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18 Gramercy Park South, #PH17 (Corcoran Group) 18 Gramercy Park South, #PH17 (Corcoran Group)
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 Campanile, 450 East 52nd Street
The Campanile, 450 East 52nd Street Beekman/Sutton Place
One Beacon Court, 151 East 58th Street
One Beacon Court, 151 East 58th Street Midtown East
301 East 52nd Street
301 East 52nd Street Midtown East
252 East 57th Street
252 East 57th Street Midtown East
James H. and Cornelia V. Robb House, 23 Park Avenue
James H. and Cornelia V. Robb House, 23 Park Avenue Murray Hill
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.

450 Washington Street, #TH5 (Serhant)

18 Gramercy Park South 18 Gramercy Park South

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.

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.

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


Fifteen Hudson Yards, #PH88C (Corcoran Sunshine Marketing Group)
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990 Fifth Avenue, #4/5 (Compass)

HL23, #PH (Sothebys International Realty)

172 North 6th Street, #TH (Corcoran Group)

Stella Tower, #PHD (Sothebys International Realty)

One Beacon Court, #37F (Douglas Elliman Real Estate)

108 Leonard, #8P (Douglas Elliman Real Estate)

301 East 52nd Street, #PHC (Keller Williams NYC)

252 East 57th Street, #59A (Douglas Elliman Real Estate)

The Dakota, #92 (Douglas Elliman Real Estate)

975 Park Avenue, #16A (Corcoran Group)

257 West 86th Street, #7-8B (Sothebys International Realty)

714 Broadway, #10 (Compass)

10 Jumel Terrace, #TH (Douglas Elliman Real Estate)

The Campanile, #12 (Brown Harris Stevens Residential Sales LLC)

The Brevoort, #17N (Douglas Elliman Real Estate)

The Brooklyn Grove, #10B (Nest Seekers LLC)

23 Park Avenue, #1/A (Compass)

55 West 95th Street, #PHE (Compass)

The Perrie, #1201 (Corcoran Group)

Carnegie Hill Tower, #26G (Corcoran Group)

The Alfred, #35E (Keller Williams NYC)

49 East 12th Street, #2C (Compass)

145 West 80th Street, #4R (Ann Ferguson LLC)

Would you like to tour any of these properties?
Just complete the info below.
  1. Select which properties are of interest to you:

Or call us at (212) 755-5544
Would you like to tour any of these properties?