Price cuts: $1.55M off Mariah Carey’s downstairs neighbor in Tribeca, UES trophy listings slashed as pied-a-terre tax looms

Franklin Tower 90 Franklin Street, #12 (Douglas Elliman)

Friday, Oct 16, 2026 By CityRealty Staff, CityRealty contributor

From October 6-12, 2026, over 250 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions. This time period included a federal holiday on Monday, October 12, which was co-recognized as Indigenous People's Day and Columbus Day in New York City and could possibly account for the small week-over-week dip in the number of price-reduced listings.

This time frame also included the days between what was supposed to be the pied-a-terre tax exemption deadline (October 6) and its third and final extension (October 13). A State Supreme Court judge recently ruled that the city must redo its rollout, which resulted in several primary residence owners receiving notices saying they may be eligible for the tax on luxury second homes, but the city immediately appealed in a move that allowed the rollout to continue as it has.

This is still playing out in court, as are two separate lawsuits claiming the pied-a-terre tax discriminates against out-of-state residents. But some luxury sellers are perhaps resigned to the pied-a-terre tax and prepared to take drastic action to move their properties, a mindset that could explain the large number of deep reductions on Upper East Side trophy listings among last week's price cuts. Full details may be seen on the chart and map below, though it must be noted that all quoted figures reflect cumulative price cuts as opposed to the most recent.

Mariah Carey's downstairs neighbor reduces price of Tribeca loft

A notable price cut took place at Franklin Tower, a masonry building in Tribeca constructed as a bank in 1915 and converted to a luxury condominium decades later. Mariah Carey bought a penthouse in the building in 1999, and it was featured on what some consider one of the most memorable episodes of MTV's Cribs. She listed it for $27 million in April 2026, but took it off the market in August.

Franklin Tower (former Corn Exchange Building) in Tribeca (CORE)

A few floors below the penthouse, an unidentified buyer paid nearly $7.4 million for Residence #12 in May 2010. While this full-floor five-bedroom loft does not include nearly the bells and whistles of Ms. Carey's penthouse (including a home gym, a home recording studio, a mermaid-themed screening room, and a Moroccan-themed den), it does feature direct elevator access, a corner living room with views of the Manhattan skyline and the Hudson River, a custom eat-in kitchen with center island, and a separate bedroom wing with a corner primary suite offering a windowed dressing room, a separate walk-in closet, and a spa-like five-fixture bath with double sinks, a glass-enclosed shower, and a separate soaking tub. It was listed for $13.5 million in September 2026, and a price reduction brings it down to $11.95 million.

-11.5% | -$1,550,000

Franklin Tower, #12
$11,950,000

Tribeca | Condominium | 5 Bedrooms, 4.5 Baths | 5,027 ft²

Franklin Tower, #12 (Douglas Elliman Real Estate)

From the Listing: Experience unmatched exclusivity, privacy, scale and security in this sprawling 5,000+ square-foot, triple-corner, 4-5-bedroom residence located in TriBeCa's premier full-service doorman condominium. Occupying the entire 12th floor of the iconic Franklin Tower condominium, this exceptional 9-room residence is bathed in glorious natural sunlight from four open exposures and offers breathtaking city and river views through 28 unobstructed windows. See floor plan and full details here.

Final sponsor availabilities reduced at Minuet and 1289 Lexington Avenue

A number of last week's price cuts took place in new development condos across Manhattan and Brooklyn. Multiple listings were reduced at 222 LES Tower + Lofts on the Lower East Side, which is offering a common charge incentive to sweeten the deal, and The Residences at Prospect Place in Crown Heights. Moreover, as buildings like Minuet in Turtle Bay, Bloom on 45th in Midtown West, 1289 Lexington Avenue on the Upper East Side, and Nine Chapel in DUMBO inch closer to sellout, the sponsors reduced prices on some of the final listings to speed the process along.

Price-reduced new development listings

-14.5% | -$1,525,000

53 West 53, #50B
$8,975,000

Midtown West | Condominium | 3 Bedrooms, 3.5 Baths | 3,427 ft²

53 West 53, #50B (R New York)

From the Listing: Enjoy panoramic Central Park, Hudson River, and skyline views through floor-to-ceiling windows in this half-floor residence located in the new Jean Nouvel-designed tower above The Museum of Modern Art. Nouvel’s innovative exposed structural system, known as the diagrid, is expressed like a graceful, abstract piece of sculpture creating a one-of-a-kind residence unlike any other in the world. Within this 3,427-square-foot three bedroom home, one finds a gracious entry foyer, massively scaled living room, a palatial primary suite and two generous secondary bedrooms with ensuite bathrooms. See floor plan and full details here.

-3.6% | -$300,000

La Maison Collette, #PH2
$8,000,000

Greenwich Village | Condominium | 3 Bedrooms, 2.5 Baths | 2,696 ft²

La Maison Collette, #PH2 (Sothebys International Realty)

From the Listing: An exceedingly rare offering awaits at the coveted La Maison Collette, a gorgeous new boutique condominium development nestled in the heart of Manhattan’s most prized neighborhood. A triumph of balance, refinement, and beauty, this exceptional full-floor penthouse apartment is a stunning, light-filled sanctuary with loft-like proportions and curated designer finishes, fusing the intimacy of a private home with all the benefits and amenities of Greenwich Village’s most distinguished bespoke luxury condominium. See floor plan and full details here.

-5.5% | -$300,000

1289 Lexington Avenue, #7D
$5,195,000

Carnegie Hill | Condominium | 3 Bedrooms, 3.5 Baths | 2,428 ft²

1289 Lexington Avenue, #7D (Corcoran Group)

From the Listing: Residence 7D at 1289 Lexington Avenue is a unique and stunning 2,428 square foot three-bedroom plus den, three-and-a-half-bathroom residence with private loggia in one of the Upper East Side's premier new condominium buildings. This floor-thru residence features 10-foot ceilings and full wall windows. A true "model residence", every detail has been thoughtfully curated by an award-winning interior designer, creating a sophisticated and highly customized home. See floor plan and full details here.

-6.6% | -$355,000

Minuet, #TH
$5,000,000

Turtle Bay/United Nations | Condominium | 4 Bedrooms, 3 Baths | 3,052 ft²

Minuet, #TH (Douglas Elliman Real Estate)

From the Listing: A true townhouse experience with the convenience of condominium living, the Maisonette at Minuet offers a rare combination of scale, privacy, outdoor space, and flexibility. Spanning more than 3,000 square feet across two levels, the residence is anchored by an extraordinary 1,400+ square-foot private garden-among the largest private outdoor spaces of its kind in Midtown. See floor plan and full details here.

-11.2% | -$555,000

Gracie Green, #PH11
$4,395,000

Yorkville | Condominium | 3 Bedrooms, 2.5 Baths | 2,414 ft²

Gracie Green, #PH11 (Douglas Elliman Real Estate)

From the Listing: Penthouse 11 at Gracie Green is the crown jewel of the building - a full-floor Upper East Side penthouse offering exceptional privacy, scale, and over 1,100 square feet of private outdoor space, including a private rooftop with rare East River views. A private keyed elevator opens directly into the residence, revealing a gracious layout designed for both refined living and entertaining. See floor plan and full details here.

-13.9% | -$400,000

222 LES Tower + Lofts, #4A
$2,475,000

Lower East Side | Condominium | 3 Bedrooms, 3 Baths | 1,471 ft²

222 LES Tower + Lofts, #4A (Corcoran Sunshine Marketing Group)

From the Listing: Upon entering this gracious 1,471-square-foot split layout three-bedroom, three bath residence you are greeted with southern facing floor-to-ceiling windows that flood the home with sunlight. There is a 156-square-foot step out private Juliet balcony overlooking historic East Broadway. This south, east, and west-facing home has living space that overlooks historic East Broadway. Sponsor offering 3 years paid common charges for a limited time. See floor plan and full details here.

-11.8% | -$200,000

Nine Chapel, #5
$1,495,000

Downtown Brooklyn | Condominium | 2 Bedrooms, 2 Baths | 1,164 ft²

Nine Chapel, #5 (Corcoran Group)

From the Listing: Welcome to Nine Chapel Street, a striking new architectural landmark ideally positioned at the crossroads of Brooklyn Heights, Downtown Brooklyn, and Dumbo. Residence 5 is a 1,164-square-foot, corner two bedroom, two bath home offering north, south and east exposures, a private entry landing, and covered loggia framed by a beautiful, perforated screen, which allows light to filter in while providing an added layer of privacy and weather protection making it a true extension of the interior living space. See floor plan and full details here.

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-9.1% | -$100,000

The Residences at Prospect Place, #304
$995,000

Crown Heights | Condominium | 1 Bedroom, 1 Bath | 835 ft²

The Residences at Prospect Place, #304 (Serhant)

From the Listing: Introducing The Residences at Prospect Place, where private outdoor spaces in every unit, soaring ceilings, floor to ceiling picture windows, designer finishes, and garage parking create bespoke homes designed for a truly luxurious lifestyle. Introducing this bespoke, brand new 1-bedroom plus home office, 1-bathroom condo with two private outdoor spaces: an eastern facing private balcony and a large western facing terrace which invites a seamless indoor-outdoor lifestyle. See floor plan and full details here.

-2.1% | -$15,000

Bloom on 45th, #305
$710,000

Midtown West | Condominium | Studio, 1 Bath | 445 ft²

Bloom on 45th, #305 (R New York)

From the Listing: Residence 305 is a modern studio offering ideal living proportions and tree-lined street views. Situated between Hudson River Park and Hell’s Kitchen, Bloom on 45th provides straightforward access to Midtown’s dining, shopping, and cultural venues. Floor-to-ceiling windows provide ample natural light. The home features wide-plank oak floors and 'colonial silver' marble countertops. See floor plan and full details here.

Recently reduced listings

-20.0% | -$5,005,000

640 Park Avenue, #9
$19,995,000

Park/Fifth Ave. to 79th St. | Cooperative | 5 Bedrooms, 6+ Baths

640 Park Avenue, #9 (Brown Harris Stevens Residential Sales LLC)

From the Listing: Once you indeed enter into the commodious, nearly 375-square-foot gallery, which is perfect for art, you are struck by the extraordinary volume of this home. As you immerse yourself into the space you realize that your experiencing something different, something special, 10' ceilings and innumerable large outward facing windows, four exposures, views and streams of sun and light throughout. A large storage bin is included. See floor plan and full details here.

-12.4% | -$1,905,000

150 East 73rd Street, #PH
$13,495,000

Lenox Hill | Cooperative | 4 Bedrooms, 5 Baths

150 East 73rd Street, #PH (Compass)

From the Listing: The Penthouse at 150 East 73rd Street is a dazzling apartment with approximately 4,600 square foot interior living space and approximately 4,000 square feet of wrap terrace, all with 360-degree views. The residence was just completely re-imagined and renovated by legendary architect Peter Pennoyer and beloved interior designer Daniel Romualdez. See floor plan and full details here.

-6.7% | -$750,000

102 Prince Street, #2
$10,500,000

SoHo | Condominium | 3 Bedrooms, 3.5 Baths | 4,500 ft²

102 Prince Street, #2 (Douglas Elliman Real Estate)

From the Listing: Masterfully redesigned by acclaimed designers Etienne Coffinier and Ed Ku, this exceptional residence was featured in Best of Interiors magazine and seamlessly blends timeless elegance with modern luxury. Arrive via a private keyed elevator that opens directly into a dramatic gallery foyer, anchored by stunning chandeliers. From the moment you enter, the home's impeccable craftsmanship and grand proportions are immediately apparent. See floor plan and full details here.

-4.6% | -$395,000

170 East End Avenue, #10CD
$8,100,000

Yorkville | Condominium | 6+ Bedrooms, 6+ Baths | 4,393 ft²

170 East End Avenue, #10CD (Brown Harris Stevens Residential Sales LLC)

From the Listing: This pristine home showcases a spectacular 42-foot wide living and dining room adorned with floor-to-ceiling windows and direct vistas of Gracie Mansion, the East River, and beyond. The flexible floor plan caters to versatility, with each of the 6 bedrooms featuring an ensuite marble bath and open western city views. Transform any bedroom into a library, media room, home office or den to suit your lifestyle. See floor plan and full details here.

-5.9% | -$505,000

64 Cheever Place, #TH
$7,995,000

Cobble Hill | Townhouse | 5 Bedrooms, 5.5 Baths | 4,050 ft²

64 Cheever Place, #TH (Douglas Elliman Real Estate)

From the Listing: A thoughtful dialogue between Brooklyn tradition and contemporary design defines this exceptional five-bedroom, five-full-bathroom and two-powder-room townhouse. Across five beautifully realized levels, classic brownstone architecture is paired with an extraordinary collection of natural materials, custom millwork and globally sourced finishes. See floor plan and full details here.

-14.4% | -$545,000

Barbizon 63, #5DG
$3,250,000

Lenox Hill | Condominium | 3 Bedrooms, 3.5 Baths | 2,031 ft²

Barbizon 63, #5DG (Keller Williams NYC)

From the Listing: A rare combination home in one of the Upper East Side’s most storied addresses, Residence 5DG at the Barbizon/63 is a 3-bedroom, 3.5-bathroom condominium that balances timeless prewar craftsmanship with modern sophistication. Spanning approximately 2,033 square feet, this home offers a grand sense of scale, elegant detailing, and effortless flow throughout. See floor plan and full details here.

-5.3% | -$150,000

Element88, #PH1
$2,700,000

Williamsburg | Condominium | 3 Bedrooms, 3 Baths | 1,440 ft²

Element88, #PH1 (Corcoran Group)

From the Listing: A rare offering, and a genuine unicorn: the only three-bedroom, three-bath residence among the thirty-three unique layouts at Element 88. A private terrace, a top-floor position, and a level of finish that rewards the discerning buyer who prefers discretion to display. Three deeded parking spaces and two private storage units are included. See floor plan and full details here.

-9.1% | -$250,000

347 West 39th Street, #PHNE
$2,500,000

Midtown West | Cooperative | 4 Bedrooms, 4 Baths

347 West 39th Street, #PHNE (Compass)

From the Listing: Perched atop a storied Art Deco building in Hudson Yards, this distinctive penthouse is truly one-of-a-kind. This stunning residence offers exceptional living and entertaining areas spanning two levels, including four bedrooms, a den/media room, and four bathrooms, plus two private terraces with sweeping views of the city skyline and the Hudson River. See floor plan and full details here.

-4.0% | -$100,000

27 West 67th Street, #8REW
$2,395,000

Central Park West | Cooperative | 2 Bedrooms, 2 Baths

27 West 67th Street, #8REW (Douglas Elliman Real Estate)

From the Listing: Perched on a quiet, tree-lined block in Lincoln Square, this bright home offers a rare opportunity to own a piece of New York City's artistic legacy. The interior is defined by soaring 11'3" barrel-vaulted ceilings and original casement windows that fill the space with natural light. The Great Room stands out with its remarkable scale and curved ceiling, reflecting the building's creative past and providing a dramatic setting for both daily living and entertaining. See floor plan and full details here.

-5.1% | -$100,000

Astor Terrace, #19H
$1,850,000

Yorkville | Condominium | 3 Bedrooms, 2 Baths | 1,356 ft²

Astor Terrace, #19H (Douglas Elliman Real Estate)

From the Listing: A gracious entry foyer welcomes you into this beautifully renovated 2-bed plus home office apartment. Apartment 19H is a well-appointed, sun-filled residence featuring northern and eastern exposures through floor-to-ceiling windows that capture stunning river and bridge views. The open kitchen is designed with sleek white cabinetry and granite countertops and is equipped with top-of-the-line appliances. See floor plan and full details here.

-7.2% | -$140,000

8 East 83rd Street, #14C
$1,795,000

Carnegie Hill | Cooperative | 1 Bedroom, 1 Bath

8 East 83rd Street, #14C (ENGEL & VOLKERS NEW YORK CITY)

From the Listing: Nestled around the corner from The Metropolitan Museum of Art, this sophisticated residence at 8 East 83rd Street offers an unparalleled UES living experience. Upon entering through a spacious foyer with two generous closets, you are immediately drawn toward breathtaking, unobstructed southern views of the downtown skyline. The gracious living space is bathed in sunlight from oversized windows and anchored by a working wood-burning fireplace with an elegant marble trim. Large storage unit is included with sale. See floor plan and full details here.

-10.3% | -$205,000

Cannon Point South, #10H
$1,795,000

Beekman/Sutton Place | Cooperative | 2 Bedrooms, 2.5 Baths

Cannon Point South, #10H (Douglas Elliman Real Estate)

From the Listing: A showplace for sophisticated living and lavish entertaining, this is the turnkey home you've been dreaming of! The large floorplan of this 2-bed, 2-bath apartment has been reimagined to create a special home that is sleek and modern, yet elegant and refined. A timeless classic ideally suited for today's NYC lifestyle that can be enjoyed for generations! Maintenance includes electricity and gas. See floor plan and full details here.

-16.7% | -$300,000

50 Pine Street, #FL2
$1,500,000

Financial District | Condominium | 3 Bedrooms, 3 Baths | 2,729 ft²

50 Pine Street, #FL2 (Corcoran Group)

From the Listing: Owners are renowned architects, featured in the MoMA, and have built out this luxury loft to brilliantly incorporating custom elements in an artistic fashion to accommodate a modern lifestyle, while also still keeping original details. You can get this exceptional home, having been meticulously created already, with no need to do the extensive work yourself. Step out of a private elevator, onto the original mosaic tiled landing, and into 2,729 square feet open spacious loft living. See floor plan and full details here.

-14.8% | -$200,000

Gramercy North, #16D
$1,150,000

Gramercy Park | Condop | 2 Bedrooms, 2 Baths

Gramercy North, #16D (Corcoran Group)

From the Listing: Inside 50 Lexington is a beautifully renovated split 2-bedroom, 2-bathroom apartment, with excellent natural light, outdoor space, dropped lighting and stunning wide plank white oak 6 inch floors throughout. Step inside to a well proportioned living room, sun bathed through oversized windows, to your private balcony that views the sunrise and the Chrysler Building. See floor plan and full details here.

-5.0% | -$45,000

82 Charles Street, #4R
$850,000

West Village | Cooperative | 1 Bedroom, 1 Bath

82 Charles Street, #4R (Compass)

From the Listing: Set on one of the West Village’s most picturesque, tree-lined blocks, Residence 4R is a charming one-bedroom home on the fourth floor of a prewar building. Currently arranged with a sleeping area in the living-room alcove and the original bedroom serving as a separate windowed office, the flexible layout offers several ways to make the space your own. See floor plan and full details here.

-11.8% | -$100,000

The Fireside, #206
$750,000

Yorkville | Cooperative | 2 Bedrooms, 1 Bath

The Fireside, #206 (Corcoran Group)

From the Listing: This apartment has absolutely everything you could want...including a wood-burning fireplace! Owners took great care in renovating the space with an eye to detail. South facing with quiet open garden views. Gourmet kitchen outfitted with everything you need. Lots of built-in storage and ample counter space makes cooking a breeze. See floor plan and full details here.

-23.8% | -$156,000

Tudor Tower, #1815/1816
$499,000

Turtle Bay/United Nations | Cooperative | 1 Bedroom, 2 Baths

Tudor Tower, #1815/1816 (Corcoran Group)

From the Listing: Overlooking the manicured gardens of Tudor Park, this rare one-bedroom, two-bathroom residence offers a peaceful retreat in the heart of Manhattan. Created through the combination of two studio apartments at 25 Tudor City Place, the home provides exceptional space, flexibility, and storage. Meticulously maintained and thoughtfully renovated, the kitchen features stainless steel appliances, including a refrigerator and dishwasher, along with a generous dining counter with seating for three. Utilities included in the maintenance. See floor plan and full details here.

-14.5% | -$76,000

The Plymouth, #8E
$449,000

Yorkville | Cooperative | Studio, 1 Bath

The Plymouth, #8E (Compass)

From the Listing: This high-floor oversized studio lives like a one-bedroom, offering a thoughtfully designed layout with a separate sleeping alcove, open views, and beautiful northern light creates an airy and serene atmosphere. The updated kitchen is equipped with premium stainless-steel appliances, complemented by granite countertops and crisp white cabinetry. See floor plan and full details here.

Price cuts: $1.55M off Mariah Carey’s downstairs neighbor in Tribeca, UES trophy listings slashed as pied-a-terre tax looms

In this article:

Mariah Carey's downstairs neighbor reduces price of Tribeca loft

-11.5% | -$1,550,000 Franklin Tower, #12$11,950,000

Final sponsor availabilities reduced at Minuet and 1289 Lexington Avenue

Price-reduced new development listings

-14.5% | -$1,525,000 53 West 53, #50B$8,975,000

-3.6% | -$300,000 La Maison Collette, #PH2$8,000,000

-5.5% | -$300,000 1289 Lexington Avenue, #7D$5,195,000

-6.6% | -$355,000 Minuet, #TH$5,000,000

-11.2% | -$555,000 Gracie Green, #PH11$4,395,000

-13.9% | -$400,000 222 LES Tower + Lofts, #4A$2,475,000

-11.8% | -$200,000 Nine Chapel, #5$1,495,000

Select which properties are of interest to you:

-9.1% | -$100,000 The Residences at Prospect Place, #304$995,000

-2.1% | -$15,000 Bloom on 45th, #305$710,000

Recently reduced listings

-20.0% | -$5,005,000 640 Park Avenue, #9$19,995,000

-12.4% | -$1,905,000 150 East 73rd Street, #PH$13,495,000

-6.7% | -$750,000 102 Prince Street, #2$10,500,000

-4.6% | -$395,000 170 East End Avenue, #10CD$8,100,000

-5.9% | -$505,000 64 Cheever Place, #TH$7,995,000

-14.4% | -$545,000 Barbizon 63, #5DG$3,250,000

-5.3% | -$150,000 Element88, #PH1$2,700,000

-9.1% | -$250,000 347 West 39th Street, #PHNE$2,500,000

-4.0% | -$100,000 27 West 67th Street, #8REW$2,395,000

-5.1% | -$100,000 Astor Terrace, #19H$1,850,000

-7.2% | -$140,000 8 East 83rd Street, #14C$1,795,000

-10.3% | -$205,000 Cannon Point South, #10H$1,795,000

-16.7% | -$300,000 50 Pine Street, #FL2$1,500,000

-14.8% | -$200,000 Gramercy North, #16D$1,150,000

-5.0% | -$45,000 82 Charles Street, #4R$850,000

-11.8% | -$100,000 The Fireside, #206$750,000

-23.8% | -$156,000 Tudor Tower, #1815/1816$499,000

-14.5% | -$76,000 The Plymouth, #8E$449,000

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