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Future New York

Price Cuts: Former Kips Bay Decorator Showhouse down by $9.5M; Karim Rashid to take loss on Hell's Kitchen condo

125 East 65th Street, #TH (Serhant) 125 East 65th Street, #TH (Serhant)
From June 2-8, 2026, nearly 450 condos, co-ops, condops, and townhouses experienced price reductions. This is a noticeable week-over-week spike in the number of price reductions; however, the vast majority of cuts were small reductions below 10 percent, possibly aimed at drawing attention to a listing and closing a deal before vacation season heats up.
These included a number of listings in new development condos across Manhattan and Brooklyn. Two price cuts apiece took place at The Brooklyn Grove in Downtown Brooklyn and The Candy Factory in Clinton Hill. Additionally, a floor-through unit at The 74, a high-rise condominium in Lenox Hill, had its price reduced.

In this article:

125 East 65th Street
125 East 65th Street Park/Fifth Ave. to 79th St.
The 74, 201 East 74th Street
The 74, 201 East 74th Street Lenox Hill
360 East 72nd Street
360 East 72nd Street Lenox Hill
Trump World Tower, 845 United Nations Plaza
Trump World Tower, 845 United Nations Plaza Turtle Bay/United Nations
Riverview South, 55 East End Avenue
Riverview South, 55 East End Avenue Yorkville

The 74, #FLOOR26 (Douglas Elliman Real Estate)

125 East 65th Street, Upper East Side townhouse 125 East 65th Street, #TH (Sotheby's International Realty)
Last week's price cuts also included 125 East 65th Street, a Neo-Federalist mansion that served as the 2017 Kips Bay Decorator Showhouse. Designers like Robert A.M. Stern Architects, Billy Cotton, Robert Stilin, Richard Mishaan, and Ken Fulk brought their unique touches to the house's many expansive rooms with original details like beamed ceilings, fireplaces, and herringbone floors for the event that has raised money for the Kips Bay Boys & Girls Club since 1973.
The house was designed by Charles A. Platt in 1904. Over the years, it has only had a handful of owners: Dr. Frederic S. Reed, a founder of Columbia University's Department of Physiology; publishing magnate Henry R. Luce, who gifted it to the China Institute in 1944; and an LLC-identified buyer who paid $14.9 million for it in October 2021. It was listed for $45 million in October 2025, and the latest price reduction brings it down to $36 million.

125 East 65th Street, #TH (Serhant)

Also of note, acclaimed designer Karim Rashid reduced the price of his one-bedroom at Hell's Kitchen condo The West Residence Club. He bought it for $1.125 million in February 2024, and listing photos show his signature colorful accents throughout the apartment. However, he did not hold onto it for long, listing it for $1.15 million in March 2026. If it sells for the new, lower price, he will take a loss on it.

The West Residence Club, #1102 (Compass)

A selection of notable listings may be seen below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.



Recently reduced listings


9 West 84th Street, #TH (Compass)

Trump World Tower, #86B (Compass)

The Opera, #PH (Elegran LLC)

Southmoor House, #6DE (Compass)

27 West 9th Street, #TH (Leslie J Garfield & Co Inc)
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215 Chrystie Street, #29W (Compass)

7 East 17th Street, #3S (Nest Seekers LLC)

The Rushmore, #15B (Reserve Partners)

716 Broadway, #2 (Compass)

50 Gramercy Park North, #5B (Corcoran Group)

The Apthorp, #6LN (ENGEL & VOLKERS NEW YORK CITY)

360 East 72nd Street, #A1706/1707 (Douglas Elliman Real Estate)

190 Columbia Heights, #4 (Brown Harris Stevens Brooklyn LLC)

119 Prospect Park West, #1 (Serhant)

15 Dewey Place, #TH (Serhant)

The Milk Factory Building, #4C (Compass)

3 Hanover Square, #18HJ (Compass)

Fort Tryon Gardens, #1C (Serhant)

321 West 55th Street, #41 (Compass)

Clinton Lofts, #4D (ALTA Real Estate)

40 Remsen Street, #1 (Brown Harris Stevens Brooklyn LLC)

The Osborne, #11DB (Christies International Real Estate Group LLC)

Hudson View Gardens, #J41 (Compass)

304 West 88th Street, #1D (Serhant)

Riverview South, #15J (Brown Harris Stevens Residential Sales LLC)

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