Skip to Content
CityRealty Logo
Future New York

Price Cuts: Full-floor at 432 Park Avenue slashed by $10M; Charles Mingus' former Noho loft reduced by $100K

432 Park Avenue, #64 (Douglas Elliman) 432 Park Avenue, #64 (Douglas Elliman)
From August 18-24, 2026, just over 100 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions. This comes at a seasonally quiet time for residential sales and contract activity in Manhattan, and at a time when CityRealty listings show about 6,200 publicly listed units throughout New York City.

In this article:

125 East 65th Street
125 East 65th Street Park/Fifth Ave. to 79th St.
156 East 79th Street
156 East 79th Street Lenox Hill
Cherokee Apartments, 517 East 77th Street
Cherokee Apartments, 517 East 77th Street Lenox Hill
The Landmark, 300 East 59th Street
The Landmark, 300 East 59th Street Midtown East
The Excelsior, 303 East 57th Street
The Excelsior, 303 East 57th Street Midtown East


Charles Mingus Charles Mingus and 5 Great Jones Street (Credit Zicklin Contracting | https://www.zicklincontracting.com/portfolios/5-great-jones-street/)
A notable reduction took place at 5 Great Jones Street. Acclaimed jazz musician/composer Charles Mingus lived and wrote in Residence #2 and had plans to start a music school; but, in a scene depicted in documentary film Mingus: Charles Mingus 1968, he was evicted for nonpayment of rent. A short time later, puppeteer Kermit Love, designer of such beloved Sesame Street characters as Big Bird, Mr. Snuffleupagus, Cookie Monster, and Oscar the Grouch, used the apartment as a set studio.
5 Great Jones Street, Charles Mingus plaque Plaque honoring Charles Mingus at 5 Great Jones Street (Village Preservation) | https://villagepreservation.org/campaign-update/jazz-fans-and-luminaries-turn-out-for-charles-mingus-plaque-unveiling/

<

In the present day, Village Preservation has installed a plaque honoring Charles Mingus at 5 Great Jones Street, which is now a five-unit boutique cooperative. Residence #2 retains such original details as 14' ceilings, tin ceilings, exposed bricks and beams, clawfoot bathtubs, and vintage cast-iron radiators, but has been updated with soundproof windows, a garbage disposal and high-end appliances in the kitchen, and a wall-through air conditioning system. Public records show that the seller bought it for $3.26 million in December 2021. They listed it for $3.65 million in June 2026 and just reduced it to $3.55 million.

5 Great Jones Street, #2 (Compass)

Shortly after last week's price cuts came in, the New York City Department of Finance extended the deadline to apply for an exemption to the pied-a-terre tax. Homeowners now have until Tuesday, October 6 to prove that they should not be subject to the second home surcharge, whether because a property is in fact their own primary residence or the primary residence of a tenant, an immediate family member, or a majority member, shareholder, or partner of the business entity that purchased it. Full details and application information may be found here.
The extension comes amidst continuing confusion related to the pied-a-terre tax. A recent lawsuit does not challenge the pied-a-terre tax itself, but rather its implementation based on the public assessment roll. Plaintiffs say it has caused them "irreparable harm," but the city says that because none of them are subject to the surcharge, they didn't suffer by being named on the list. Meanwhile, attorney Seth Feldman, partner at Romer Debas, told Brick Underground that the pied-a-terre tax does not account for gray areas like people who live in two-family houses where one unit is used for visiting family members, or people who have not yet moved into their primary residence owing to renovations.
A court will hear oral arguments on Monday, August 31. In the meantime, last week's price cuts included ten listings priced at $5 million or more, the market value threshold at which second home owners would be required to pay New York's pied-a-terre tax, and included two that dropped just below $5 million.
These luxury listings included Residence #64 at 432 Park Avenue, which underwent a custom three-year renovation by AD100 designer Tony Ingrao. The result is a one-of-a-kind full-floor apartment with 16'1" ceilings, Taj Mahal fluted pilasters and columns in the foyer, his-and-hers dressing rooms and baths in the primary suite, and high-quality materials and finishes throughout. It was listed for $90 million in May 2026, and a price reduction brings it down to $80 million.

Recently reduced listings


432 Park Avenue, #64 (Douglas Elliman Real Estate)
Would you like to tour any of these properties?
Just complete the info below.
  1. Select which properties are of interest to you:

Or call us at (212) 755-5544

125 East 65th Street, #TH (Serhant)

The Plaza, #201 (Howard Hanna NYC)

Park Millennium, #28DEF (Compass)

One Beacon Court, #43E (Brown Harris Stevens Residential Sales LLC)

The Brompton, #THA (Douglas Elliman Real Estate)

The Apthorp, #5A (Douglas Elliman Real Estate)

269 West 138th Street, #TH (Serhant)

23 Hamilton Terrace, #TH (Brown Harris Stevens Residential Sales LLC)

650 East 6th Street, #TWH (Douglas Elliman Real Estate)

Arris Lofts, #608 (Modern Spaces)

Tower 53, #34E (Compass)

Berkeley House, #19A (Douglas Elliman Real Estate)

The Landmark, #PH06 (Next Stop NY)

Bleecker Court, #1029 (Corcoran Group)

Cherokee Apartments, #4JI (Corcoran Group)

The Duet Condominium, #1B (Douglas Elliman Real Estate)

1019 Hancock Street, #TWNHS (Serhant)

London Towne House, #5H (Compass)

156 East 79th Street, #9F (Douglas Elliman Real Estate)

69 West 9th Street, #12E (Douglas Elliman Real Estate)

1479 Sterling Place, #1R (Serhant)

Worldwide Plaza, #3OO (Bond New York Properties LLC)

The Excelsior, #11E (Corcoran Group)

Related Articles

Get To Know

Mitigating risk when buying in a NYC land-lease building

Saturday, October 10, 2026
Get To Know

Five ways to make buying in NYC affordable + NYC listings under $1 million

Monday, October 5, 2026
Future New York

Price Cuts: "Bachelor maiden's" former Gramercy carriage house reduced by $2M; Gold Coast duplex now 39% off

Thursday, October 1, 2026
Future New York

Linda Evangelista sells Chelsea penthouse once rented to Keanu Reeves; Green Dot founder buys at Central Park Tower

Monday, September 28, 2026
Get To Know

Dramatic NYC apartments for sale with sunken living rooms from $369K

Friday, September 25, 2026
Future New York

Price Cuts: Dakota spread once asking $39M drops to $12.5M; Hudson Yards penthouse gets $12M trim

Thursday, September 24, 2026
Future New York

Price Cuts: Sting’s former 15 CPW duplex gets $5M chop; Gold Coast penthouses see deep discounts

Wednesday, September 16, 2026
Get To Know

No Board Approval Required: Sponsor co-ops from $500K as The Veridian launches sales in Bay Ridge

Tuesday, September 15, 2026