The real estate market has its ups and downs. In this June installment of the NYC price drops report, RealtyHop analyzed available data for June 2022 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 Hill | Manhattan | 249 |
| 1 | Turtle Bay-East Midtown | Manhattan | 207 |
| 3 | Hudson Yards-Chelsea-Flatiron-Union Square | Manhattan | 182 |
| 4 | Lenox Hill-Roosevelt Island | Manhattan | 181 |
| 5 | Lincoln Square | Manhattan | 158 |
As shown in the table above, all five neighborhoods with the most price drops in June are located in Manhattan. Upper East Side-Carnegie Hill remains the neighborhood with the most price drops, with a total of 249 price cuts in the past month. The neighborhoods on the list had a total number of price drops ranging from 158 to 249 price drops, slightly more than in last month’s report, reflecting the typical seasonality in real estate.
Top 5 Neighborhoods With the Highest Median Percentage Price Drops
| Neighborhood | Borough | Median % Price Drops | |
| 1 | Glendale | Queens | -7.0%(-$50,000) |
| 2 | East Flatbush-Farragut | Brooklyn | -6.3% (-$50,999) |
| 3 | Bayside-Bayside Hills | Queens | -6.2% (-$75,000) |
| 4 | Parkchester | Bronx | Â -6.2% (-$15,000) |
| 5 | Grymes Hill-Clifton-Fox Hills | Staten Island | -5.8% (-$30,000) |
Glendale, Queens saw the biggest median percentage price drop in June 2022. Listings for sale in the neighborhood experienced a median price drop of 7%, which translates to around $50,000 from the original asking price. Meanwhile, homes for sale in Parkchester experienced a median price drop of 6.2%, or $15,000 in dollar terms. All five neighborhoods had a median price change of over 5%.
Top 5 Neighborhoods With the Highest Median Dollar Price Drops
| Neighborhood | Borough | Median $ Price Drops | |
| 1 | Chinatown | Manhattan | -$188,750 (-4.0%) |
| 1 | SoHo-TriBeCa-Civic Center-Little Italy | Manhattan | -$150,000 (-4.8%) |
| 3 | Upper East Side-Carnegie Hill | Manhattan | -$110,000 (-5.3%) |
| 4 | Hudson Yards-Chelsea-Flatiron-Union Square | Manhattan | -$100,000 (-4.7%) |
| 5 | Carroll Gardens | Brooklyn | -$100,000 (-4.4%) |
In June, the neighborhoods that experienced the highest median dollar price drops were concentrated in Manhattan and Brooklyn. Chinatown ranks the #1 neighborhood with the highest price drop in dollar terms. Homes for sale in the area experienced a median price drop of $188,750, or 4% from the original list price. Meanwhile, for-sale homes in Carroll Gardens experienced a median price drop of $100,000, or 4.4% from the initial price.
Top 5 Residential Properties (Still on the Market) with the Highest Percentage Price Drop in June
| Address | Current Price | Recent % Price Drops | |
| 1 | 80 Avenue P #F7, Brooklyn, NY 11223 | $348,000 | -50.2%(-$351,000) |
| 2 | 404 Logan Street, Brooklyn, NY 11208 | $499,000 | -28.6% (-$200,000) |
| 3 | 59 East 72nd Street #1A, New York, NY 10021 | $250,000 | -28.6% (-$100,000) |
| 4 | 465 Park Avenue #26C, New York, NY 10022 | $925,000 | -28.6% (-$370,000) |
| 5 | 150 East 61st Street #3B, New York, NY 10065 | $259,000 | -27.9% (-$100,000) |
The table above highlights the properties with the highest percentage price drop in June that are still on the market. Unit 1N at 59 East 72nd Street is a one-bedroom, one-bathroom co-op unit in Lenox Hill, Manhattan. The property first hit the market in August 2021 and has experienced two price cuts so far. The most recent one was a 28.6% price reduction, or $100,000 in dollar terms, on June 8. All properties on the list experienced a price cut of 28% or above.
Top 5 Residential Properties (Still on the Market) with the Highest Dollar Price Drop in June
| Address | Current Price | Recent $ Price Drops | |
| 1 | 23 East 22nd Street #PH, New York, NY 10010 | $58,000,000 | -$4,000,000(-6.5%) |
| 2 | 432 Park Avenue #66A, New York, NY 10022 | $26,500,000 | -$2,500,000(-8.6%) |
| 3 | 145 Central Park West #4C, New York, NY 10023 | $17,495,000 | -$2,480,000(-12.2%) |
| 4 | 432 Park Avenue #63B, New York, NY 10022 | $25,750,000 | -$2,250,000(-8.0%) |
| 5 | 432 Park Avenue #37A, New York, NY 10022 | $22,775,000 | -$2,225,000(-8.9%) |
The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. It’s not surprising that all five properties are in Manhattan, with an initial asking price upwards of $22 million. 432 Park Avenue, one of the skyscrapers on Manhattan’s Billionaires’ Row, currently has multiple units for sale. 3 of the units made this month’s list of units with the highest dollar price drops. All properties on the list had a price drop of $2.2 million and above.
Full Dataset
The interactive table below includes all NYC listings with price drops in the month of June. 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.
To fairly analyze each neighborhood and eliminate outliers, 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.
