Fewer Manhattan sellers slashed their listing prices in May compared to previous months, according to RealtyHop's latest price drops report. The five neighborhoods with the most cuts saw 114 to 175 cuts compared with 101 to 190 in April.
The Upper East Side-Carnegie Hill took the top stop for the most price cuts last month after being in the number two position on the list for the last couple of months. The neighborhood saw 175 drops, a slight decrease from 182 in April. Turtle Bay-East Midtown was the second neighborhood with the most cuts, with 147, down from 190.
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 highest dollar price drop was a two-bedroom, two-and-a-half-bath condo in the West Village, which saw a $2,100,000, or 14 percent, cut to $12,900,000. The two listings with the highest percentage price drop, two units in a Nolita mixed-use building and a Bronx six-unit building, each saw a 50 percent drop.
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
155 West 11th St., #PHA, West Village
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This two bedroom, two and a half bath saw a price drop of $2,100,000 to $12,900,000. The penthouse features hardwood floors, floor-to-ceiling windows, marble countertops, stainless steel appliances, automated shades, a LG washer and dryer, central heating and air conditioning, a walk-in closet, and a wraparound terrace. The building has concierge, valet parking, a fitness center, garden, screening room, and bike storage.
820 Fifth Ave., #Maisonette, Lenox Hill
This four bedroom, five and a half bath saw a price drop of $2,000,000 to $17,995,000. The duplex has 11-foot ceilings, custom moldings, hardwood floors, gas fireplaces, stainless steel appliances, walk-in closets, central air, and a Juliet balcony. Amenities include a doorman, garage, and storage.
838 Fifth Ave., #10FL, Lenox Hill
This three bedroom, three and a half bath saw a price drop of $1,910,000 to $16,990,000. The floor-through condo has a private elevator entrance, hardwood floors, coffered ceilings, fireplaces, stainless steel appliances, walk-in closets, stainless steel appliances, and a library. It includes a first-floor studio with a kitchenette and bath. Amenities include a doorman, fitness center, and a laundry room.
280 West 25th St., #4A, Chelsea
This five bedroom, three and a half bath saw a price drop of $1,750,000 to $5,750,000. The single-family townhouse features high ceilings, floor-to-ceiling windows, bamboo cabinets, stainless steel appliances, custom closets, a gas fireplace, Climatouch HVAC system, Whirlpool washer and dryer, finished basement, walk-in wine cellar, roof deck, surround sound system, and a patio.
18 Spring St., #5, Nolita
This one bedroom, one bath and studio saw a price drop of $1,500,000 to $1,500,000. The sale includes a one bedroom with a private garden, fireplace, and multiple windows; a first-floor studio with three closets; and roof rights. An all-cash offer is required and rent-stabilized tenants are in both units.
Top 5 NYC addresses with the highest percentage price drop in May
18 Spring St., #5, Nolita
This one bedroom, one bath and studio saw a price drop of 50 percent to $1,500,000. The sale includes both apartments, which are currently occupied by rent-stabilized tenants, and roof rights.
2082 Valentine Ave., #5B, Fordham Heights
This multi-family building saw a price drop of 50 percent to $1,000,000. It is being offered for sale along with an adjacent building at 2084 Valentine Ave. for $2,100,000. The two buildings have a total of six renovated apartments, five of which are currently occupied. There is a 30-year tax abatement through 2038.
566 West 159th St., #1, Washington Heights
This one bedroom, one bath saw a price drop of 30 percent to $299,500. The renovated co-op has hardwood floors, 10-foot ceilings, stainless steel appliances, modern light fixtures, and an in-unit washer and dryer. The apartment is a HDFC co-op and the buyer's income cannot exceed $100,320.
435 East 77th St., #8EF, Upper East Side
This combined unit saw a price drop of 26 percent $1,225,000. The adjacent apartments, shown virtually staged above, are being sold together to be combined as a three bedroom, two bath. The building has two elevators, a laundry room, storage room, and bike storage.
35 East 76th St., #1803, Upper East Side
This two bedroom, two bath saw a price drop of 25 percent to $1,500,000. The corner apartment has hardwood floors, large windows, high ceilings, moldings, several windows, central air, and four closets. Located in The Carlyle, amenities include a 24/7 doorman, concierge, fitness center, onsite parking, valet, and laundry services.
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