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After months of steady increases in the number of sellers slashing their listing prices, price chopping in New York City did not fluctuate much in August compared to July, according to a new RealtyHop report.
This comes as some NYC sellers are holding onto their prices and not negotiating very much (one survey found Manhattan sellers were willing to accept on average initial bids that were 5.65 percent below the last asking price or an average of $87,041 off the ask. In Brooklyn, it was much tighter.)
But some sellers really need to sell and are willing to make deals—and then there are the extreme price choppers, who take millions of dollars off their asking prices, as seen in RealtyHop's report.
In August, the Upper West Side had the most price cuts across the city, and a 109 percent increase from August 2019. The neighborhood saw 159 price drops, compared to 76 last August. The neighborhood's biggest price drop in dollars was $2,112,000, or 13 percent, for a two-bedroom condo. Turtle Bay-East Midtown had the second most price cuts, with 148 total.
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. A three-bedroom, three-bath co-op in the Theater District had the highest price drop, with $7,999,999, or 50 percent, slashed from the listing price. The rest of the price drops ranged from $4,000,000 to $2,112,000.
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 August
150 Central Park South, #2804, Theater District
This three bedroom, three bath saw a price drop of $7,999,999 to $8,000,000. The co-op has a private elevator entrance, high ceilings, a study with built-in bookshelves, large windows with views of Central Park, and a custom kitchen. Amenities include bike storage, a fitness center, laundry room, and a doorman.
50 Central Park South, #24B, Midtown East
This three bedroom, three and a half bath saw a price drop of $4,000,000 to $21,000,000. The condo has a decorative fireplace, hardwood floors, built-in shelves, an eat-in kitchen with Viking appliances, a laundry room, service kitchen, and a master suite with two baths and two walk-in closets. Located in the Ritz-Carlton, amenities include a heath club, the La Prairie Spa, a club lounge, and in-room dining services and housekeeping upon request.
12 East 80th St., Upper East Side
This eight bedroom, nine bath saw a price drop of $3,200,000 to $21,800,000. The townhouse features high ceilings, oversized windows, multiple fireplaces, an office, Savant smart home system, 14-zone HVAC system, video intercom, plus a garden, three terraces, and a roof deck.
860 Fifth Ave., #18B, Upper East Side
This three bedroom, three and a half bath saw a price drop of $2,951,000 to $11,999,000. The co-op has hardwood floors, crown molding, coffered, domed, and beamed ceilings, oversized casement windows, built-in shelves, a decorative fireplace, office, an in-unit washer/dryer, and four terraces. Amenities include a full-time doorman, live-in super, fitness center, wine cellar, bike storage, and an on-site garage.
15 Central Park West, #28B, Upper West Side
This two bedroom, two and a half bath saw a price drop of $2,112,000 to $13,788,000. The apartment has high ceilings, hardwood floors, floor-to-ceiling windows with views of Central Park, crown molding, central air conditioning, and an eat-in kitchen with Wolf and Sub-Zero appliances. Amenities include a fitness center, pool, library, business center, terrace, and a full-time staff.
Top 5 addresses with the highest percentage price drop in August
150 Central Park South #2804, Theater District
This three bedroom, three bath saw a price drop of 50 percent to $8,000,000. The co-op has a private elevator entrance that leads to a large foyer, high ceilings, hardwood floors, built-in shelves, and a custom kitchen. Amenities include a bike room, fitness center, laundry room, six elevators, and a doorman.
645 East 26th St., #2F, Flatbush
This two bedroom, two bath saw a price drop of 31 percent to $445,000. The co-op features hardwood and parquet floors, high ceilings, built-in shelves, crown molding, picture molding, ten windows, and an eat-in kitchen. Amenities include a live-in super, laundry room, storage units (there's currently a waitlist), and bike storage.
1600 Broadway, #20G, Theater District
This two bedroom, two bath saw a price drop of 30 percent to $1,400,000. The condo has high ceilings, floor-to-ceiling windows, hardwood floors, central air conditioning, an in-unit washer/dryer, an alcove that can be used as an office, and an open kitchen with stainless steel appliances and custom cabinetry. Amenities include a 24-hour doorman, a rooftop observatory, entertainment lounge, and fitness center.
21-77 33rd St., #5F, Astoria
This four bedroom, one bath saw a price drop of 29 percent to $350,000. The apartment has hardwood floors, a windowed eat-in kitchen, recessed lighting, and built-in shelves. Amenities include a garden, laundry room, and a live-in super.
1399 Park Ave., #23A, East Harlem
This four bedroom, four bath saw a price drop of 27 percent to $2,995,000. The floor-through condo features high ceilings, floor-to-ceiling windows, wide-plank white oak hardwood floors, and an in-unit Bosch washer/dryer. Amenities include a 24-hour doorman, playroom, fitness center, outdoor space, bike storage, and on-site parking.
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