This five-bedroom, five-bath condo saw a price drop of $2,500,000 to $25,450,000. The penthouse has formal living and dining rooms, stainless steel appliances, wood-burning fireplaces, library, media room, recreation room, two wraparound terraces, and central air conditioning. Located in the Beekman Regent, which is listed on the National Register of Historic Places, building amenities include a fitness center with saunas, business center, library, valet parking, and a resident manager.
Top 5 NYC addresses with the highest percentage price drop in June
143-50 Hoover Ave., #516, Briarwood
This two-bedroom, two-bath condo saw a price drop of 39 percent to $198,000. The apartment needs a renovation but the owner is willing to give the buyer credit for renovations at closing. There's hardwood floors, a balcony, large windows, lots of closet space, and a windowed kitchen.
1289 Lexington Ave., #6E, Upper East Side
This two-bedroom, three-bath condo saw a price drop of 30 percent to $2,550,000. Apartment #6E has northern and eastern exposures, oversized windows with recessed shade pockets, high ceilings, a heating and cooling system with Nest, and a LG washer/dryer. The custom kitchen has Calacatta Calvani marble countertops, walnut cabinetry, marble backsplash, Gaggenau appliances and a pantry. Amenities include a rooftop terrace, sundeck with lounge chairs, fitness center, playroom, bike storage, and a doorman.
303 East 57th St., #41G, Midtown East
This four-bedroom, four-bath co-op saw a price drop of 25 percent to $895,000. The apartment has views of the East River, soundproof picture windows, multiple closets, in-unit washer/dryer, central air conditioning, and a balcony. Amenities include doormen, concierge, gym, indoor/outdoor salt water pool, and a 24-hour garage.
2 East 55th St., #822, Midtown East
The one-bedroom, two-bath vacation condo saw a price drop of 20 percent to $130,000. The fully-furnished apartment has 1,200 square feet of living space with high ceilings, crown molding, and a formal dining room. Located in the St. Regis Hotel, you get a fixed week from September 22nd-29th, plus 21 days of floating time to use for your vacation. Amenities include complementary housekeeping, 24-hour butler service, salon and spa services, and a gym.
4 Lexington Ave., #9E, Gramercy Park
This one-bedroom, one-bath co-op saw a price drop of 20 percent to $995,000. Apartment #9E is a top-floor apartment with 18-foot cathedral ceilings, four large north-facing windows, in-unit laundry, bidet, office, and lots of storage and closet space. Amenities include a 24-hour doorman, concierge, laundry room, and bike storage.
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