Far fewer New York City sellers were in a price-cutting mood last month. RealtyHop’s price drop report saw a 36 percent decrease in the total number of price cuts across NYC in November compared to October.
The Upper East Side-Carnegie Hill regained its position as the neighborhood with the most price drops (156). In the previous month, the area saw 225 listings with price chops. Turtle Bay-East Midtown was second on the list, with 137 price cuts. (Last month these two nabes were in reverse positions on this list, and Turtle Bay-East Midtown had a total of 245 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.
For November, the top five neighborhoods with the biggest median percentage price drops are in Brooklyn, the Bronx, and Queens. The number one neighborhood was Brownsville, which had a 15.8 percent median price drop, reflecting a $53,000 drop in price.
All of the top five addresses with the biggest dollar price drops are in Manhattan—and what a difference a month makes. In October, a steep price drop of $12,250,000 was the biggest. For November, the biggest price drop was $2,250,000.
For the list of biggest price drop in terms of percentage, the top five addresses in November are all in Midtown East, led by a percentage price drop of 27.1 percent at a penthouse at 420 East 51 St. All the addresses on this top five list saw price cuts above 19 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 November
400 East 67th St., #PH31, Upper East Side
This three-bedroom, four-and-a-half-bath penthouse saw a price drop of $2,250,000 to $12,000,000. The penthouse has over 4,000 square feet of living space, including two landscaped outdoor spaces that feature 360-degree views. The chef's kitchen has custom Poggenpohl white lacquer cabinetry, Carrara marble countertops, a Gaggenau dishwasher, and a SubZero wine cooler and refrigerator.
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170 East 87th St., #EPH1C, Upper East Side
This six-bedroom, four-and-a-half-bath condo saw a price drop of $1,950,000 to $14,000,000. The triplex has a double-height foyer with Venetian plaster walls and French limestone flooring. The vaulted master suite is on the third floor and features south- and west-facing windows, a built-in surround sound system and a drop-down motorized projector.
32 Mount Morris Park West, #TH, Central Harlem
This five-bedroom, seven-bath townhouse saw a price drop of $1,905,000 to $7,995,000. Located in Harlem's historic Mount Morris Park, the townhouse features hardwood flooring and decorative molding. There's 7,000 square feet of living space, including a gourmet kitchen with granite countertops and top-of-the-line appliances.
15 East 69th St., #15A, Upper East Side
This four-bedroom, three-and-a-half-bath condo saw a price drop of $1,500,000 to $12,000,000. The 3,900 square feet of living space is surrounded by terraces with views in all directions, including Central Park. The 43-foot-long gallery entryway features columns, marble floors, and Venetian plaster and leads you to the living room, which features hardwood floors, coffered ceilings, and picture windows.
432 Park Ave., #50C, Midtown East
This three-bedroom, three-and-a-half-bath condo saw a price drop of $1,500,000 to $22,500,000. The never-occupied condo is located on the 50th floor of the tallest residential tower in the western hemisphere. A private elevator landing leads to the apartment, which features high-ceilings, solid-oak flooring, and large picture windows. The building's amenities include an on-site parking garage, valet services, indoor swimming pool, fitness center with a spa and sauna.
Top 5 addresses with the highest percentage price drop in November
420 East 51st St., #PHB, Midtown East
This two-bedroom, two-and-a-half bath co-op saw a price drop of 27.1 percent to $725,000. The penthouse features 1,700 square feet of living space plus an additional 660 square feet of outdoor space with a wraparound terrace. The apartment has high ceilings, south-facing windows in every room, and hardwood floors. Amenities include a doorman, free 5G wifi, bike storage, a garage, fitness center, laundry room, and central air conditioning.
969 Fifth Ave., #PH, Lenox Hill
This one-bedroom, one-and-a-half-bath co-op saw a price drop of 26 percent to $3,995,000. An elevator opens directly into this penthouse, which features a wood-burning fireplace, in-unit washer/dryer and according to the listing, is ideal for renovation. With unobstructed views of Central Park, the apartment has 112 square feet of terrace space, accessible via the living room, kitchen, and master bedroom.
781 Fifth Ave., #1111, Upper East Side
This one-bedroom, two-bath co-op saw a price drop of 25.1 percent to $1,495,000. There's over 1,000 square feet of living space with both southern and eastern exposure from this 11th floor apartment, one of the few in the Sherry-Netherland Hotel. You get access to all of the hotel's five-star services, including 24-hour concierge, a doorman, attended elevators, and housekeeping. Room service is available from Cipriani.
130 East 12th St., #6A, Greenwich Village
This two-bedroom, two-bath condo saw a price drop of 23.8 percent to $2,000,000. The north-facing loft features high ceilings and a master suite with an en-suite bathroom, and has an open layout. The condo is being sold in combination with the penthouse above, unit #7AB.
32 Mount Morris Park West, #TH, Central Harlem
This five-bedroom, seven-bath townhouse saw a price drop of 19.2 percent to $7,995,000. The townhouse features a skylight and ornate fireplaces on every level. There's a landscaped private backyard plus a roof deck. The lower level can be used a private apartment for a live-in nanny, housekeeper or rented out.
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