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425 East 13th Street, Unit 1N (Compass) 425 East 13th Street, Unit 1N (Compass)
The longer New York's shutdown lasts, the more it cannot help affecting the real estate market. Despite an increase in videos and technologies that allow prospective buyers to tour apartments without leaving home, some people believe there's no substitute for seeing apartments in person. As a result, some agents are pulling their listings off the market and others are reducing prices. Please note that all of the following reductions are cumulative and not reflective of the most recent cuts.
101-West-15th-Street-04 Furnished apartment via Stonehenge NYC
Meanwhile, rental apartments throughout the five boroughs have been experiencing drops in prices that, while not going back to rents of yesteryear, are still enough to raise eyebrows among prospective renters. The trend is especially prevalent among long-term furnished rentals, which have long depended on students and out-of-town renters, two markets that have significantly dried up over the past few weeks.

However, one thing that does not seem to have changed is the quick turnover of rental apartments. With that in mind, the rental portion of this post will look at buildings as a whole that recently experienced dramatic price drops rather than individual listings.

Top Sales Price Cuts
56-Pine-Street-01 All images of 56 Pine Street via Compass
From the listing:
This high-floor, large 1 bedroom unit at the historic Cambridge Club, is your opportunity to own in a wonderful boutique condominium building in the Financial District. The high ceilings, open galley kitchen, large bedroom and recently renovated bath will feel like "home" as soon as you enter. The large eastern-facing windows allow morning light to flood the apartment, yet it is very quiet. Hardwood floors also add to the warmth of the unit. See floor plan and full details here.

300-East-59th-Street-1 All images of The Landmark via Compass
From the listing:
This meticulously redesigned corner three-bedroom, three-bathroom haven is approximately 2000 square feet and features expansive cityscape views and two elegant balconies off the main entertaining space. The adjoining living and dining room are further enhanced by wall-to-wall Thermopane windows offering direct North and Western exposures. The windowed open chef's kitchen is replete with quartz countertops, Porcelanosa tiling, ample breakfast bar that overlooks the living and dining area and outfitted with top-of-the-line appliances, such as a Fulgor range from Milan and Leibherr refrigerator. See floor plan and full details here.

45-East-30th-Street-01 All images of Park South Lofts via R New York
From the listing:
This unit features soaring 11' ceilings with exposed detail, a private balcony and wide-plank Brazilian cherry wood floors throughout. The sleek, modern kitchen abounds with premium conveniences, including a GE Profile refrigerator, a Viking range and wine cooler. The sumptuous bathroom, fitted with an innovative spa tub with heated backrest and massage. It is also trimmed in classic Carrera marble. Additional amenities include a washer/dryer in the unit, an 18h doorman, and additional storage. See floor plan and full details here.

229-Norman-Avenue-01 All images of 229 Norman Avenue via Compass
From the listing:
The building used to be a sponge factory but was converted into a building with 13.5' ceilings and huge oversized windows. This loft space is a huge 650 square feet with a lot of natural light, which is great for an artist studio or office space. There is also upgrades being done to the building. The building comes with a gorgeous roof deck with 360 degree views of New York City and a common court yard. It also has a virtual doorman with key fob system, full time super, maintenance, elevator and high tech security. Inexpensive common charges with tax abatement up to June of 2031. See floor plan and full details here.

425-East-13th-Street-01 All images of The A Building via Compass

Rental Buildings with Most Reductions
105-West-29th-Street-01 All images of Beatrice via Equity Residential
Apartments at Beatrice occupy the upper 28 stories of its building on top of the 290-room Eventi Hotel situated where Chelsea meets Midtown. As such, all units enjoy spectacular views of the Empire State Building, the Hudson River, and the iconic New York City skyline. Interiors feature high ceilings, floor-to-ceiling windows with blackout shades, kitchens with stainless steel appliances, in-unit washer/dryers, and generous closet space. Amenities include a 24-hour fitness center, resident lounges, in-house dry-cleaning service, and a 54th-floor Cloud lounge. See all details and listings here.

555-Tenth-Avenue-01 All images of 555Ten via Extell
The westernmost part of Midtown has experienced a luxury rental building boom in recent years, and this includes 555Ten, a 56-story skyscraper just west of Times Square. Double-windowed walls allow residents to experience panoramic city views without the accompanying noise, and interior features include hardwood floors, stainless steel appliances, in-unit washer/dryer, and a choice of color schemes for flooring and cabinetry. An impressive amenity suite includes, but is not limited to, a two-lane bowling alley, video arcade, children's playroom, pet spa, fitness center with indoor pool, and roof deck with outdoor pool. See all details and listings here.

101-West-15th-Street-01 All images of 101W15 via Stonehenge NYC
101W15 always had a prime location on the cusp of Chelsea, Greenwich Village, and the Flatiron District, and the building has recently been renovated into modern apartments with an impressive amenities offering. All units feature hardwood floors, custom treatments on oversized windows, stainless steel appliances, and in-unit washer/dryers. The pet-friendly building offers a fitness center, lounge, expansive outdoor space, and thoughtfully curated events hosted therein. See all details and listings here.

27-Avenue-C-01 All images of 27 Avenue C via Icon Realty Management
In the wake of a gut renovation, units at this prewar building combine Old World charm with contemporary convenience. Features include exposed brick walls, crown and baseboard moldings, recessed lighting, ebony hardwood floors, in-unit washer/dryers, and kitchens with marble countertops and stainless steel appliances. The building has a virtual doorman system and private courtyard. See all details and listings here.

808-Columbus-Avenue-01 All images of Columbus Square via UDR/Hill West Architects
Columbus Square is well situated between Riverside and Central Parks, south of Columbia University, and close to transportation. All apartments are beautifully outfitted with open floor plans, floor-to-ceiling windows, and modern kitchens with stainless steel appliances. A Whole Foods is in the base of the building, and official amenities include an attended lobby and outdoor lounges. See all details and listings here.

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