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Future New York

Price Cuts: Baz Luhrmann’s Gramercy townhouse slashed by $7M; New discounts at Brooklyn and Queens’ tallest towers

243 East 17th Street, #TH (Sotheby's International Realty); Baz Lurhmann (By MiMiReihana - Own work, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=177105871) 243 East 17th Street, #TH (Sotheby's International Realty); Baz Lurhmann (By MiMiReihana - Own work, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=177105871)
From June 9-15, 2026, over 300 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions, a noticeable week-over-week decrease. This comes at a time when CityRealty data shows that average Manhattan condo prices are nearing record highs, and Manhattan co-ops have already done so.
The price cuts took place shortly before a restoration of the southern section of Manhattan's Grand Army Plaza, located on the southeast corner of Central Park, was completed. The New York Times notes that the Central Park Conservancy completed work on the north side of Grand Army Plaza in 2015, but work on the south side did not start until 2024 between financial difficulties and the pandemic. Improvements include a replanted row of London plane trees, new lighting, making the sidewalks more accessible to wheelchair users, and refurbishing the Pulitzer Fountain.

In this article:

The Sovereign, 425 East 58th Street
The Sovereign, 425 East 58th Street Beekman/Sutton Place
2 East 70th Street
2 East 70th Street Park/Fifth Ave. to 79th St.
157 West 78th Street
157 West 78th Street Broadway Corridor
One57, 157 West 57th Street
One57, 157 West 57th Street Midtown West
310 West 55th Street
310 West 55th Street Midtown West
1 Central Park South, Midtown condos Renovations to Grand Army Plaza South and Pulitzer Fountain
Over the past few years, the construction has blocked views of the fountain and made for a somewhat disruptive atmosphere in the area, which could account for price cuts at The Plaza up the street as well as at nearby buildings like One57, The Intercontinental, and Trump Park Avenue. But now that it is complete, area residents, workers, and tourists can treat it as the "outdoor living room" it was intended to be.



The Plaza, #1804 (Compass)

New development reductions include cuts at Brooklyn and Queens' tallest condos

Outer borough high-rises (l-r) The Brooklyn Tower and Skyline Tower, the tallest condos in Brooklyn and Queens, respectively
Last week's price cuts took place across prewar buildings and new development condos alike. Five units apiece at 75 Wall Street in the Financial District and Calvert House in Prospect Lefferts Gardens experienced price reductions. Additionally, two listings each at The Brooklyn Tower in Downtown Brooklyn and Skyline Tower in Long Island City, the tallest condos in Brooklyn and Queens, respectively, had their prices reduced.
The condos at The Brooklyn Tower start on the 53rd floor, several hundred feet above the landmarked Dime Savings Bank building and rental units in the tower. This allows for open views of the Manhattan skyline and Brooklyn, and residents also enjoy access to an array of wellness and social amenities managed by Life Time. The building is located in close proximity to several subway lines, and work is underway on new Flatbush Avenue bus lanes that will make for faster bus rides and a more pedestrian-friendly atmosphere.
The price cuts at Skyline Tower come at a time when there is a growing number of condos, and thus increased competition, coming to the neighborhood. These include the nearby 45-03 23rd Street, whose superstructure recently surpassed the height of the elevated court square train station, and 30-25 Queens Boulevard, which just reached street level. Together, these condo-rental hybrids will bring nearly 1,200 new housing units to Long Island City. Additionally, the first move-ins are expected to begin at Radiant this summer, and other recent launches include The Paragon, The Icon, and Loft 21.

The Brooklyn Tower, #55H (Corcoran Sunshine Marketing Group)

Skyline Tower, #2902 (Modern Spaces)

Baz Lurhmann and Catherine Martin to take loss on Gramercy townhouse

243 East 17th Street Catherine Martin (Flickr - Eva Rinaldi); Baz Lurhmann (Wiki Commons); 243 East 17th Street
Last week's price reductions also included 243 East 17th Street, an Anglo-Italianate-style townhouse dating back to the 1850s. Academy Award-nominated writer/director Baz Luhrmann and his wife, Academy Award-winning costume/production designer Catherine Martin, had initially planned to live in the house after decorating it in a lush, colorful aesthetic that will be familiar to anyone who's seen Moulin Rouge, The Great Gatsby, Elvis, or any of their other collaborations. However, after the pandemic kept them in Australia for years and their children left home for college, they listed it for just under $20 million in February 2022.

The house has been on and off the sales and rental markets at gradually lower price points since then, and virtually staged to tone down the couple's more colorful design choices. As it drops below $13 million, they will take a loss, having purchased it from soap opera star Noelle Beck and Eric Petterson for $13.5 million in June 2017.

243 East 17th Street, #TH (Sothebys International Realty)

A selection of notable listings, as well as a full chart of last week's price reductions, may be seen below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.

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Recently reduced listings


One57, #53B (Serhant)

The Cortland, #19AW (Sothebys International Realty)

2 East 70th Street, #9/10/11B (Douglas Elliman Real Estate)

The American Thread Building, #9-10B (Douglas Elliman Real Estate)

393 West Broadway, #5WO (Douglas Elliman Real Estate)

The Intercontinental, #9B (Sothebys International Realty)

173 Perry Street, #3N (Sothebys International Realty)

Chelsea Stratus, #36C (Compass)

Olympic Tower, #29D (DGSIR Realty)

The Ritz-Carlton Residences, New York, NoMad, #PH42B (Compass)

157 West 78th Street, #PH (Douglas Elliman Real Estate)

The Sovereign, #7D (Brown Harris Stevens Residential Sales LLC)

121 West 20th Street, #2D (Christies International Real Estate Group LLC)

59 John Lofts, #3F (The Agency Brokerage)

Tudor Arms, #3D (Compass)

Calvert House, #6A (Corcoran Group)

50 Pine Street, #12PHN (Corcoran Group)

The Walton, #PHA (Corcoran Group)

The Osborne, #3DB (Christies International Real Estate Group LLC)

211 Thompson Street, #PH-6E (Realty De Tilly NY LLC)

London Terrace Towers, #12D (Brown Harris Stevens Residential Sales LLC)

310 West 55th Street, #2F (Brown Harris Stevens Residential Sales LLC)

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  1. Select which properties are of interest to you:

Or call us at (212) 755-5544
Would you like to tour any of these properties?

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