Market Trends & ResearchRealtyHop Price Drops Report: December 2022

RealtyHop Price Drops Report: December 2022

The real estate market has its ups and downs. In this December installment of the NYC price drops report, RealtyHop analyzed available data for November 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 169
2 Upper West Side-Lincoln Square Manhattan 123
3 Upper East Side-Lenox Hill-Roosevelt Island Manhattan 117
4 East Midtown-Turtle Bay Manhattan 114
5 Murray Hill-Kips Bay Manhattan 90

For the third consecutive month, the five neighborhoods with the highest amount of price drops all reside in Manhattan. Upper East Side-Carnegie Hill still had the highest number of price drops this month but dipped slightly from 191 price drops in November to 169 in December. While four of the neighborhoods on this list witnessed at least 100 price drops this month, Murray Hill-Kips Bay finished with only 90 price drops.

Top 5 Neighborhoods With the Highest Median Percentage Price Drops

Neighborhood Borough Median % Price Drops
1 Queensboro Hill Queens -7.1% (-$92,000)
2 Upper East Side-Carnegie Hill Manhattan -5.8% (-$100,001)
3 Concourse-Concourse Village Bronx -5.8% (-$14,500)
4 St. George-New Brighton Staten Island  -5.6% (-$20,000)
5 Prospect Heights Brooklyn -5.6% (-$100,000)

The top five neighborhoods with the highest median percentage price drop spanned all five boroughs this month, even including Staten Island. Queensboro Hill in Queens saw the biggest median percentage price drop in October of 2022, where properties dropped a median of 7.1%, equating to a $92,000 difference from the initial list price. All five neighborhoods had a median percentage price drop that exceed 5.5%, including Prospect Heights in Brooklyn, which dropped a median of 5.6%, or $100,000.

Top 5 Neighborhoods With the Highest Median Dollar Price Drops

Neighborhood Borough Median $ Price Drops
1 Tribeca-Civic Center Manhattan -$165,000 (-4.9%)
2 Carroll Gardens-Cobble Hill-Gowanus-Red Hook Brooklyn -$117,500 (-5.5%)
3 SoHo-Little Italy-Hudson Square Manhattan -$112,500 (-4.5%)
4 Midtown-Times Square Manhattan -$110,000 (-5.4%)
5 Upper East Side-Carnegie Hill Manhattan -$100,001 (-5.8%)

This month, the neighborhoods with the highest median dollar price drops only included two boroughs: Brooklyn and Manhattan. Tribeca-Civic Center witnessed the highest median price drop amount, dropping a median of $165,000 or 4.9% this month. Upper East Side-Carnegie Hill also appears on this list, making it the only neighborhood this month that spanned all all three categories of price drops. It had a median price drop amount of $100,001, or 5.8%.

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

Address Current Price Recent % Price Drops
1 104-01 32nd Ave, Queens, NY 11369 $1,167,000 -52.6% (-$832,999)
2  959 Franklin Ave, Brooklyn, NY 11238 $275,000 -31.3% (-$125,000)
3 3314 Kingsland Ave, Bronx, NY 10469 $415,000 -30.9%(-$185,900)
4 729 E 93rd St, Brooklyn, NY 11236 $999,000 -28.6%(-$401,000)
5 611 W 56th St #2D, Manhattan, NY 10019 $995,000 -27.9%($385,000)

The table above highlights the properties with the highest percentage price drop in December that are still on the market. Properties in this month’s roundup span four different boroughs. 104-01 32nd Avenue dropped 52.6% this month, decreasing by $832,999. The property at the bottom of the list, unit 2D at 611 West 56th Street is a one-bedroom condo that dropped 27.9%, or $385,000 last month. This month, all five units dropped at least 27%.

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

Address Current Price Recent $ Price Drops
1 157 W 57th St #PH88, Manhattan, NY 10019 $39,000,000 $6,000,000(-13.3%)
2 993 5th Ave #PH, Manhattan, NY 10028 $19,950,000 $5,050,000(-20.2%)
3 25 Columbus Cr #72B, Manhattan, NY 10019 $18,995,000 $2,980,000(-13.6%)
4 120 E End Ave #PH17, Manhattan, NY 10028 $19,950,000 -$2,550,000(-11.3%)
5 25 Central Park West #21Q, Manhattan, NY 10023 $20,000,000 -$2,000,000(-9.1%)

The table above highlights properties that saw the most drastic price cuts in dollar terms this past month. This month, all five listings reside in Manhattan, with several in the same zip code. Many multi-million dollar properties dropped their prices by at least $2,000,000. The largest price drop by dollar value this month was at Penthouse 88 in 157 West 57th Street, dropping $6,000,000 to $39,000,000. Even the last listing dropped a significant amount; unit #21Q at 25 Central Park West dropped 9.1% to $20,000,000.

Standout Homes with Price Drops Greater than 16.7%

111 W 57th St #14N

This four-bedroom and four-and-a-half-bathroom residence located in the Theater District features space originally designed by Warren & Wetmore, it was reimagined by SHoP Architects and Studio Sofield. There are gorgeous macauba stone floors and double-height ceilings, a luxury at 14 floors up. With plenty of space for entertaining (the entire residence is 4,547 square feet), 14N also boasts a kitchen finished with Cristallo Gold quartzite countertops, custom cabinetry, and Gaggenau appliances. How could the buyer of this unit not want to host lavish get-togethers? This property came onto the market in October of 2022 and has had a 12.26% price drop which comes to a grand total of $1,950,000.

 

147 Waverly Place #PH

Owners get to enjoy living above the hustle and bustle of the West Village in this 4 bed, 4 bath penthouse unit, situated less than two blocks away from Washington Square Park. Despite the endless windows with panoramic views of the skyline and the Empire State Building, this unit offers 3,975 square feet of privacy and an additional 1,005 square feet of a private rooftop terrace. After entering the unit from a private elevator, visitors experience two floors encompassing an open-layout chef’s kitchen, a library, a spacious laundry room, a whole wing for the primary suite, and a windowless media room. The terrace includes a gas fireplace, an outdoor grill, a self-irrigation system, and set up for a hot tub. The $1,950,000 price drop puts this listing at $17,550,000, 10% less than its original listing price. This unit also has a cap rate of 0.19%.

 

875 Park Ave #8AB

$11,950,000 gets you a “dazzling and sophisticated home” built in 1912 by George and Edward Blum on Park Ave in the Upper East Side. This co-op has 5 bedrooms and 6 bathrooms of elegant and sunfilled space. Everything about this unit says “class” with its double powder rooms, enormous den, round vestibule, and eat-in kitchen. The primary bedroom has a large ensuite marble bathroom with double vanities, a soaking tub, and a separate stall shower. Be mindful that there is a 2% flip tax for this unit that experienced a 13.09% price drop on November 14th, 2022.

33 Perry Street

Perhaps saving the best for last, this townhouse known as the “Castle in the Village,” available for the first time in 40 years, encompasses 8,668 total square feet on a 95 by 26 foot lot. This townhome started as a horse stable and has evolved over the years as a loved home and setting for numerous parties to members of New York City’s notable social circles. The property comes with a cellar, a full rooftop garden, a large home office, 6 beds, and 6-and-a-half bathrooms. This property is offered at $17,900,000 after an 8.21% price drop. For those investors out there, this property has a positive cap rate, which is ideal for income production.

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.

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