From October 20-26, 2026, over 250 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions, a number down slightly from the previous week. But similar to last week, the price reductions were mostly driven by small cuts aimed at gradually widening a listing's target audience. Full details and a chart showing all of last week's price cuts, with cumulative figures quoted, may be seen below.
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Tommy Tune's Southgate penthouse now nearly one-third off
The New York Post reports that a notable price cut took place at Southgate, the Bing & Bing-developed, Emery Roth-designed complex on the East River waterfront in Sutton Place. Performer/director Tommy Tune, who won 10 Tony Awards for his work on productions like The Best Little Whorehouse in Texas and Nine, bought a penthouse in the building for about $1.3 million in 2007, reportedly after visiting his friend, actress Shirley MacLaine, in her apartment one floor below. The one-bedroom penthouse boasts ceilings nearly 14 feet high, an open-concept living room with multiple seating areas, an open kitchen with wraparound dining bar, and a massive private terrace overlooking panoramic views of the East River and the Manhattan skyline.
Mr. Tune hosted many parties on the terrace over the years, including a celebration in actress Carol Channing's honor with about 200 guests, but also used the penthouse for quieter pursuits like painting and writing. He listed it for $2.9 million in March 2025, but it has gradually come down in price since then, most recently dropping to under $2 million, or nearly one third off the original ask. He did not give a reason for listing this penthouse, but is not saying good-bye to Southgate. The Post notes that he owns another penthouse in the complex.
-31.2% | -$905,000
Southgate, #PHTOWER
$1,995,000
Beekman/Sutton Place | Cooperative | 1 Bedroom, 1 Bath
Southgate, #PHTOWER (Compass)
Price reductions at 75 Wall Street
Last week, six apartments at 75 Wall Street had their prices reduced, the largest number of any new development. The 36-story was built as an office tower in 1987 and later converted to a hotel and condominium. The condos are perched on top of a Hyatt Centric Wall Street hotel to make the most of views of the Lower Manhattan skyline and the East River. Many apartments have home office space, and all feature kitchens with custom cabinetry and premium appliances, spa-inpired baths, and in-unit laundry. Residential amenities include 24-hour doorman service, a fitness center, a lounge with billiards table, and a rooftop lounge with fireplace and access to an outdoor terrace with 360-degree views.
However, 75 Wall Street is located in a crowded market that was an early proponent of office-to-residence conversions with newly converted buildings showing little sign of slowing down. Several of these are rentals with high-end finishes and lifestyle amenities spanning multiple floors, though notable condo entrants include One Wall Street, Downtown by Starck, and The Collection. It also comes at a time when Financial District condo prices are averaging $1,294 per square foot, and have gradually risen over the past two years.
-14.4% | -$125,000
75 Wall Street, #33E
$745,000
Financial District | Condominium | Studio, 1.5 Baths | 669 ft2
75 Wall Street, #33E (Corcoran Group)
Further reductions on final sponsor availabilities
The past week's price cuts were also marked by the final sponsor availabilities at new development condos across the city. In many cases, these represent some of the largest offerings in the buildings, with enhanced finishes, private outdoor space, and prices to reflect the perks. The reductions may open them up to a wider pool of buyers and bring them closer to sellout.
One Midtown tower has already crossed that finish line. Earlier today, Rabina announced that 520 Fifth Avenue, its 1,002-foot supertall at the corner of 43rd Street, has sold all 100 of its residences following the sale of its final home, Residence 44A. Designed by Kohn Pedersen Fox with interiors by Charles & Co., the tower sold more than 90% of its homes within 12 months of its April 2024 sales launch. According to the developer, that makes it the fastest sellout of a 100-plus-unit condominium since 2014 and the highest price-per-square-foot sellout of any large-scale development launched since 2015.
Closings began in December 2025. Meanwhile, more than half of the building’s 25 floors of boutique Class A offices are leased, and private members’ club Moss is now open across four floors.
“More than 90% of the residences were sold before the building opened, which speaks to the strength of the sales gallery and the commitment to a true pre-sale effort that allowed buyers to understand the quality, architecture and experience of the building well before completion,” said Beth Fisher, Senior Managing Director for Corcoran Sunshine Marketing Group, the building’s exclusive marketing and sales agent.
“More than 90% of the residences were sold before the building opened, which speaks to the strength of the sales gallery and the commitment to a true pre-sale effort that allowed buyers to understand the quality, architecture and experience of the building well before completion,” said Beth Fisher, Senior Managing Director for Corcoran Sunshine Marketing Group, the building’s exclusive marketing and sales agent.
-8.9% | -$1,650,000
200 East 75th Street, #PH1
$16,850,000
Lenox Hill | Condominium | 5 Bedrooms, 5.5 Baths | 4,230 ft2
200 East 75th Street, #PH1 (Compass)
-3.4% | -$200,000
Fifteen, #11
$5,750,000
Central Park West | Condominium | 3 Bedrooms, 3 Baths | 2,659 ft2
Fifteen, #11 (Compass)
-18.0% | -$1,755,000
77 Greenwich Street, #PH
$7,995,000
Financial District | Condominium | 4 Bedrooms, 5.5 Baths | 3,531 ft2
77 Greenwich Street, #PH (Reuveni LLC)
-17.1% | -$555,000
ONE11 Residences, #PHB
$2,695,000
Midtown West | Condominium | 1 Bedroom, 1.5 Baths | 1,079 ft2
ONE11 Residences, #PHB (Douglas Elliman Real Estate)
Big condo reductions in Midtown as office market surges
Some of the deepest price cuts by dollar amount were for homes on Billionaires' Row. A full-floor apartment at 432 Park Avenue is now down by $15 million following the most recent price reduction, and apartments in buildings like 111 West 57th Street, Trump Parc, and One57 saw price reductions of $1 million or more.
This comes at a time when Midtown was one of two Manhattan submarkets with prices going down year-over-year, and when several super-luxury buildings have risen in the area. Olympic Tower was a pioneering mixed-use building when it opened in 1975. But in the present day, two cuts took place at Olympic Tower last week, the nearby 520 Fifth Avenue recently sold out, and increased competition may be found on surrounding blocks.
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But while Midtown's residential market is flat, the office market is booming with new towers planned throughout the neighborhood, as the past week alone shows. Co-developers SL Green and Mori Building filed permits for an 850,000-square-foot office tower at 346 Madison Avenue said to be "the most highly amenitized building in the city." Extell paid nearly $24 million for 87,000 square feet of development rights from The Society of the Free Church of St. Mary the Virgin that will allow them to build an even larger tower than the over one million-square-foot building planned for 574 Fifth Avenue, which will house Manhattan's first full-scale Ikea store on the first and second floors.
Most recently, the City Planning Commission reviewed Related Companies' application for a transit floor area bonus for its nearly 800-foot-tall office tower taking shape at 625 Madison Avenue. In exchange for over 99,000 square feet of bonus floor area, the developer would fund improvements to the Fifth Avenue-59th Street subway station including a new ADA-accessible entrance, an elevator and staircase, a far-control area, and platform upgrades to the southbound platform; a separate proposal at 655 Madison Avenue would improve access to the northbound station.
While Manhattan Community Board 5 was supportive of the transit improvements, they were less sold on the requested height. Additionally, commissioners expressed concerns about the timing of the station work, a proposed waiver that would allow the developer to avoid widening the sidewalk by 10 feet, and the possibility that the project could worsen street-level congestion rather than improve conditions. In the end, the commission did not take a vote on this today, but will consider it at a later date.
Recent Billionaires' Row Reductions
-16.7% | -$15,000,000
432 Park Avenue, #64
$75,000,000
Midtown East | Condominium | 4 Bedrooms, 5.5 Baths | 8,038 ft2
432 Park Avenue, #64 (Douglas Elliman Real Estate)
-6.2% | -$2,500,000
111 West 57th Street, #PH80
$39,950,000
Midtown West | Condominium | 3 Bedrooms, 3.5 Baths | 5,894 ft2
111 West 57th Street, #PH80 (Modlin Group LLC)
-6.2% | -$2,500,000
111 West 57th Street, #PH82
$37,500,000
Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 5,586 ft2
111 West 57th Street, #PH82 (Modlin Group LLC)
-23.7% | -$3,875,000
Trump Parc, #21ABCDE
$12,500,000
Midtown West | Condominium | 4 Bedrooms, 4.5 Baths | 5,450 ft2
Trump Parc, #21ABCDE (Douglas Elliman Real Estate)
-16.5% | -$1,145,000
One57, #50B
$5,800,000
Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 2,009 ft2
One57, #50B (Compass)
-6.1% | -$260,000
Baccarat Hotel & Residences, #22A
$3,995,000
Midtown West | Condominium | 2 Bedrooms, 2.5 Baths | 1,728 ft2
Baccarat Hotel & Residences, #22A (Corcoran Group)
-10.7% | -$300,000
Olympic Tower, #23A
$2,500,000
Midtown East | Condominium | 2 Bedrooms, 2.5 Baths | 1,791 ft2
Olympic Tower, #23A (Coldwell Banker Warburg)
-13.1% | -$300,000
Olympic Tower, #29C
$1,995,000
Midtown East | Condominium | 1 Bedroom, 2 Baths | 1,300 ft2
Olympic Tower, #29C (Sothebys International Realty)
Recently Reduced Listings
-3.8% | -$750,000
17 East 93rd Street, #TH
$18,750,000
Carnegie Hill | Townhouse | 4 Bedrooms, 6+ Baths
17 East 93rd Street, #TH (Sothebys International Realty)
-5.7% | -$600,000
227 West 17th Street, #7
$9,900,000
Chelsea | Cooperative | 3 Bedrooms, 2.5 Baths | 4,800 ft2
227 West 17th Street, #7 (Sothebys International Realty)
-10.1% | -$600,000
The Ice House, #6A
$5,350,000
Tribeca | Condominium | 2 Bedrooms, 2 Baths | 2,134 ft2
The Ice House, #6A (Compass)
-4.6% | -$205,000
138 Manhattan Avenue, #TH
$4,295,000
Central Park West | Townhouse | 5 Bedrooms, 3.5 Baths | 3,600 ft2
138 Manhattan Avenue, #TH (Compass)
-11.2% | -$505,000
5th on the Park, #26D
$3,995,000
East Harlem | Condominium | 4 Bedrooms, 2.5 Baths | 2,890 ft2
5th on the Park, #26D (Douglas Elliman Real Estate)
-5.1% | -$200,000
450 Washington Street, #218
$3,700,000
Tribeca | Condop | 2 Bedrooms, 2 Baths | 1,121 ft2
450 Washington Street, #218 (Corcoran Group)
-7.9% | -$300,000
The Porter House, #4W
$3,495,000
Chelsea | Condominium | 2 Bedrooms, 2.5 Baths | 1,942 ft2
The Porter House, #4W (Compass)
-11.8% | -$400,000
No. 33 Park Row, #6B
$2,995,000
Financial District | Condominium | 2 Bedrooms, 2.5 Baths | 1,413 ft2
No. 33 Park Row, #6B (Coldwell Banker Warburg)
-4.0% | -$100,000
37B Crosby Street, #3
$2,395,000
SoHo | Cooperative | 1 Bedroom, 1.5 Baths | 1,200 ft2
37B Crosby Street, #3 (EXP Realty NYC)
-4.8% | -$100,000
Millennium Tower Residences, #12E
$1,995,000
Battery Park City | Condominium | 2 Bedrooms, 2.5 Baths | 1,526 ft2
Millennium Tower Residences, #12E (Corcoran Group)
-7.2% | -$100,000
366 West 11th Street, #8A
$1,295,000
West Village | Condominium | Studio, 1 Bath | 465 ft2
366 West 11th Street, #8A (Compass)
-9.6% | -$115,000
The Dunham, #2A
$1,085,000
Williamsburg | Condominium | 1 Bedroom, 1 Bath | 768 ft2
The Dunham, #2A (Corcoran Group)
150 East 61st Street, #16D (Compass)
-10.7% | -$96,000
The Fairfax, #61A
$799,000
Carnegie Hill | Cooperative | 1 Bedroom, 1 Bath
The Fairfax, #61A (Compass)
450 Clinton Street, #4D (Compass)
-6.5% | -$50,000
Liberty Court, #12D
$725,000
Battery Park City | Condominium | 1 Bedroom, 1 Bath | 650 ft2
Liberty Court, #12D (Battery Park City Residential LLC)
-16.7% | -$100,000
Lincoln Terrace, #2R
$500,000
Lincoln Center | Cooperative | Studio, 1 Bath
Lincoln Terrace, #2R (Compass)
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