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Future New York

Price Cuts: Tommy Tune's penthouse reduced by 31%; Supertall sells out while other developers slash prices on last availabilities

Southgate, #PHTOWER (Compass); Tommy Tune (By Bernard Gotfryd - https://www.loc.gov/item/2020733670/, Public Domain, https://commons.wikimedia.org/w/index.php?curid=149056055) Southgate, #PHTOWER (Compass); Tommy Tune (By Bernard Gotfryd - https://www.loc.gov/item/2020733670/, Public Domain, https://commons.wikimedia.org/w/index.php?curid=149056055)
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.

In this article:

200 East 75th Street
200 East 75th Street Lenox Hill
150 East 61st Street
150 East 61st Street Lenox Hill
432 Park Avenue
432 Park Avenue Midtown East
Olympic Tower, 641 Fifth Avenue
Olympic Tower, 641 Fifth Avenue Midtown East
17 East 93rd Street
17 East 93rd Street Carnegie Hill


Tommy Tune's Southgate penthouse now nearly one-third off

400 East 52nd Street, Sutton Place townhouse Southgate, #PHTOWER (Compass)
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.

Southgate, #PHTOWER (Compass)

Price reductions at 75 Wall Street

75 Wall Street 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.
75 Wall's amenity penthouse (AMD rendering) 75 Wall's amenity penthouse (AMD rendering)
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.

Financial District sales data Financial District condo sales data (CityRealty)

75 Wall Street, #33E (Corcoran Group)

Further reductions on final sponsor availabilities

A penthouse at One11 was among a flurry of sponsored condos in nearly sold-out buildings that saw a reduction
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.
520 Fifth Avenue (center)
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.

200 East 75th Street, #PH1 (Compass)

Fifteen, #11 (Compass)

77 Greenwich Street, #PH (Reuveni LLC)

ONE11 Residences, #PHB (Douglas Elliman Real Estate)

Big condo reductions in Midtown as office market surges

111 West 57th Street, Billionaires' Row 111 West 57th Street (The Modlin Group)
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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574 Fifth Avenue, Midtown office tower Rendering of 574 Fifth Avenue (Extell)
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.
625 Madison Avenue, Midtown East office tower Rendering of 625 Madison Avenue (Related Companies)
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.
625 Madison Avenue (Related Companies / Foster + Partners / Gensler) 625 Madison Avenue (Related Companies / Foster + Partners / Gensler)

Recent Billionaires' Row Reductions


432 Park Avenue, #64 (Douglas Elliman Real Estate)

111 West 57th Street, #PH80 (Modlin Group LLC)

111 West 57th Street, #PH82 (Modlin Group LLC)

Trump Parc, #21ABCDE (Douglas Elliman Real Estate)

One57, #50B (Compass)

Baccarat Hotel & Residences, #22A (Corcoran Group)

Olympic Tower, #23A (Coldwell Banker Warburg)

Olympic Tower, #29C (Sothebys International Realty)

Recently Reduced Listings

17 East 93rd Street, #TH (Sothebys International Realty)

227 West 17th Street, #7 (Sothebys International Realty)

The Ice House, #6A (Compass)

138 Manhattan Avenue, #TH (Compass)

5th on the Park, #26D (Douglas Elliman Real Estate)

450 Washington Street, #218 (Corcoran Group)

The Porter House, #4W (Compass)

No. 33 Park Row, #6B (Coldwell Banker Warburg)

37B Crosby Street, #3 (EXP Realty NYC)

Millennium Tower Residences, #12E (Corcoran Group)

366 West 11th Street, #8A (Compass)

The Dunham, #2A (Corcoran Group)

150 East 61st Street, #16D (Compass)

The Fairfax, #61A (Compass)

450 Clinton Street, #4D (Compass)

Liberty Court, #12D (Battery Park City Residential LLC)

Lincoln Terrace, #2R (Compass)

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