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 a few active listings from Warburg Realty, a founding member of Forbes Global Properties, 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
Size: Four bedrooms, four bathrooms
Current price: $4.495 million
Original asking price: $4.75 million
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
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
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