These Manhattan Neighborhoods Saw The Biggest Price Cuts In 2020

Real Estate

If you thought you missed your chance to land a bargain in New York City’s housing market, you may be in luck. The average asking price for condos, co-ops and townhouses across Manhattan have dropped by nearly 10% this year, according to new data from UrbanDigs.

Chaotic conditions caused by the COVID-19 pandemic coupled with an influx of new listings have driven home prices down by an average of 9.3%, when comparing the original asking price to the last asking price, UrbanDigs data shows. A total of 10 Manhattan neighborhoods have seen the average price drop by 10.7% or more.

For thrifty homebuyers, the greatest discounts appear to be had in Lower Manhattan’s Civic Center neighborhood, where the average price has declined by 21.2%. Other areas seeing significant price drops include Midtown Center and NoMad, which saw prices drop by 13.5% and 13%, respectively.

To get a sense of the market, I took a look at Warburg Realty’s active listings that have seen price cuts in recent months. From a renovated co-op in Lenox Hill to a turn-key residence in Sutton Place, here are four discounted properties in Manhattan:

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475 Park Avenue, Apt 10A

Neighborhood: Midtown

Size: Four bedrooms, four bathrooms

Current price: $4.495 million

Original asking price: $4.75 million

Adjustment: -5.4%


260 Park Avenue South, Apt 4H

Neighborhood: Gramercy Park

Size: Two bedrooms, 2.5 bathrooms

Current price: $2.325 million

Original asking price: $2.425 million

Adjustment: -4.1%


205 East 63rd Street, Apt 2AB

Neighborhood: Lenox Hill

Size: Four bedrooms, three bathrooms

Current price: $2.195 million

Original asking price: $2.35 million

Adjustment: -6.6%


440 East 57th Street, Apt 9-B

Neighborhood: Sutton Place

Size: Two bedrooms, two bathrooms

Current price: $1.398 million

Original asking price: $1.645 million

Adjustment: -15%

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