Skip to Content
CityRealty Logo
778 Park Avenue, #12 (Corcoran Group); William Lauder (By US Embassy London - https://www.flickr.com/photos/usembassylondon/36942262013/, Public Domain, https://commons.wikimedia.org/w/index.php?curid=64095722) 778 Park Avenue, #12 (Corcoran Group); William Lauder (By US Embassy London - https://www.flickr.com/photos/usembassylondon/36942262013/, Public Domain, https://commons.wikimedia.org/w/index.php?curid=64095722)
From January 6-12, 2026, nearly 250 condos, co-ops, condops, and townhouses in core New York City areas experienced price reductions. These included the Park Avenue home of Estee Lauder chairman William Lauder. Mr. Lauder bought the 12th-floor apartment in the Rosario Candela-designed 778 Park Avenue from former Revlon owner Ronald Perelman in 2023, but did not hold onto it for long, instead listing it for $26.95 million in January 2025 as part of a larger sell-off that included an apartment on Fifth Avenue; this one sold in September 2025.

The Park Avenue apartment's latest price cut brings it down to $22.5 million. If it goes for this price, Mr. Lauder will take a loss, having paid $24 million for it.

778 Park Avenue, #12 (Corcoran Group)

In this article:

778 Park Avenue
778 Park Avenue Park/Fifth Ave. to 79th St.
129 East 69th Street
129 East 69th Street Park/Fifth Ave. to 79th St.
860 Fifth Avenue
860 Fifth Avenue Park/Fifth Ave. to 79th St.
53 East 66th Street
53 East 66th Street Park/Fifth Ave. to 79th St.
The Laurel, 400 East 67th Street
The Laurel, 400 East 67th Street Lenox Hill

On the new development front, last week's price cuts included seven units at Hendrix House, a new development condominium on the cusp of Gramercy and Kips Bay that, upon its summer 2024 sales launch, quickly attracted attention for its contemporary design, interiors with built-in home office space, thoughtful amenity package, and central location.

Hendrix House, #10E (ONE REALTY GLOBAL CORP)

All renderings courtesy of SOM / Miysis Rendering courtesy of SOM / Miysis
Most recently, in December 2025, Governor Hochul and then-Mayor Adams announced a timeline for SPARC Kips Bay, the new life sciences campus planned for the former site of Hunter College's Brookdale Campus. Deconstruction of the current campus is expected to begin in February 2026, and construction of the new campus is set to begin the following year. Upon completion, the $1.6 billion, 1.5 million-square-foot project will include a Health + Hospitals training facility, an ambulatory care center, a health sciences high school, a training center for forensic pathologists, life sciences labs, and new community and retail space.
SPARC Kips Bay is estimated to create as many as 15,000 new jobs in the life sciences industry and on the business and administrative sides of keeping the campus running. Hendrix House is open for immediate occupancy, over 80% sold, and situated in close proximity to SPARC Kips Bay.

Smithsonian Place Smithsonian Place in Central Harlem is nearly sold out and selling remaining sponsor condos from $625K | https://www.cityrealty.com/nyc/harlem/smithsonian-place-370-lenox-avenue/24043
Moreover, at a time when affordability is top of mind for elected officials and New Yorkers alike, several new developments became more attainable to everyday New Yorkers with last week's price reductions. A three-bedroom unit at East Harlem new development Huxley has been reduced to below $1 million. Elsewhere in Upper Manhattan, three units at Harlem condominium Smithsonian Place experienced price reductions, bringing public availabilities down to $625K for one-bedrooms, $875K for two-bedrooms, and $1.1 million for three-bedrooms. And in Brooklyn, a pair of two-bedrooms at Bushwick boutique condominium 1230 Putnam Avenue had their prices reduced.

Huxley, #809 (Serhant)

Downtown Brooklyn towers (l-r) One Hanson Place, proposed 144 St. Felix Street perspective view looking up from the south (FXCollaborative for Landmarks Preservation Commission)
Also of note, the first hearing on Landmarks' docket on Tuesday, January 13 was an application to incorporate the landmarked Neo-Gothic church at 144 St. Felix Street into a new residential tower to measure 27 stories high and contain 240 new housing units. Supporters appreciate how it will bring new housing to the neighborhood, but not at the expense of the historic church. However, opponents object on grounds of harm to the historic district and blocked views of the landmarked Williamsburgh Savings Bank Tower. The tower has since been converted to condominium One Hanson Place, and residents of that building are not happy about how the new tower could block their views and impact their property values.
144 St. Felix Bird's eye view of FXCollaborative's 144 St. Felix proposal
The land use committee of Brooklyn's Community Board 2 voted to disapprove the project in November 2025, and there was so much public testimony at a December Landmarks hearing that the commissioners deferred a vote until they could properly consider everything. Most recently, the January 2026 hearing detailed changes and restorations in store for the church, the design of the new tower, and its relationship with the Williamsburgh Savings Bank Tower. Landmarks was somewhat supportive of the adaptive reuse aspect of the church, but did not approve the project and invited the team to return. In the meantime, a one-bedroom apartment at One Hanson Place was cut below $1 million.

One Hanson Place, #9D (Find Properties)

A selection of notable listings, as well as a full list of last week's price cuts, may be seen below. All quoted figures reflect cumulative price cuts as opposed to the most recent reductions.



Recently Reduced Listings


The Sohmer Piano Building, #PH (Sothebys International Realty)

HL23, #PH (Sothebys International Realty)

Spring + Thompson, #4 (Corcoran Sunshine Marketing Group)

Laureate, #PH2B (Ostrov Realty Group Limited)
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

860 Fifth Avenue, #PHH (Douglas Elliman Real Estate)

The Seville, #5BC (Compass)

215 Chrystie Street, #29W (Compass)

56 Leonard Street, #24BE (Compass)

Polhemus Residences, #PH1 (Serhant)

53 East 66th Street, #2A (Brown Harris Stevens Residential Sales LLC)

70 Grand Street, #5 (Nest Seekers LLC)

The Franklyn, #5 (Berkshire Hathaway HomeServices New York Properties)

129 East 69th Street, #2/3A (Brown Harris Stevens Residential Sales LLC)

Avant, #PH4 (Compass)

Louie XVII, #5 (Nest Seekers LLC)

The Laurel, #3CD (Compass)

49 East 96th Street, #4D (Compass)

2 Grove Street, #6AB (Compass)

The Bryant, #16B (Compass)

The Bel Canto, #21A (Corcoran Group)

163 East 81st Street, #2B (Compass)

3 Hanover Square, #18HJ (Compass)

The Edge North Tower, #7K (Serhant)

The Corinthian, #7Q (Sothebys International Realty)

The Aristocrat, #11/12A (Douglas Elliman Real Estate)

Fifth Avenue Tower, #27/28B (Corcoran Group)

100 Eleventh Avenue, #3C (Douglas Elliman Real Estate)

Clinton West, #201 (Douglas Elliman Real Estate)

Turtle Bay Towers, #PHG (Compass)

One Morningside Park, #17B (Corcoran Group)

310 West 56th Street, #12F (Corcoran Group)

Smithsonian Place, #403 (Douglas Elliman Real Estate)

Citylights, #PH4D (Douglas Elliman Real Estate)

Stirling Towers, #4L (Corcoran Group)

The Lombardy, #708 (Corcoran Group)

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?