Price Cuts: First Giorgio Armani Residences resale gets 15% haircut; Lescaze-designed Upper East Side mansion trimmed by $7M

The Giorgio Armani Residences, #9 (Douglas Elliman) | https://www.cityrealty.com/nyc/park-fifth-ave-79th-st/the-giorgio-armani-residences-760-madison-avenue/173391/9/aeXCuzrusGL

Wednesday, Dec 10, 2025 By CityRealty Staff, CityRealty contributor

From December 2-9, 2025, about 200 condos, co-ops, condops, and townhouses throughout New York City experienced price reductions. While these are more price cuts than last week, they come at a time when sales listings are down in New York City, to fewer than 7,600 now as compared to over 9,000 in late October 2025. However, this is likely the result of city sellers delisting their homes over the holiday season.

If anything, the New York City market remains highly attractive for buyers. Luxury contracts are still being signed in Manhattan, and a Miller Samuel report found that the number of Brooklyn condo contracts signed in November 2025 grew 44% year-over-year, with Brooklyn co-op contracts rising 16% in the same time period. In a note at the end of November 2025, Serhant brokerage founder Ryan Serhant said, "Prices and high [mortgage] rates aren’t a concern for luxury buyers in New York City, where the luxury market posted its strongest week since May...It’s as clear an indication as any of the durability of the New York City luxury market despite the headlines and political noise surrounding the recent mayoral election."

The past week's price cuts included 32 East 74th Street, a Modernist Upper East Side townhouse designed by William Lescaze. Textile entrepreneur Raymond C. Kramer commissioned Mr. Lescaze to build his Upper East Side mansion after seeing Mr. Lescaze's own home on East 48th Street; the result is a house with a white stucco facade and oversized windows, all of which have been carefully preserved to comply with landmarks laws.

In 1969, after Mr. Kramer and his wife died, their heir sold the house to the government of Madagascar, which used it as its permanent mission to the United Nations. The most recent buyer purchased it for $14.5 million in 2015 and listed it for $20 million in December 2017. It has been on and off the market since then, and the latest cut brings it under $13 million, setting the seller up to take a loss.

-13% | -$2,005,000

32 East 74th Street, #TH
$12,995,000

Park/Fifth Ave. to 79th St. | Townhouse | 6+ Bedrooms, 6+ Baths | 7,182 ft²

32 East 74th Street, #TH (Douglas Elliman Real Estate)

From the Listing: Welcome to 32 East 74th Street: The First Modern Townhouse in the Upper East Side Designed in 1935 by renowned architect William Lescaze, a pioneer of the European International Style, this exceptional townhome offers a rare opportunity to own a piece of modernist history in one of Manhattan's most lucrative neighborhoods. Meticulously renovated from top to bottom, including the addition of a large elevator, this residence harmoniously blends the original mid-century design with contemporary luxuries. See floor plan and full details here.

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

-14.5% | -$4,800,000

The Giorgio Armani Residences, #9
$28,000,000

Park/Fifth Ave. to 79th St. | Condominium | 4 Bedrooms, 4.5 Baths | 4,530 ft²

The Giorgio Armani Residences, #9 (Douglas Elliman Real Estate)

From the Listing: A fully customized, one-of-a-kind residence designed with exacting precision, the Ninth Floor at 760 Madison Avenue spans 4,530 square feet and stands alone as the only residence in the building with this tailored layout. Every inch was reimagined from the original floorplan to optimize proportion, flow, and light - creating a seamless, highly livable home with the feel of a private estate in the sky. See floor plan and full details here.

-11.8% | -$745,000

532 West 20th Street, #5
$5,250,000

Chelsea | Condominium | 4 Bedrooms, 3.5 Baths | 2,703 ft²

532 West 20th Street, #5 (Douglas Elliman Real Estate)

From the Listing: Residence 5 is a luxurious full-floor home in a full-service, doorman building, featuring a private elevator landing entrance. Spanning 2,703 square feet this 4-bedroom, 3.5-bathroom residence includes a 155-square-foot private balcony with southern exposure and views of the High Line.

The building offers a private parking garage with valet service, accessible directly from the lobby, along with private storage for added convenience. Buyer to receive common charge and tax credit at closing. See floor plan and full details here.

-5.5% | -$300,000

One Central Park West, #23C
$5,150,000

Central Park West | Condominium | 2 Bedrooms, 2.5 Baths | 1,468 ft²

One Central Park West, #23C (Corcoran Group)

From the Listing: Relish the breathtaking beauty of Central Park, Columbus Circle and points downtown from your urban oasis perched on the 23rd floor of 1 Central Park West. This sun flooded corner unit with double exposures has 2 king-sized bedrooms with ensuite baths and an additional powder room. See floor plan and full details here.

-11.1% | -$600,000

Madison Green, #PHN
$4,800,000

Flatiron/Union Square | Condominium | 3 Bedrooms, 2.5 Baths | 1,571 ft²

Madison Green, #PHN (Brown Harris Stevens Residential Sales LLC)

From the Listing: Enjoy spectacular protected park views overlooking Madison Square Park with direct views of the Empire State Building and beautiful landmarked architecture and beyond. The 450-square-foot set-back wraparound terrace perched high above the park is fabulous with those incredible views. This newly renovated home is pristine with 10' ceilings and oversized windows. See floor plan and full details here.

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-8.3% | -$350,000

Astor Court, #PH6/7
$3,850,000

Broadway Corridor | Cooperative | 4 Bedrooms, 4 Baths

Astor Court, #PH6/7 (Compass)

From the Listing: More than a penthouse—PH 6/7 is a private retreat where indoor–outdoor living defines the experience. A Saltillo-tiled walkway guides you to your residence, which opens onto a sprawling roof terrace that feels worlds away from the city below. The terrace seamlessly extends into the interiors, where natural maple floors, seven skylights, and open, sun-washed spaces blur the line between inside and out. See floor plan and full details here.

-7.4% | -$310,000

The Kent, #8C
$3,790,000

Yorkville | Condominium | 3 Bedrooms, 3 Baths | 1,959 ft²

The Kent, #8C (Brown Harris Stevens Residential Sales LLC)

From the Listing: Welcome to Residence 8C at 200 East 95th Street, a light-filled three-bedroom, three-bathroom home in the prestigious Kent condominium. This finely appointed residence offers refined interiors, a thoughtfully designed floorplan, and a 20-year tax abatement-an extraordinary opportunity on the Upper East Side. Spanning nearly 1,959 square feet, this spacious home features north, east, and south-facing exposures, allowing natural light to fill the space throughout the day. See floor plan and full details here.

-24.9% | -$1,180,000

Westminster House, #2FG
$3,395,000

Carnegie Hill | Cooperative | 3 Bedrooms, 3 Baths

Westminster House, #2FG (Coldwell Banker Warburg)

From the Listing: Don't miss this wonderful opportunity to live in an unusually 'loft like' spacious 3-bedroom, 3-bath home with a gracious, open entertainment space including a living room, dining room, kitchen, and den. The contemporary kitchen features high-end finishes and a wine cooler, making it the perfect spot for preparing meals and entertaining. See floor plan and full details here.

-8.4% | -$275,000

428 East 10th Street, #2B
$2,975,000

East Village | Cooperative | 3 Bedrooms, 2.5 Baths | 2,750 ft²

428 East 10th Street, #2B (Corcoran Group)

From the Listing: Welcome to Residence 2B, a sprawling 3-bedroom, 2.5-bathroom loft-style home offering over 2,700 square feet of thoughtfully designed living space in one of Manhattan's most alluring neighborhoods-the East Village. Currently configured as a flexible three-bedroom with a dedicated home office, this unique residence blends architectural charm with modern luxury. See floor plan and full details here.

-5% | -$146,000

The Royal York I, #EPHABC
$2,749,000

Lenox Hill | Condop | 4 Bedrooms, 4 Baths

The Royal York I, #EPHABC (Serhant)

From the Listing: An architectural masterpiece in the sky, this rare penthouse combination of three residences offers an extraordinary canvas for modern living. With every detail thoughtfully curated, the home itself feels like a work of art-where sweeping views, abundant natural light, and striking interiors converge to create a residence of remarkable beauty. Spanning 2,725 square feet inside and encircled by a 1,295-square-foot wraparound terrace, the residence is as much an experience as it is a home. See floor plan and full details here.

-31% | -$1,495,000

24 Central Park South, #19E
$2,500,000

Midtown West | Cooperative | 2 Bedrooms, 2.5 Baths

24 Central Park South, #19E (Douglas Elliman Real Estate)

From the Listing: Bring your contractor and create a dream home with spectacular open views of Central Park and unparalleled outdoor space. Located in a building with only two apartments per floor, Residence #19E is a 2-bed/2.5-bath residence that provides a great opportunity to create an unforgettable residence at one of the city's signature addresses. See floor plan and full details here.

-8.2% | -$205,000

25 East 83rd Street, #2E
$2,295,000

Carnegie Hill | Cooperative | 2 Bedrooms, 2 Baths

25 East 83rd Street, #2E (Corcoran Group)

From the Listing: Perfectly positioned on a tranquil park block just off Madison Avenue, this elegant two-bedroom, two-bath home at 25 East 83rd Street offers both space and serenity in one of the Upper East Side's most coveted locations. An expansive layout unfolds through a gracious foyer into a bright, south-facing living and dining area framed by treetop views. See floor plan and full details here.

-10.6% | -$270,000

60 Riverside Drive, #19C
$2,225,000

Riverside Dr./West End Ave. | Cooperative | 2 Bedrooms, 2.5 Baths

60 Riverside Drive, #19C (Sothebys International Realty)

From the Listing: Experience panoramic river views from this this corner two-bedroom, two-and-a-half bath Upper West Side apartment. Take in the mesmerizing scenery with soaring views all the way up to the George Washington Bridge, and south down the wide expanse of the majestic Hudson River. Perched high on the private balcony, you can observe far and wide. See floor plan and full details here.

-13.7% | -$300,000

The Leyton, #12C
$1,850,000

Lenox Hill | Condominium | 1 Bedroom, 2 Baths | 1,081 ft²

The Leyton, #12C (William Raveis New York City LLC)

From the Listing: Welcome to an incredibly rare offering at The Leyton. This one-bedroom duplex residence is defined by soaring 19'6" ceilings, dramatic scale, and luminous floor-to-ceiling windows. This architecturally striking home combines loft-like proportions with sophisticated design details by renowned interior designer Elena Frampton. See floor plan and full details here.

-8.7% | -$155,000

Park Regis, #20E
$1,595,000

Carnegie Hill | Cooperative | 2 Bedrooms, 2 Baths

Park Regis, #20E (Sothebys International Realty)

From the Listing: Discover an exceptional opportunity to create your dream home in the heart of Carnegie Hill, one of Manhattan’s most coveted neighborhoods. This expansive southeast facing 2-bedroom, 2-bath residence boasts a gracious layout with abundant natural light, and a private balcony with fabulous open city views! The apartment offers a lovely open living room, dining room concept with a balcony off of the dining room. See floor plan and full details here.

-11.4% | -$195,000

L Haus, #8A
$1,500,000

Long Island City | Condominium | 2 Bedrooms, 2 Baths | 1,338 ft²

L Haus, #8A (Brown Harris Stevens Queens LLC)

From the Listing: Unit 8A offers expansive space, ample storage, and bright natural light throughout. At 1,338 square feet, this is one of the largest 2-beds and one of the best deals on the market in LIC right now! Even better, this corner apartment offers three exposures--east, south, and north--which allows for an open and airy feel to the entire unit. Triple-pane windows, hardwood floors, and Bosch washer/dryer add to both the luxury and functionality of this apartment. See floor plan and full details here.

-8% | -$120,000

The Corinthian, #47B
$1,375,000

Murray Hill | Condominium | 1 Bedroom, 2 Baths | 971 ft²

The Corinthian, #47B (Thrasher Real Estate LLC)

From the Listing: The spectacular view greets you as you first enter this stunning one-bedroom, two-bath home on the 47th floor and continues to amaze you from every angle of the spacious living area! The 15 feet of bay windows offer a sweeping view of all of lower Manhattan with the Freedom Tower and Empire State Building and also includes both the Hudson River and the East River complete with the Brooklyn, Manhattan, and Williamsburg Bridges. Any or all of the custom furnishings can be included. See floor plan and full details here.

-7.2% | -$100,000

The Atlantic, #2A
$1,295,000

Boerum Hill | Condominium | 2 Bedrooms, 2 Baths | 980 ft²

The Atlantic, #2A (Corcoran Group)

From the Listing: Welcome to an oasis in Boerum Hill at 457 Atlantic Avenue! The centerpiece is an enormous private terrace offering separate entertainment areas and a serene escape with skyline views bathed in southern sunshine. This meticulously maintained home boasts oak flooring throughout, beamed ceilings, a vented in-unit washer/dryer and a wall of oversized windows overlooking the tranquil terrace. See floor plan and full details here.

-7.3% | -$100,000

St. George Tower, #5QR
$1,250,000

Brooklyn Heights | Cooperative | 2 Bedrooms, 2 Baths

St. George Tower, #5QR (Nest Seekers LLC)

From the Listing: Welcome to Residence 5QR at 111 Hicks Street - a thoughtfully designed two-bedroom, two-bath home in the heart of Brooklyn Heights, one of New York City’s most historic and picturesque neighborhoods. Blending timeless elegance with modern functionality, the residence features responsibly harvested Brazilian cherrywood floors, abundant custom cabinetry, and generous closet space throughout - including a grand walk-in in the oversized primary suite. The show-stopping feature is the oversized outdoor terrace, shared with only two neighboring units. See floor plan and full details here.

-7.4% | -$100,000

LUNA, #501
$1,250,000

Gowanus | Condominium | 2 Bedrooms, 1 Bath | 829 ft²

LUNA, #501 (Corcoran Group)

From the Listing: Come home to this super stylish, sunny and "like-new" 2-bed, 1-bath condo with indoor parking in the most desirable spot in Park Slope! Take the elevator to the 5th floor and enter into a home that is flooded with light all day long through the inspiring and oversized south facing arched windows in both bedrooms and the living room and kitchen/dining area. A storage unit is also included for an additional $12/month. See floor plan and full details here.

-25.8% | -$351,000

424 West 49th Street, #6A
$999,000

Midtown West | Condominium | 2 Bedrooms, 2 Baths

424 West 49th Street, #6A (Compass)

From the Listing: Indoor-outdoor dreams come true in this gorgeous two-bedroom, two-bathroom duplex featuring a spectacular private rooftop terrace with jaw-dropping skyline views, and an ideal location atop a six-story Hell's Kitchen building with low monthlies. The open-plan main level invites you to stretch out and relax in the spacious living/dining room. See floor plan and full details here.

-9.3% | -$96,000

The Industry, #6B
$899,000

Long Island City | Condominium | 1 Bedroom, 1 Bath | 723 ft²

The Industry, #6B (Corcoran Group)

From the Listing: Featuring a large balcony, high ceilings, oversized windows framing skyline views of Long Island City and Manhattan, in-unit washer/dryer. The spacious open-plan living room flows perfectly onto the large balcony where you can quietly enjoy the views. A storage unit is included for this apartment. See floor plan and full details here.

-11% | -$80,000

Turtle Bay Towers, #21T
$645,000

Turtle Bay/United Nations | Condop | Studio, 1 Bath

Turtle Bay Towers, #21T (Sothebys International Realty)

From the Listing: Welcome to this sun-drenched, sophisticated loft perched atop the iconic Turtle Bay Towers—a rare gem that effortlessly blends style, comfort, and city living. This striking residence is bathed in natural southern light enjoying views of the iconic Chrysler Building, framed by a dramatic wall of oversized windows that bring the city skyline right into your living room. See floor plan and full details here.

-7.7% | -$50,000

217 East 5th Street, #6F
$600,000

East Village | Cooperative | 1 Bedroom, 1 Bath

217 East 5th Street, #6F (Compass)

From the Listing: Discover a great opportunity to own this floor through one-bedroom home on East 5th Street, nestled between Second and Third Avenues. Stretching the entire length of the building, this residence offers bright southern views from the living room and serene northern exposures from the bedroom. Estate sale. See floor plan and full details here.

-8.2% | -$50,000

245 East 72nd Street, #6E
$550,000

Lenox Hill | Cooperative | 1 Bedroom, 1 Bath

245 East 72nd Street, #6E (Corcoran Group)

From the Listing: Experience timeless elegance and modern comfort in this beautifully renovated one-bedroom, one-bath residence at 245 East 72nd Street - a classic Emery Roth-designed prewar cooperative in the heart of the Upper East Side. A gracious foyer with two large closets introduces a spacious layout that effortlessly blends style and functionality. See floor plan and full details here.

In this article:

-13% | -$2,005,000

32 East 74th Street, #TH
$12,995,000

Recently reduced listings

-14.5% | -$4,800,000

The Giorgio Armani Residences, #9
$28,000,000

-11.8% | -$745,000

532 West 20th Street, #5
$5,250,000

-5.5% | -$300,000

One Central Park West, #23C
$5,150,000

-11.1% | -$600,000

Madison Green, #PHN
$4,800,000

Select which properties are of interest to you:

-8.3% | -$350,000

Astor Court, #PH6/7
$3,850,000

-7.4% | -$310,000

The Kent, #8C
$3,790,000

-24.9% | -$1,180,000

Westminster House, #2FG
$3,395,000

-8.4% | -$275,000

428 East 10th Street, #2B
$2,975,000

-5% | -$146,000

The Royal York I, #EPHABC
$2,749,000

-31% | -$1,495,000

24 Central Park South, #19E
$2,500,000

-8.2% | -$205,000

25 East 83rd Street, #2E
$2,295,000

-10.6% | -$270,000

60 Riverside Drive, #19C
$2,225,000

-13.7% | -$300,000

The Leyton, #12C
$1,850,000

-8.7% | -$155,000

Park Regis, #20E
$1,595,000

-11.4% | -$195,000

L Haus, #8A
$1,500,000

-8% | -$120,000

The Corinthian, #47B
$1,375,000

-7.2% | -$100,000

The Atlantic, #2A
$1,295,000

-7.3% | -$100,000

St. George Tower, #5QR
$1,250,000

-7.4% | -$100,000

LUNA, #501
$1,250,000

-25.8% | -$351,000

424 West 49th Street, #6A
$999,000

-9.3% | -$96,000

The Industry, #6B
$899,000

-11% | -$80,000

Turtle Bay Towers, #21T
$645,000

-7.7% | -$50,000

217 East 5th Street, #6F
$600,000

-8.2% | -$50,000

245 East 72nd Street, #6E
$550,000

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In this article:

-13% | -$2,005,000 32 East 74th Street, #TH$12,995,000

Recently reduced listings

-14.5% | -$4,800,000 The Giorgio Armani Residences, #9$28,000,000

-11.8% | -$745,000 532 West 20th Street, #5$5,250,000

-5.5% | -$300,000 One Central Park West, #23C$5,150,000

-11.1% | -$600,000 Madison Green, #PHN$4,800,000

Select which properties are of interest to you:

-8.3% | -$350,000 Astor Court, #PH6/7$3,850,000

-7.4% | -$310,000 The Kent, #8C$3,790,000

-24.9% | -$1,180,000 Westminster House, #2FG$3,395,000

-8.4% | -$275,000 428 East 10th Street, #2B$2,975,000

-5% | -$146,000 The Royal York I, #EPHABC$2,749,000

-31% | -$1,495,000 24 Central Park South, #19E$2,500,000

-8.2% | -$205,000 25 East 83rd Street, #2E$2,295,000

-10.6% | -$270,000 60 Riverside Drive, #19C$2,225,000

-13.7% | -$300,000 The Leyton, #12C$1,850,000

-8.7% | -$155,000 Park Regis, #20E$1,595,000

-11.4% | -$195,000 L Haus, #8A$1,500,000

-8% | -$120,000 The Corinthian, #47B$1,375,000

-7.2% | -$100,000 The Atlantic, #2A$1,295,000

-7.3% | -$100,000 St. George Tower, #5QR$1,250,000

-7.4% | -$100,000 LUNA, #501$1,250,000

-25.8% | -$351,000 424 West 49th Street, #6A$999,000

-9.3% | -$96,000 The Industry, #6B$899,000

-11% | -$80,000 Turtle Bay Towers, #21T$645,000

-7.7% | -$50,000 217 East 5th Street, #6F$600,000

-8.2% | -$50,000 245 East 72nd Street, #6E$550,000

Related Listings

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My Account

-13% | -$2,005,000

32 East 74th Street, #TH
$12,995,000

-14.5% | -$4,800,000

The Giorgio Armani Residences, #9
$28,000,000

-11.8% | -$745,000

532 West 20th Street, #5
$5,250,000

-5.5% | -$300,000

One Central Park West, #23C
$5,150,000

-11.1% | -$600,000

Madison Green, #PHN
$4,800,000

-8.3% | -$350,000

Astor Court, #PH6/7
$3,850,000

-7.4% | -$310,000

The Kent, #8C
$3,790,000

-24.9% | -$1,180,000

Westminster House, #2FG
$3,395,000

-8.4% | -$275,000

428 East 10th Street, #2B
$2,975,000

-5% | -$146,000

The Royal York I, #EPHABC
$2,749,000

-31% | -$1,495,000

24 Central Park South, #19E
$2,500,000

-8.2% | -$205,000

25 East 83rd Street, #2E
$2,295,000

-10.6% | -$270,000

60 Riverside Drive, #19C
$2,225,000

-13.7% | -$300,000

The Leyton, #12C
$1,850,000

-8.7% | -$155,000

Park Regis, #20E
$1,595,000

-11.4% | -$195,000

L Haus, #8A
$1,500,000

-8% | -$120,000

The Corinthian, #47B
$1,375,000

-7.2% | -$100,000

The Atlantic, #2A
$1,295,000

-7.3% | -$100,000

St. George Tower, #5QR
$1,250,000

-7.4% | -$100,000

LUNA, #501
$1,250,000

-25.8% | -$351,000

424 West 49th Street, #6A
$999,000

-9.3% | -$96,000

The Industry, #6B
$899,000

-11% | -$80,000

Turtle Bay Towers, #21T
$645,000

-7.7% | -$50,000

217 East 5th Street, #6F
$600,000

-8.2% | -$50,000

245 East 72nd Street, #6E
$550,000

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