RealtyHop Price Drop Report: July

Posted July 2nd, 2019


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

We specifically focused on neighborhoods with the highest total number of price drops, specifically the highest price drops by median percentage, median dollar value, and by 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 Turtle Bay-East Midtown Manhattan 210
2 Upper East Side-Carnegie Hill Manhattan 196
3 Upper West Side Manhattan 171
4 Hudson Yards-Chelsea-Flatiron-Union Square Manhattan 149
5 Lincoln Square Manhattan 147

The number one neighborhood in regards to price drops for the month of June was again Turtle Bay-East Midtown. The neighborhood had in the past month a total number of price drops of 210. That is, however, the exact number of price drops as last month. So while we didn’t see an increase or decrease in the total of price drops for the neighborhood, Turtle Bay-East Midtown is still staying on top as #1. This time around, we see that Hudson Yards-Chelsea-Flatiron-Union Square made the top five list, knocking out Lenox Hill-Roosevelt Island. The neighborhoods on the list ranged between price drops of 147 – 210.
 

Top 5 Neighborhoods With the Highest Median Percentage Price Drops
Neighborhood Borough Median % Price Drops
1 Van Cortlandt Village Bronx -18.9% (-$23,900)
2 Bronxdale Bronx -16.7% (-$30,000)
3 Westchester-Unionport Bronx -11.3% (-$39,500)
5 Queensbridge-Ravenswood-Long Island City Queens -10.6% (-$133,475)
5 University Heights-Morris Heights Bronx -9.8% (-$60,000)

Last month, we saw a bigger mix of boroughs represented on the top five neighborhoods with the highest price drops by percentage value. This month, only the Bronx and Queens is represented, with the Bronx representing every spot on the list except for #4. The neighborhood with the highest median percentage price drop in June was Van Cortland Village, Bronx.
 

Top 5 Neighborhoods With the Highest Median Dollar Price Drops
Neighborhood Borough Median $ Price Drops
1 SoHo-TriBeCa-Civic Center-Little Italy Manhattan -$180,000 (-5.3%)
2 Queensbridge-Ravenswood-Long Island City Queens -$133,475 (-10.6%)
3 Upper East Side-Carnegie Hill Manhattan -$129,500 (-5.6%)
4 Brownsville Brooklyn -$105,000 (-4.4%)
5 Midtown-Midtown South Manhattan -$100,000 (-5.3%)

Time time around, for the neighborhoods with the biggest median price drops by dollar value, we’re seeing some repeat neighborhoods and some new additions to the list. The neighborhood to replace Sunset Park East, who took first place last month, is SoHo-TriBeCa-Civic Center-Little Italy, with a median price drop of $180,000. That is around $21,500 less than what Sunset Park East had as the median price drop last month.
 

Top 5 Addresses with the Highest Percentage Price Drop in June
Address Current Price Recent % Price Drop
1 845 United Nations Plz, Manhattan, 10017 $18,000,000 -25.0% (-$6,000,000)
2 520 W 28th St, Manhattan, 10001 $29,750,000 -24.7% (-$9,750,000)
3 107 E 36th St, Manhattan, 10016 $675,000 -24.6% (-$220,000)
4 2244 Bronx Park East, Bronx, 10467 $99,000 -23.3% (-$30,000)
5 21 E 90th St, Manhattan, 10128 $9,750,000 -22.0% (-$2,750,000)

As we take another close look at which addresses saw the biggest price drops in the last month, we see that this time around the majority of the addresses on the list are addresses located in Manhattan except for one address located in the Bronx. The address topping the list for this month’s report was 845 United Nations Plz, with a drop of $6,000,000 which equated to 25.0% of the total price. All the addresses on the top five list saw cuts above 22%.
 

Top 5 Addresses with the Highest Dollar Price Drop in June
Address Current Price Recent $ Price Drop
1 520 W 28th St, Manhattan, 10001 $29,750,000 -$9,750,000 (-24.7%)
2 845 United Nations Plz, Manhattan, 10017 $18,000,000 -$6,000,000 (-25.0%)
3 39 E 72nd St, Manhattan, 10021 $25,000,000 -$4,000,000 (-13.8%)
4 21 E 90th St, Manhattan, 10128 $9,750,000 -$2,750,000 (-22.0%)
5 520 W 28th St, Manhattan, 10001 $9,975,000 -$2,525,000 (-20.2%)

Not surprisingly, we face another month with all addresses for the highest price drops in absolute dollar terms located in Manhattan. For the past month, the top address on the list with the highest price drop still on the market was 520 W 28th St, with a big price drop of $9,750,000. That equals a price drop of 24.7%. The same address was also listed in the top five addresses with the highest percentage price drops. The top addresses with the highest price drops in absolute dollar value ranged in price drops between $2.5M – 9.8M in June.
 

Full Dataset

The intractive 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. The dataset analyzed is taken from the month prior to publication and includes all five boroughs of New York City, given sufficient data.

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