Price Cuts: Recently reduced listings across New York City

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This past holiday week the core NYC residential market saw 175 price cuts, making it one of the quieter recent weeks for repricing. The median asking price after cuts was about $999K, the median cut was roughly $75K, and the median percentage reduction was about 6.3%. The heaviest neighborhood concentrations were Midtown West, Lenox Hill, and Chelsea.

The biggest dollar reductions were concentrated at the high end and in larger units. The largest cut was at The Hampshire House on Central Park South, where a penthouse up for auction had its sticker price reduced by about $12.75M, followed by a $6.5M cut at 432 Park Avenue.