Flatiron House, #PHN (Corcoran Group)
July 2024 will mark five years since New York's mansion tax was passed in the wake of a wave of super-luxe apartment listings with equally jaw-dropping prices. New York City buyers had already had to pay a 1% luxury tax on all home purchases of $1 million or more, but this added a series of progressive tiers as homes got more expensive.
In the immediate term, buyers and brokers rushed to close before the tax took effect, especially on apartments in the $2-5 million price range (at which point buyers now have to pay a tax of up to 1.5%). As the years have passed, this has not killed the uber-luxury market, as some predicted at the time; rather, buyers of these units have come to accept it as yet another closing cost for New York real estate, as the more pragmatic expected.
Meanwhile, it has become somewhat common practice for sellers of homes priced above $1 million to adjust the price to just under that in the hopes of moving it more quickly. Even if an apartment is priced at $999,999, the buyer will not have to pay a mansion tax, which in turn could make it more appealing for a wider pool of buyers.
In the immediate term, buyers and brokers rushed to close before the tax took effect, especially on apartments in the $2-5 million price range (at which point buyers now have to pay a tax of up to 1.5%). As the years have passed, this has not killed the uber-luxury market, as some predicted at the time; rather, buyers of these units have come to accept it as yet another closing cost for New York real estate, as the more pragmatic expected.
Meanwhile, it has become somewhat common practice for sellers of homes priced above $1 million to adjust the price to just under that in the hopes of moving it more quickly. Even if an apartment is priced at $999,999, the buyer will not have to pay a mansion tax, which in turn could make it more appealing for a wider pool of buyers.
Several such listings were among nearly 300 units that experienced price reductions from April 16-23, 2024, a time when CityRealty data notes that inventory is increasing and prices are falling. Despite elevated interest rates, this may be a good time to buy. It should be noted that buyers needing to take out a mortgage can look into refinancing when rates decline.
Notable selections and a full chart may be found below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.
Notable selections and a full chart may be found below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.
In this article:
Listings newly reduced to under $1 million
The Calyer Greenpoint, #3G (Douglas Elliman)
From the Listing: As you walk through this lovely one-bedroom's foyer, the powder room is conveniently located adjacent to the entryway. The unit then opens up to an open-concept kitchen, living room, and dining room area - perfect for entertaining guests or relaxing with loved ones. Cooking is a breeze with the attractive and state-of-the-art appliances package. See floor plan and full details here.
1150 Park Avenue, #6D (Sloane Square LLC)
From the Listing: Enter the apartment into a large and gracious 21’ long gallery that can also serve as a formal dining room. The extra-large living room has lovely northern light and a decorative fireplace. The windowed eat-in chef’s kitchen has top-of-the-line appliances, including a Sub-Zero refrigerator, Viking stove and brand-new dishwasher. The corner primary bedroom suite has its own private hallway/dressing area and is flooded with sun from northern and western exposures. Storage unit transfers with the apartment. See floor plan and full details here.
The Acacia, #1 (Pei Zhi)
From the Listing: First-floor duplex apartment is a rare gem, featuring a large balcony on the first floor and a huge garden on the lower level. The open-concept kitchen and living room are perfect for entertaining, with a sliding door leading to the balcony. The unit also comes with a dishwasher, built-in microwave, in-unit washer/dryer and a spacious storage unit on the cellar level. See floor plan and full details here.
24 West 83rd Street, #5R (Corcoran Group)
From the Listing: Step into this triplex coop through an expansive foyer that immediately captures your attention with its generous size and versatility. The partially open kitchen seamlessly transitions into the oversized sunken living room, adorned with lofty 10.5-foot ceilings. Ascend the spiral staircase, and you’ll encounter a remarkable spacious storage loft spanning approximately 150 square feet. One flight up, step outside onto your own private rooftop terrace, boasting approximately 350 square feet of exclusive outdoor entertaining space. See floor plan and full details here.
The Victorian, #17A (Douglas Elliman)
From the Listing: Enter this immaculate, light-filled classic six into the stunning entrance foyer replete with beautiful custom-crafted inlaid wood floors. The oversized living room is flanked by a beautiful terrace which runs the entire width of the apartment and provides the perfect setting for al fresco living. The large, windowed kitchen has been renovated to the highest standards with custom cabinetry, top-of-the-line appliances, an in-unit Miele washer/dryer, fantastic storage and counter-space. Additional features include magnificent crown moldings, baseboards, venetian plaster walls, gorgeous millwork and flooring throughout. Electricity and cable are included in the monthly maintenance. See floor plan and full details here.
Beekman Terrace, #4F (Corcoran Group)
From the Listing: Luxury and attention to detail are showcased in this classic six home with large living room, formal dining room, three bedrooms, and two bathrooms. The corner sun-filled Living room features a wood-burning fireplace and oversized picture windows with expansive East River and garden views, original details including gorgeous herringbone wooden floors, crown molding and high ceilings. The windowed kitchen includes cabinets to the ceiling, ample counter space and a Sub-Zero refrigerator. See floor plan and full details here.
The Belvoir, #1E (Compass)
From the Listing: Enter this full service building either through the elegant 24-hour doorman lobby or through your own private maisonette entrance. The foyer of this move-in ready apartment opens into a loft-like space that combines a large chef’s kitchen with top-of-the-line appliances. This great room features exquisite built-in bookcases throughout. In addition, there is a den with a powder room and a real mud room / office, custom closets, and a built-in sound system. Electricity is included in the monthly maintenance. See floor plan and full details here.
272 West 86th Street, #3E (Elegran)
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From the Listing: This unique duplex home spans two floors of luxury, featuring a three-bedroom, three-bathroom layout that seamlessly combines timeless elegance and contemporary design, adorned with interiors by Barry Rice Architects. The striking first impression begins in the large living room on the main level, with three large bow windows offering a picturesque view of a Landmarked church, automated shades, high ceilings with beams and hardwood floors. Elegant and open chef’s kitchen is equipped with Italian custom cabinetry and stonework and top-of-the-line appliances. The apartment comes with a storage cage. See floor plan and full details here.
CitySpire, #3503 (Barnes New York)
From the Listing: The entire apartment has been replaced with the best quality materials, fixtures, and fittings, as well as top-quality hardwood flooring that gives a real sense of modernity and comfort, while preserving its harmonious style. Entering the unit, you’ll find a modern, custom-built kitchen with all high-quality equipment, including a gas stove. The split floor plan features two bedrooms, each with its own bathroom, and a guest toilet. The apartment can also be sold fully furnished. See floor plan and full details here.
Flatiron House, #PHN (Corcoran Group)
From the Listing: This five-bedroom duplex home has northern Empire State Building views, excellent light and floor-to-ceiling windows. The elevator opens into a gracious entry gallery leading to the expansive living room with gas burning fireplace and direct terrace access. The open windowed kitchen features ample custom oak, lacquer, and ribbed glass cabinetry, Calacatta Lincoln marble slab countertops and backsplashes, a large island, multiple pantries and a wet bar. See floor plan and full details here.
Reade57, #16F (Compass)
From the Listing: This mint condition, move-in ready home is located in the heart of Tribeca. The floor-to-ceiling windows provide incredible views with an abundance of light in every room. The open kitchen with Caesarstone counter-tops is perfect for any chef. The split bedroom layout with en suite baths provides the utmost privacy and quiet. See floor plan and full details here.
313 West 102nd Street, #TH (Douglas Elliman)
From the Listing: Welcome to 313 West 102nd Street, the epitome of townhouse living in one of the most exquisite blocks on the Upper West Side. Large, impressive windows open from the elegant dining room into a picturesque 45-foot-long backyard. The living room features a beautiful working wood-burning fireplace, and original wood floors can be found throughout. The third floor of the house showcases two generously sized bedrooms, each equipped with ensuite bathrooms and graced by lofty 10-foot-high ceilings. See floor plan and full details here.
2100 Bedford Avenue, #7B (MNS)
From the Listing: You’ll enjoy living in this stunning corner-unit 3-bedroom, 2-bathroom condo spanning 1,250 square feet with hardwood floors and high ceilings, creating an inviting and open atmosphere. The kitchen is a chef’s dream, featuring a spacious island with a breakfast bar, perfect for quick meals or gathering with loved ones. Enjoy the outdoors from the comfort of your home with two thoughtfully designed terraces. The condo comes with a large, deeded storage cage in the basement and a deeded parking space. 421a tax abatement through 2032. One year of taxes paid by the seller! See floor plan and full details here.
50 Sutton Place South, #9L (Douglas Elliman)
From the Listing: Enjoy multiple exposures, morning sun in your living room, and afternoon sun in your bedrooms in this Sutton Place home! Entertain in a spacious living room with plenty of wall space for your art collection and large screen TV. Dine or have a quick snack in your separate dining area with a chandelier and a convenient marble top built-in storage. Priced to sell! See floor plan and full details here.
Fitzroy Townhouses, #A (Douglas Elliman)
From the Listing: In the heart of Chelsea, set inside one of the famed 19th-century Fitzroy Townhouses, this meticulously renovated 3-bedroom, 2.5-bath home will take your breath away. The living room, which features double-height ceilings and a wood-burning fireplace, opens up to the dual-level backyard. The open chef’s kitchen is outfitted with a 6-burner, dual-oven Wolf stove, Sub-Zero fridge, Caesarstone countertops, trash compactor, garbage disposal, and a deep farm sink. See floor plan and full details here.
The Galleria, #21CD (Douglas Elliman)
From the Listing: Perched on the 21st floor within the distinguished Galleria Condominium, this sun-splashed home with open city views boasts an ideal layout for living and entertaining. An expansive living room with several seating areas, showcases a wall of windows and stunning city and sky views. The dining alcove can comfortably accommodate a breakfast area. The renovated chef’s kitchen features an abundance of counter and storage space, along with stainless steel appliances, granite counters and maple wood cabinetry and sizeable pantry area. See floor plan and full details here.
242 East 25th Street, #5E (Serhant LLC)
From the Listing: Upon entering this alcove studio, you are greeted by a large open kitchen with a gracious black marble countertop/breakfast bar, plenty of cabinet space and full sized stainless steel appliances. Head into the massive living room to unwind after a full day and enjoy space for an entertainment area, dining area and work-from-home office. The queen-sized bedroom alcove is tucked away offering perfect privacy. See floor plan and full details here.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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