RealtyHop NYC Price Drops Report: October 2021

September RealtyHop Price Drops

The real estate market has its ups and downs. In this month’s NYC price drops report, RealtyHop analyzed available data for September across boroughs and neighborhoods in New York City to provide a useful resource for those looking to invest in real estate.

We focused on neighborhoods with the greatest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and street address.


 

A Closer Look at NYC’s Neighborhoods

Our interactive map below depicts the neighborhoods we analyzed. All numbers are based on RealtyHop’s proprietary dataset.

Top 5 Neighborhoods With the Highest Number of Price Drops

Neighborhood Borough Number of Price Drops
1 Upper East Side-Carnegie Hall Manhattan 172
2 Turtle Bay-East Midtown Manhattan 160
3 Lenox Hill-Roosevelt Island Manhattan 124
4 Upper West Side Manhattan 114
5 West Village Manhattan 100

All five neighborhoods with the most price drops in September were located in Manhattan. Upper East Side-Carnegie Hall was again the #1 neighborhood with the most price reductions, with a total of 172 price drops, 42% more than the previous month. West Village rounded out the top five, with 100 price drops. The neighborhoods on the list had a total number of price drops ranging from 100-172 price drops.

 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Prospect Lefferts Gardens-Wingate Brooklyn -7.5%(-$151,000)
2 North Corona Queens -7.4% (-$40,088)
3 Chinatown Manhattan -6.2% (-$100,000)
4 Queens Village Queens -6.2% (-$46,000)
5 Upper East Side-Carnegie Hill Manhattan -5.9% (-$150,000)

Percentage-wise, Prospect Lefferts Gardens-Wingate saw the biggest price drops in September, with a median percentage price drop of 7.5% or $151,000 in dollar terms. Meanwhile, Chinatown in Manhattan came in as the #3 neighborhood with the highest median percentage price drop. The neighborhood experienced a median price drop of 6.2%, or $100,000.

 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$172,500 (-4.5%)
1 Prospect Lefferts Gardens-Wingate Brooklyn -$151,000 (-7.5%)
3 Upper East Side-Carnegie Hill Manhattan -$150,000 (-5.9%)
4 Chinatown Manhattan -$100,000 (-6.3%)
5 North Side-South Side Manhattan -$100,000 (-3.8%)

SoHo-TriBeCa-Civic Center-Little Italy once again was the #1 neighborhood with the highest median dollar price drop this past month. The neighborhood had a median dollar price drop of $172,500 or 4.5%. North Side-South Side, commonly known as Williamsburg, was the #5 neighborhood with the highest median dollar price drop. However, given the high real estate values, a whopping $100,000 price change only accounts for a 3.8% reduction from the original asking price.

 

Top 5 Properties (Still on the Market) with the Highest Percentage Price Drop in September

Address Current Price Recent % Price Drops
1 600 West 249th Street, Bronx, NY 10471 $1,400,000 -55.6%(-$1,750,000)
2 504 Jackson Avenue, Bronx, NY 10455 $1,200,000 -47.8(-$1,100,000)
3 201 East 15th Street #5E, New York, NY 10003 $395,000 -43.2% (-$300,000)
4 1310 84th Street #1C, Brooklyn, NY 11228 $465,000 -39.2% (-$300,000)
5 201 East 15th Street #3E, New York, NY 10003 $395,000 -33.6% (-$200,000)

The table above highlights the properties with the highest percentage price drop in the past month that are still on the market. 201 East 15th Street, a co-op building located in Gramercy Park, currently has multiple units on the market for sale. Of the available units, #5E saw the largest price cut, 43.2% or $300,000 in the past month. This two-bedroom, two-bathroom unit is currently asking $395,000. One thing to note is that the unit will be delivered with a rent-stabilized tenant. This could explain the significant price drop. All properties on the list experienced a price cut of or above 30%.

 

Top 5 Properties (Still on the Market) with the Highest Dollar Price Drop in August

Address Current Price Recent $ Price Drops
1 432 Park Avenue #82FL, New York, NY 10022 $79,000,000 -$11,000,000(-12.2%)
2 3 East 95th Street #DUPLEX, New York, NY 10128 $23,900,000 -$4,500,000 (-15.8%)
3 443 Greenwich Street #PHH, New York, NY 10013 $49,500,000 -$4,500,000 (-8.3%)
4 300 Central Park West #1819F, New York, NY 10024 $10,880,000 -$3,000,000 (-20.1%)
5 2 Park Avenue #PAVILIONA, New York, NY 10016 $23,355,000 -$2,595,000 (-10.0%)

Between September 1st and September 30th, all five properties that had the highest price drops in dollar terms were located in Manhattan. 432 Park Avenue has recently attracted media attention due to its structural issues, and that might have contributed to the price reduction of unit #82FL. The unit is currently asking $79 million, down $11,000,000 from its previous asking price. The top addresses with the highest price drops in absolute dollar value ranged from $2.6M to $11M.

Full Dataset

The interactive table below includes all NYC listings with price drops in the month of September. You can sort by column or do a quick search using the search bar.

 

Methodology

The New York City Price Drop report is a monthly report that analyzes proprietary data from RealtyHop to map price drops for listings in New York City. It includes listings that experienced price changes the month prior to publications in all five boroughs of New York City.

Methodology Change

To fairly analyze each neighborhood and eliminate outliers, starting August 2021, only neighborhoods with over 10 price drops will be included in the rankings for the highest median percentage price drops and highest median dollar price drops sections.

Want to know who owns these listings? Check it out by using our New York Property Records Search.