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432 Park Avenue via Elliman 432 Park Avenue via Elliman
According to a new report, America’s first-quarter GDP has contracted for the first time in six years and fallen at a 4.8% annualized rate. This was the worst drop since the fourth quarter of 2008, or the height of the Great Recession. Economists caution that "the full economic effects of the COVID-19 pandemic cannot be quantified," but between the closing of non-essential businesses, stay-at-home orders, and large-scale layoffs and furloughs, more people are saving their money than spending. One economist predicts that the economy is not expected to bounce back until late 2022.

In the meantime, a total of 50 condos, co-ops, and townhouses throughout the five boroughs have had their prices reduced in the past seven days. Just as the coronavirus does not discriminate, neither does the price cuts - small studios and sprawling mansions alike have experienced them. Please be advised that all figures reflect cumulative price cuts as opposed to the most recent reductions.
The fears may have hit the rental market as well, with one striking example to be found at 432 Park Avenue: Shortly after New York went on lockdown, a high-floor home in the city's tallest finished residential building went on the market as a fully furnished rental asking an eye-watering $100,000/month. But it seems the unit’s prestigious address, corner location, and AD100 design pedigree have yet to entice a renter in this environment; the price has fallen 55 percent to $45,000/month over the past week. The sale of the 59th-floor sky palace closed last year for $16,939,575. The buyer is listed as the LLC, Hampstead Properties, Inc.

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Fully furnished corner condo is reached via private elevator landing and looks out on spectacular skyline and Central Park views through oversized picture windows. The corner living/dining room is directly adjacent to a gourmet kitchen with abundant cabinetry, a center island, marble countertops, and Miele appliances. The master suite has a full dressing room and marble bath with radiant heated floors. See full details here.

845-United-Nations-Plaza-01 All images of Trump World Tower via Compass
Waterfront apartment enjoys stunning views of the East River and United Nations Plaza through floor-to-ceiling windows. Interior features include 10' ceilings, decorative fireplace, custom built-ins, fine millwork, and herringbone wood floors. Both bedrooms have en suite baths, and the master suite has a walk-in closet. A virtual tour is planned for this unit. See floor plan and full details here.

353-East-104th-Street-01 All images of Observatory Place via Compass
Bright apartment in a LEED-certified condominium enjoys vibrant sunlight through oversized windows and breathtaking city views from a private balcony off the living room. Interiors boast open floor plan, bamboo floors, sizable closets, two-way video intercom, central air conditioning, and in-unit washer/dryer. The kitchen is outfitted with Caesarstone countertops and stainless steel appliances. See floor plan and full details here.

25-Schermerhorn-Street-01 All images of 25 Schermerhorn Street via Compass
Victorian mansion on a tree-lined brownstone block comes with new windows, a large back garden, and endless configuration possibilities, including potential for a roof deck. Timeless architectural details include soaring ceilings, stunning crown moldings, original shutters, and a total of six masterfully carved marble mantels. All five floors are linked by a graceful staircase. See floor plan and full details here.

210-East-63rd-Street-01 All images of 210 East 63rd Street via Brown Harris Stevens
Alcove studio is filled with light through a wall of windows, but a partition with blinds separates the sleeping area from the living area. A large custom walk-in closet and built-in shelving and drawers throughout provide seemingly endless storage space. It is in a boutique cooperative near Central Park and several public transportation options. A video tour is available for this unit. See floor plan and full details here.

25-Murray-Street-01 All images of Tribeca Space via The Corcoran Group
Grandly scaled home in a prewar Tribeca building boasts flexible layout and four exposures looking out on open city views. Features include grand entrance vestibule, large living room, formal dining room, library, media room, and double-exposure master suite with private sitting room. Whole Foods, Brookfield Place, Hudson River Park, and several subway stops are a short walk from the building. See floor plan and full details here.

140-East-81st-Street-01 All images of The Englewood via The Corcoran Group
Ultra-private apartment in a prewar doorman building is rich in gracious details like high beamed ceilings, a gracious foyer, and herringbone wood floors. The windowed kitchen faces south and can easily be opened up to create a contemporary open layout. The peaceful bedroom faces north and enjoys excellent closet space. See floor plan and full details here.

123-Washington-Street-01 All images of W Downtown Hotel & Residences via VHT Studios/The Nassimi Group
High-floor home can be delivered fully furnished and looks out on spectacular views of the Manhattan skyline, the Hudson River, and the Statue of Liberty from every window. Residents have access to the hotel's amenities and services, including the signature Whatever/Whenever concierge service. Zuccotti Park, Brookfield Place, and several subway stops are a short walk away. See floor plan and full details here.

157-East-32nd-Street-01 All images of L'Isola via New York Casas
Spacious alcove studio in a central location is surrounded by a wraparound terrace. Interiors boast abundant natural light, flexible layout, generous storage space, and a windowed pass-through kitchen. Doorman building enjoys easy access to the East River Ferry, Trader Joe's, and several restaurants and nightlife options. See floor plan and full details here.

123-Washington-Street-01 All images of W Downtown Hotel & Residences via Compass
Fully furnished corner condo looks out on postcard-perfect views of the Empire State Building, the Hudson River, the Statue of Liberty, and the World Trade Center Memorial through oversized windows throughout. The living area flows seamlessly into an open kitchen with Italian cabinetry, Corian countertops, and high-end integrated appliances. The master suite comes with a spa-like bath. See floor plan and full details here.

21-East-61st-Street-01 All images of Carlton House via Elliman
Elegant Upper East Side apartment boasts triple exposures and a gracious floor plan with careful separation of the entertaining and sleeping areas. An entrance gallery leads to a large living/dining room and open kitchen with top-of-the-line appliances. The corner master suite features northern and western exposures, private den, customized closets, and luxurious five-fixture bath. See floor plan and full details here.

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