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Future New York

Price Cuts include massive combo residence at The Plaza reduced by $5M; Marvel Comics illustrator trims price of Sutton Place townhouse

The Plaza (Compass) The Plaza (Compass)
From July 7-13, 2026, over 250 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions. While the slower vacation sales season is in full swing, this shows a far more active week for repricing than the previous week.
Of last week's cuts, very few took place in new development condos. Perhaps this is unsurprising due to lack of supply. Corcoran's Q2 2026 market report shows that new development inventory has fallen year-over-year for three consecutive years, active sponsor listings dropped to the lowest second quarter since 2014, and only a small handful of new developments commenced closings. Such scarcity could drive prices up on both new construction and resale inventory.

In this article:

414 East 50th Street
414 East 50th Street Beekman/Sutton Place
870 Fifth Avenue
870 Fifth Avenue Park/Fifth Ave. to 79th St.
555 Park Avenue
555 Park Avenue Park/Fifth Ave. to 79th St.
The Westbury, 15 East 69th Street
The Westbury, 15 East 69th Street Park/Fifth Ave. to 79th St.
Carlyle House, 50 East 77th Street
Carlyle House, 50 East 77th Street Park/Fifth Ave. to 79th St.

The Plaza leads price cuts at transitional time for Central Park South

The building with the largest number of price cuts last week was The Plaza, the landmarked hotel located at 1 Central Park South and designed in the French Renaissance style by Henry Janeway Hardenbergh in 1907. More than 100 years later, it was partially converted to luxury condos where owners have access to the hotel's white-glove services, five-star amenities, and restaurants including The Palm Court. For these reasons, it is popular among pied-a-terre buyers.
1 Central Park South, The Plaza The Palm Court at The Plaza
The cuts at The Plaza took place shortly after New York's new pied-a-terre tax, which targets second homes valued at $5 million or more, went into effect on July 1. It is far too soon to predict how this will affect the luxury real estate market in the long term; but agents suspect that it won't deter rich buyers from buying luxury properties, and Corcoran data showed that the number of properties priced $5 million and up grew five percent. Most recently, 23 listings asking $5 million and up entered contract last week.
However the pied-a-terre tax ultimately pans out, it cannot be denied that the price cuts at The Plaza took place at a time when quality of life in the area could improve. Shortly before L'Alliance New York's annual Bastille Day festival, which took place nearby, work was completed on a restoration of the southern section of Manhattan's Grand Army Plaza, located directly across from The Plaza. After years of traffic congestion, and then years of construction, Grand Army Plaza South is now a peaceful pedestrian space with seasonal planters, custom chairs, tables, and benches, views of the beautifully restored Pulitzer Fountain, and a seasonal concession stand run by Angelina Paris. Time Out observes that this serves as a preview of "Future of Fifth," a proposed redesign of Fifth Avenue from 40th to 59th Streets that would make for a more pedestrian-friendly stretch inspired by the Champs-Élysées in Paris.
Fifth Avenue, Grand Army Plaza South Manhattan Seating in Grand Army Plaza South (Fifth Avenue Association)
Grand Army Plaza South restored Grand Army Plaza South, with The Plaza in the background (Fifth Avenue Association)
Additionally, the cuts took place shortly before the City Council scheduled a debate on a ban on horse-drawn carriages in Central Park. City and State notes that efforts to ban the practice date back to 2006, when the Coalition to Ban Horse-Drawn Carriages formed, and they have taken on new urgency after two deaths of carriage horses, and especially after 18-year-old Romanch Mahajan died after being thrown from a horse-drawn carriage. Indeed, efforts have gone on so long that the proposed legislation initially dubbed Ryder's Law, for a horse that collapsed and later died, has been renamed Romanch's Law.
Horse carriage repping the Knicks in Central Park Horse carriage repping the Knicks in Central Park
Mayor Zohran Mamdani, Speaker Julie Menin, several other elected officials, and the Central Park Conservancy have all spoken in favor of Romanch's Law, which would gradually phase out horse-drawn carriage operations in Central Park while providing a safe transition for both horses and carriage operators. They cite public safety concerns; but it cannot be ignored that, as the lot for the carriages and horses is directly across from The Plaza, the absence of traffic and manure would make for a more pleasant atmosphere around the building.

The Plaza, #909915 (Compass)

Price cut on comic illustrator's Sutton Place townhouse

Last week's price cuts included 414 East 50th Street, a 20-foot-wide townhouse in Sutton Place with a landscaped garden, a fully finished roof deck, an eat-in kitchen, a full-floor primary suite with private balcony, and a home gym with infrared sauna. When it was listed for $15 million in March 2026, Crain's New York Business identified the seller as Denise Wohl, an illustrator/letterer for Marvel Comics whose body of work under the name Denise Vladimer includes Thor, Iron Man, and Luke Cage comics. It also notes that she bought the townhouse for $7.7 million in 2015; even when adjusted for inflation, she would still make a profit with the price cut.

414 East 50th Street, #TH (Douglas Elliman Real Estate)

Low-floor condos linger along the West Side Highway - Hudson River waterfront

Two other price cuts of note took place in highly coveted Tribeca buildings. 450 Washington Street and 67 Vestry Street have attracted attention for their attractive architecture, beautiful apartments, thoughtfully curated amenities, and views of the Hudson River. However, their addresses also put them near the West Side Highway. Upper-level apartments that offer impressive river views and some protection from street noise have sold rapidly, but low-floor units closer to street level have proven a tougher sell. A similar phenomenon may be playing out at SIVA Tower, a high-rise overlooking Eleventh Avenue where two low-floor units also had their prices reduced.

450 Washington Street, #TH5 (Serhant)

67 Vestry Street, #TH (Corcoran Group)
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A selection of notable listings, as well as a full chart of last week's price cuts, may be found below. Please be advised that all quoted figures reflect cumulative price cuts, as opposed to the most recent reductions.



Recently Reduced Listings


Park Millennium, #28DEF (Compass)

Madison Green, #PHDF (Douglas Elliman Real Estate)

Donac, #TH (Brown Harris Stevens Residential Sales LLC)

870 Fifth Avenue, #14E (Corcoran Group)

555 Park Avenue, #MAIS (Compass)

The Plaza, #913 (Compass)

One Central Park West, #34D (Sothebys International Realty)

72 Horatio Street, #1S (Compass)

610 West End Avenue, #PH-A (R New York)

Carlyle House, #8C (Compass)

The Westbury, #3B (Compass)

The Royale, #3701/3801 (Corcoran Group)

458 Broome Street, #3 (Modlin Group LLC)

501 8th Avenue, #PH (Douglas Elliman Real Estate)

Mayfair Towers, #25F (Compass)

Millennium Tower Residences, #31G (Battery Park Realty Inc)

The Edgewater, #4D (Brown Harris Stevens Residential Sales LLC)

Park South Tower, #19D (Brown Harris Stevens Residential Sales LLC)

Hayden House, #PHB (The Agency Brokerage)

300 East 95th Street, #10A (Corcoran Group)

202 West 92nd Street, #4R (Brown Harris Stevens Residential Sales LLC)

110 Clinton Avenue, #2B (Corcoran Group)

The Schae Condominium, #2B (Compass)

The Excelsior, #14J (Next Stop NY)

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