From May 5-11, 2026, over 300 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions. This is a noticeable week-over-week increase in the number of price cuts, and took place at a time when some would hope to close a deal ahead of the Memorial Day weekend. It also comes as Mayor Mamdani outlined his first executive budget. This does not include a 9.8% property tax increase, as some feared earlier this year, but does include a pied-a-terre tax on second homes, assuming $500 million in annual revenue from second homes worth more than $5 million.
Upon analyzing exemptions laid out in previous pied-a-terre proposals (e.g., excluding properties rented out on a full-time basis to those who use the property as a primary residence) and factoring in how people might react to the tax, a report from the City Comptroller's office found that the tax was likelier to bring in between $340 and $380 million. While Mamdani supporters interpret the pied-a-terre tax as him keeping a campaign promise to tax the rich, the Real Estate Board of New York and New York's wealthiest are less enthusiastic about the idea.
In this article:
The luxury brokerage community is somewhat split on the idea - some are firmly against it, while others think it will become just another consideration for clients (see the mansion tax passed in 2019) - but agree that with so little detail as of yet, it is too soon to tell what will happen. In the immediate term, less than 10 percent of last week's price reductions (29) were on listings priced over $5 million, and only four listings dropped from above $5 million to just below.
-9.1% | -$500,000
450 Washington Street, #TH5
$4,995,000
Tribeca | Condop | 4 Bedrooms, 3 Baths | 2,180 ft2
450 Washington Street, #TH5 (Serhant)
Leslie Alexander's Gramercy Park penthouse down 50 percent
Business executive/former Houston Rockets owner Leslie Alexander has been trying to offload his penthouse at 18 Gramercy Park South since before Mayor Mamdani entered politics. He initially listed it for $49.75 million in 2015, less than two years after buying it for $42 million, and it has been on and off the market at gradually lower price points since then. Its most recent cut brings it down to $24.5 million, over 50 percent less than he originally sought for it and set to take a huge loss.
When Mr. Alexander bought the penthouse, his broker, Melanie Lazenby of Douglas Elliman, told The New York Times that he loved its location on Manhattan's only private park. Indeed, the penthouse includes a key to Gramercy Park, but also has four private terraces, one with an infinity pool and another with an outdoor hot tub. Interiors feature a living room overlooking Gramercy Park, a premium eat-in kitchen with staff room/home office and full bath, and a primary suite with triple exposures and a spa-inspired bath.
-50.8% | -$25,250,000
18 Gramercy Park South, #PH17
$24,500,000
Gramercy Park | Condominium | 5 Bedrooms, 5.5 Baths | 6,329 ft2
18 Gramercy Park South, #PH17 (Corcoran Group)
Nine Chapel nears sellout, cuts prices
Last week's price cuts included two units at Nine Chapel, a boutique condominium at the intersection of Downtown Brooklyn, DUMBO, and Brooklyn Heights. The developer-designer team of Tankhouse and SO - IL is known for buildings that make the most of indoor/outdoor living, and Nine Chapel is no exception: All 27 residences have private entry landings reminiscent of suburban front porches, and a covered loggia, a private terrace, or sometimes both. Interiors feature abundant natural light from at least two exposures, open kitchens with sculptural center islands, bedrooms with abundant closet space, and serene primary baths. The building is nearly 90% sold, and the price cuts represent two of the last sponsor availabilities.
-3.8% | -$70,000
Nine Chapel, #6C
$1,750,000
Downtown Brooklyn | Condominium | 2 Bedrooms, 2 Baths | 1,164 ft2
Nine Chapel, #6C (Corcoran Group)
A selection of notable listings, as well as a full chart of last week's price cuts, may be seen below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.
Recently reduced listings
-9.1% | -$2,000,000
Fifteen Hudson Yards, #PH88C
$19,950,000
Midtown West | Condominium | 4 Bedrooms, 6+ Baths | 5,139 ft2
Fifteen Hudson Yards, #PH88C (Corcoran Sunshine Marketing Group)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
-11.3% | -$2,250,000
990 Fifth Avenue, #4/5
$17,750,000
Carnegie Hill | Cooperative | 5 Bedrooms, 5.5 Baths
990 Fifth Avenue, #4/5 (Compass)
-14.0% | -$2,100,000
HL23, #PH
$12,900,000
Chelsea | Condominium | 4 Bedrooms, 4.5 Baths | 3,554 ft2
HL23, #PH (Sothebys International Realty)
-6.0% | -$480,000
172 North 6th Street, #TH
$7,495,000
Williamsburg | Townhouse | 4 Bedrooms, 3.5 Baths | 4,000 ft2
172 North 6th Street, #TH (Corcoran Group)
-5.7% | -$455,000
Stella Tower, #PHD
$7,495,000
Midtown West | Condominium | 3 Bedrooms, 3.5 Baths | 3,455 ft2
Stella Tower, #PHD (Sothebys International Realty)
-8.3% | -$499,999
One Beacon Court, #37F
$5,500,000
Midtown East | Condominium | 2 Bedrooms, 2.5 Baths | 1,729 ft2
One Beacon Court, #37F (Douglas Elliman Real Estate)
-6.2% | -$295,000
108 Leonard, #8P
$4,500,000
Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 1,882 ft2
108 Leonard, #8P (Douglas Elliman Real Estate)
-10.0% | -$500,000
301 East 52nd Street, #PHC
$4,500,000
Midtown East | Cooperative | 5 Bedrooms, 3 Baths
301 East 52nd Street, #PHC (Keller Williams NYC)
-20.0% | -$1,000,000
252 East 57th Street, #59A
$3,995,000
Midtown East | Condominium | 2 Bedrooms, 3 Baths | 2,246 ft2
252 East 57th Street, #59A (Douglas Elliman Real Estate)
The Dakota, #92 (Douglas Elliman Real Estate)
-16.6% | -$655,000
975 Park Avenue, #16A
$3,295,000
Carnegie Hill | Cooperative | 2 Bedrooms, 2 Baths | 2,200 ft2
975 Park Avenue, #16A (Corcoran Group)
-7.5% | -$255,000
257 West 86th Street, #7-8B
$3,125,000
Riverside Dr./West End Ave. | Cooperative | 3 Bedrooms, 2 Baths | 2,760 ft2
257 West 86th Street, #7-8B (Sothebys International Realty)
714 Broadway, #10 (Compass)
-14.4% | -$445,000
10 Jumel Terrace, #TH
$2,655,000
Washington Heights | Townhouse | 5 Bedrooms, 4 Baths | 3,728 ft2
10 Jumel Terrace, #TH (Douglas Elliman Real Estate)
-44.3% | -$1,750,000
The Campanile, #12
$2,200,000
Beekman/Sutton Place | Cooperative | 3 Bedrooms, 2.5 Baths
The Campanile, #12 (Brown Harris Stevens Residential Sales LLC)
-11.3% | -$255,000
The Brevoort, #17N
$1,995,000
Greenwich Village | Cooperative | 1 Bedroom, 1 Bath | 850 ft2
The Brevoort, #17N (Douglas Elliman Real Estate)
-2.5% | -$45,000
The Brooklyn Grove, #10B
$1,735,000
Downtown Brooklyn | Condominium | 2 Bedrooms, 2 Baths | 1,217 ft2
The Brooklyn Grove, #10B (Nest Seekers LLC)
-9.1% | -$150,000
23 Park Avenue, #1/A
$1,500,000
Murray Hill | Cooperative | 2 Bedrooms, 2 Baths | 1,650 ft2
23 Park Avenue, #1/A (Compass)
-17.7% | -$300,000
55 West 95th Street, #PHE
$1,395,000
Central Park West | Cooperative | 2 Bedrooms, 2 Baths
55 West 95th Street, #PHE (Compass)
-8.2% | -$95,000
The Perrie, #1201
$1,070,000
Turtle Bay/United Nations | Condominium | 1 Bedroom, 1 Bath | 639 ft2
The Perrie, #1201 (Corcoran Group)
-20.4% | -$255,000
Carnegie Hill Tower, #26G
$995,000
Carnegie Hill | Condominium | 1 Bedroom, 1 Bath | 983 ft2
Carnegie Hill Tower, #26G (Corcoran Group)
-10.7% | -$115,000
The Alfred, #35E
$960,000
Lincoln Center | Condominium | Studio, 1 Bath | 580 ft2
The Alfred, #35E (Keller Williams NYC)
-13.2% | -$125,000
49 East 12th Street, #2C
$825,000
Greenwich Village | Cooperative | 1 Bedroom, 1 Bath
49 East 12th Street, #2C (Compass)
-12.6% | -$86,000
145 West 80th Street, #4R
$599,000
Broadway Corridor | Cooperative | 1 Bedroom, 1 Bath
145 West 80th Street, #4R (Ann Ferguson LLC)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
