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:
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.
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.
-2.7% | -$100,000
5 Great Jones Street, #2
$3,550,000
NoHo | Cooperative | 2 Bedrooms, 2 Baths | 2,300 ft2
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
-11.1% | -$10,000,000
432 Park Avenue, #64
$80,000,000
Midtown East | Condominium | 4 Bedrooms, 5.5 Baths | 8,038 ft2
432 Park Avenue, #64 (Douglas Elliman Real Estate)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
-27.5% | -$12,500,000
125 East 65th Street, #TH
$33,000,000
Park/Fifth Ave. to 79th St. | Townhouse | 6+ Bedrooms, 6+ Baths | 14,346 ft2
125 East 65th Street, #TH (Serhant)
-9.8% | -$1,500,000
The Plaza, #201
$13,750,000
Midtown West | Condominium | 4 Bedrooms, 4.5 Baths | 4,665 ft2
The Plaza, #201 (Howard Hanna NYC)
-12.7% | -$1,500,000
Park Millennium, #28DEF
$10,300,000
Lincoln Center | Condominium | 5 Bedrooms, 5 Baths | 4,500 ft2
Park Millennium, #28DEF (Compass)
-16.7% | -$1,450,000
One Beacon Court, #43E
$7,250,000
Midtown East | Condominium | 3 Bedrooms, 3.5 Baths | 2,410 ft2
One Beacon Court, #43E (Brown Harris Stevens Residential Sales LLC)
-4.1% | -$300,000
The Brompton, #THA
$6,995,000
Yorkville | Condominium | 3 Bedrooms, 4 Baths | 3,306 ft2
The Brompton, #THA (Douglas Elliman Real Estate)
-3.8% | -$200,000
The Apthorp, #5A
$4,995,000 (-3.8%)
Riverside Dr./West End Ave. | Condominium | 2 Bedrooms, 2 Baths | 1,878 ft2
The Apthorp, #5A (Douglas Elliman Real Estate)
-5.3% | -$210,000
269 West 138th Street, #TH
$3,785,000
Harlem | Townhouse | 6+ Bedrooms, 6+ Baths | 5,225 ft2
269 West 138th Street, #TH (Serhant)
-11.3% | -$395,000
23 Hamilton Terrace, #TH
$3,100,000
Hamilton Heights | Townhouse | 6+ Bedrooms, 2.5 Baths
23 Hamilton Terrace, #TH (Brown Harris Stevens Residential Sales LLC)
-6.2% | -$150,000
650 East 6th Street, #TWH
$2,250,000
East Village | Condominium | 3 Bedrooms, 3 Baths | 1,815 ft2
650 East 6th Street, #TWH (Douglas Elliman Real Estate)
-7.0% | -$150,001
Arris Lofts, #608
$1,999,999
Long Island City | Condominium | 1 Bedroom, 2 Baths | 1,350 ft2
Arris Lofts, #608 (Modern Spaces)
-5.6% | -$100,000
Tower 53, #34E
$1,695,000
Midtown West | Condominium | 2 Bedrooms, 2 Baths | 1,214 ft2
Tower 53, #34E (Compass)
-14.3% | -$250,000
Berkeley House, #19A
$1,500,000
Midtown West | Cooperative | 1 Bedroom, 1 Bath
Berkeley House, #19A (Douglas Elliman Real Estate)
-11.8% | -$200,000
The Landmark, #PH06
$1,499,000
Midtown East | Cooperative | 2 Bedrooms, 2 Baths
The Landmark, #PH06 (Next Stop NY)
-25.1% | -$500,000
Bleecker Court, #1029
$1,495,000
Greenwich Village | Cooperative | 1 Bedroom, 1 Bath | 1,100 ft2
Bleecker Court, #1029 (Corcoran Group)
Cherokee Apartments, #4JI (Corcoran Group)
-12.4% | -$155,000
The Duet Condominium, #1B
$1,095,000
Gowanus | Condominium | 2 Bedrooms, 1.5 Baths | 1,177 ft2
The Duet Condominium, #1B (Douglas Elliman Real Estate)
-4.8% | -$50,001
1019 Hancock Street, #TWNHS
$999,999
Bushwick | Condominium | 2 Bedrooms, 2.5 Baths | 1,238 ft2
1019 Hancock Street, #TWNHS (Serhant)
-13.8% | -$124,000
London Towne House, #5H
$775,000
Chelsea | Cooperative | Studio, 1 Bath
London Towne House, #5H (Compass)
156 East 79th Street, #9F (Douglas Elliman Real Estate)
69 West 9th Street, #12E (Douglas Elliman Real Estate)
-4.0% | -$24,000
1479 Sterling Place, #1R
$575,000
Crown Heights | Condominium | 1 Bedroom, 1 Bath | 569 ft2
1479 Sterling Place, #1R (Serhant)
-16.7% | -$102,000
Worldwide Plaza, #3OO
$508,000
Midtown West | Condominium | Studio, 1 Bath | 399 ft2
Worldwide Plaza, #3OO (Bond New York Properties LLC)
-12.5% | -$50,000
The Excelsior, #11E
$349,000
Midtown East | Cooperative | 1 Bedroom, 1.5 Baths | 1,100 ft2
The Excelsior, #11E (Corcoran Group)
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.