Of the more than 7,200 resale apartments and townhouses currently for sale in New York City, fewer than 700 have asking prices below their last sale price. While Manhattan apartment prices softened somewhat after the peak in 2016 and dropped further during the pandemic, average prices have largely rebounded to pre-pandemic levels. Limited supply, determined sellers, and sustained demand to live in NYC have helped keep residential property values high over the decades, with most sellers either breaking even or selling at a profit, depending on the market conditions when they purchased and how long they’ve held on to the property.
However, for the approximately 10% of properties listed for a loss, pinpointing one specific cause is difficult. High interest rates have certainly capped price growth, while the shift to remote work has made proximity to the office less essential for some buyers. Additionally, older apartments that are unrenovated, lack modern finishes, have lower ceilings, impeded views, and lack newer technologies can struggle to compete with newer mint-condition, amenity-rich offerings.
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Other factors include assessments and rising monthly carrying costs, which can reduce a property's value over time. Units in land-lease buildings, such as Carnegie House and The Excelsior, are notable extreme examples, as high carrying costs in these buildings have dampened apartment values.
⬇ A listing in The Excelsior, a land-lease building with high maintenance costs
The Excelsior, #41B
$750,000
Midtown East | Cooperative | 3 Bedrooms, 2.5 Baths
The Excelsior, #41B (Douglas Elliman Real Estate)
The quality of life in certain neighborhoods may have deteriorated over recent years, impacting demand and prices. For instance, the area around Times Square was more livable two decades ago but now appeals to a more specific type of buyer. Meanwhile, improvements in other neighborhoods, notably in Brooklyn, may draw demand away from traditionally sought-after areas.
Lastly, personal obligations may prompt an owner to put a property on the market and accept a loss. Those needing a quick sale may not have the time to wait for a higher offer on their apartment.
Lastly, personal obligations may prompt an owner to put a property on the market and accept a loss. Those needing a quick sale may not have the time to wait for a higher offer on their apartment.
Below, we highlight two dozen resale listings with asking prices below their last sale price. While we don't have a crystal ball, New York City real estate has historically proven to be a sound investment, and these listings may now be adequately price-adjusted to compete with the influx of pristine, high-end units.
Active NYC listings priced below their last closing price
325 Lex, #PHB
$7,500,000 (-11.8%)
Murray Hill | Condominium | 3 Bedrooms, 3.5 Baths | 2,477 ft2Last Sold: 6/4/2015
Last Sale Price: $8,655,125 (15.4% more than current ask)
325 Lex, #PHB (Compass)
One Central Park West, #46D
$5,300,000 (-10.9%)
Central Park West | Condominium | 3 Bedrooms, 4 Baths | 2,115 ft2
Last Sold: 9/16/2011
Last Sale Price: $6,400,000 (20.8% more than current ask)
One Central Park West, #46D (Coldwell Banker Warburg)
250 Bowery, #PHD
$4,915,000 (-10.5%)
NoLiTa/Little Italy | Condominium | 3 Bedrooms, 3.5 Baths | 2,462 ft2Last Sold: 7/26/2013
Last Sale Price: $5,778,569 (17.6% more than current ask)
250 Bowery, #PHD (Compass)
The Volney, #3FG4G
$4,750,000 (-5%)
Park/Fifth Ave. to 79th St. | Cooperative | 3 Bedrooms, 3 BathsLast Sold: 7/24/2018
Last Sale Price: $5,350,000 (12.6% more than current ask)
The Volney, #3FG4G (Christies International Real Estate Group LLC)
123 Baxter Street, #PHB
$4,495,000 (-2.2%)
NoLiTa/Little Italy | Condominium | 3 Bedrooms, 3.5 Baths | 3,045 ft2Last Sold: 10/9/2015
Last Sale Price: $4,625,000 (2.9% more than current ask)
123 Baxter Street, #PHB (Corcoran Group)
50 West, #43A
$3,980,000
Financial District | Condominium | 3 Bedrooms, 3 Baths | 1,734 ft2Last Sold: 4/14/2017
Last Sale Price: $4,001,723 (0.5% more than current ask)
50 West, #43A (Simple Real Estate)
40 Fifth Avenue, #11B
$3,495,000
Greenwich Village | Cooperative | 2 Bedrooms, 2 BathsLast Sold: 1/13/2022
Last Sale Price: $3,500,000 (0.1% more than current ask)
40 Fifth Avenue, #11B (Prime Manhattan Residential LLC)
130 William, #39B
$3,395,000 (-3%)
Financial District | Condominium | 2 Bedrooms, 2.5 Baths | 1,472 ft2Last Sold: 3/22/2021
Last Sale Price: $3,441,502 (1.4% more than current ask)
130 William, #39B (Compass)
The Beekman Residences, #45B
$3,350,000 (-6.9%)
Financial District | Condominium | 2 Bedrooms, 2.5 Baths | 1,572 ft2Last Sold: 1/8/2018
Last Sale Price: $3,784,219 (13.0% more than current ask)
The Beekman Residences, #45B (Douglas Elliman Real Estate)
One Beekman, #7B
$2,999,000 (-14.3%)
Beekman/Sutton Place | Cooperative | 2 Bedrooms, 3 BathsLast Sold: 3/13/2013
Last Sale Price: $3,400,000 (13.4% more than current ask)
One Beekman, #7B (Brown Harris Stevens Residential Sales LLC)
515 East 72nd Street, #40E
$2,650,000 (-5.2%)
Lenox Hill | Condominium | 2 Bedrooms, 2.5 Baths | 1,669 ft2Last Sold: 5/9/2014
Last Sale Price: $2,963,108 (11.8% more than current ask)
515 East 72nd Street, #40E (Compass)
Trump World Tower, #60E
$2,495,000
Turtle Bay/United Nations | Condominium | 2 Bedrooms, 2 Baths | 1,478 ft2Last Sold: 2/12/2010
Last Sale Price: $2,500,000 (0.2% more than current ask)
Trump World Tower, #60E (Corcoran Group)
Oosten, #D319
$2,495,000 (-7.4%)
Williamsburg | Condominium | 3 Bedrooms, 3.5 Baths | 2,261 ft2Last Sold: 2/8/2017
Last Sale Price: $2,555,808 (2.4% more than current ask)
Oosten, #D319 (Compass)
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160 East 22nd Street, #9A
$2,370,000 (-4.4%)
Gramercy Park | Condominium | 2 Bedrooms, 2 Baths | 1,212 ft2Last Sold: 10/1/2014
Last Sale Price: $2,718,728 (14.7% more than current ask)
160 East 22nd Street, #9A (Douglas Elliman Real Estate)
301 East 50th Street, #8A
$2,250,000
Turtle Bay/United Nations | Condominium | 2 Bedrooms, 2.5 Baths | 1,447 ft2Last Sold: 4/12/2016
Last Sale Price: $2,949,834 (31.1% more than current ask)
301 East 50th Street, #8A (Brown Harris Stevens Residential Sales LLC)
The Newbury, #4B
$2,000,000 (-9.1%)
Yorkville | Cooperative | 3 Bedrooms, 2.5 BathsLast Sold: 3/18/2019
Last Sale Price: $2,079,000 (4.0% more than current ask)
The Newbury, #4B (Brown Harris Stevens Residential Sales LLC)
15 William NY, #30A
$1,860,000 (-1.6%)
Financial District | Condominium | 2 Bedrooms, 2 Baths | 1,325 ft2Last Sold: 7/31/2009
Last Sale Price: $2,114,905 (13.7% more than current ask)
15 William NY, #30A (Corcoran Group)
35 West 82nd Street, #5B
$1,800,000 (-14.1%)
Central Park West | Cooperative | 3 Bedrooms, 2 BathsLast Sold: 8/25/2022
Last Sale Price: $1,895,000 (5.3% more than current ask)
35 West 82nd Street, #5B (Corcoran Group)
Olympic Tower, #34C
$1,790,000 (-5.8%)
Midtown East | Condominium | 1 Bedroom, 2 Baths | 1,288 ft2Last Sold: 8/10/2015
Last Sale Price: $2,600,000 (45.3% more than current ask)
Olympic Tower, #34C (Douglas Elliman Real Estate)
North Park Tower, #17A
$1,699,000 (-5.3%)
East Harlem | Condominium | 3 Bedrooms, 3 Baths | 2,018 ft2Last Sold: 6/14/2021
Last Sale Price: $1,934,675 (13.9% more than current ask)
North Park Tower, #17A (Bond New York Properties LLC)
350 West 71st Street, #5F
$1,695,000
Riverside Dr./West End Ave. | Condominium | 2 Bedrooms, 2 Baths | 1,155 ft2Last Sold: 12/17/2019
Last Sale Price: $1,817,576 (7.2% more than current ask)
350 West 71st Street, #5F (Compass)
The Hendrik, #3C
$1,695,000 (-5.6%)
Boerum Hill | Condominium | 2 Bedrooms, 2.5 Baths | 1,337 ft2Last Sold: 6/27/2018
Last Sale Price: $1,759,232 (3.8% more than current ask)
The Hendrik, #3C (Corcoran Group)
University Mews, #407
$1,295,000 (-7.2%)
Greenwich Village | Cooperative | 1 Bedroom, 1 Bath | 950 ft2Last Sold: 7/9/2014
Last Sale Price: $1,350,000 (4.2% more than current ask)
University Mews, #407 (The Agency Brokerage)
49 East 86th Street, #17C
$1,250,000 (-10.4%)
Carnegie Hill | Cooperative | 1 Bedroom, 1 BathLast Sold: 12/16/2021
Last Sale Price: $1,395,000 (11.6% more than current ask)
49 East 86th Street, #17C (Douglas Elliman Real Estate)
1600 Broadway, #9A
$895,000 (-7.3%)
Midtown West | Condominium | 1 Bedroom, 1 Bath | 900 ft2Last Sold: 7/19/2006
Last Sale Price: $962,246 (7.5% more than current ask)
1600 Broadway, #9A (Serhant)
The Park Sutton, #5C
$800,000 (-5.9%)
Lenox Hill | Cooperative | 2 Bedrooms, 1 Bath | 900 ft2Last Sold: 9/10/2019
Last Sale Price: $900,000 (12.5% more than current ask)
The Park Sutton, #5C (Kleier Residential Inc)
Riverview East, #16B
$795,000 (-.6%)
Murray Hill | Cooperative | 1 Bedroom, 1 BathLast Sold: 9/21/2016
Last Sale Price: $849,000 (6.8% more than current ask)
Riverview East, #16B (Brown Harris Stevens Residential Sales LLC)
310 Lexington Avenue, #2A
$649,000 (-7.2%)
Murray Hill | Cooperative | 1 Bedroom, 1 Bath | 850 ft2Last Sold: 4/14/2008
Last Sale Price: $675,000 (4.0% more than current ask)
310 Lexington Avenue, #2A (Douglas Elliman Real Estate)
16 Park Avenue, #10B
$625,000 (-3.1%)
Murray Hill | Cooperative | 1 Bedroom, 1 Bath | 820 ft2Last Sold: 6/25/2008
Last Sale Price: $650,000 (4.0% more than current ask)
16 Park Avenue, #10B (Brown Harris Stevens Residential Sales LLC)
170 East 94th Street, #6B
$599,000 (-3.4%)
Carnegie Hill | Cooperative | 1 Bedroom, 1 BathLast Sold: 8/17/2017
Last Sale Price: $620,000 (5.1% more than current ask)
170 East 94th Street, #6B (Corcoran Group)
Cabrini Terrace, #11J
$590,000 (-1.7%)
Washington Heights | Cooperative | 2 Bedrooms, 1 BathLast Sold: 10/19/2017
Last Sale Price: $607,500 (1.4% more than current ask)
Cabrini Terrace, #11J (Compass)
41 Overlook Terrace, #3A
$529,000 (-2%)
Washington Heights | Cooperative | 2 Bedrooms, 1 BathLast Sold: 5/26/2020
Last Sale Price: $555,000 (4.9% more than current ask)
41 Overlook Terrace, #3A (Compass)
Stimson House, #4E
$499,000 (-6.7%)
Murray Hill | Cooperative | 1 Bedroom, 1 BathLast Sold: 8/8/2013
Last Sale Price: $500,000 (0.2% more than current ask)
Stimson House, #4E (William Raveis New York City LLC)
140 East 28th Street, #10B
$485,000 (-18.5%)
Murray Hill | Cooperative | 1 Bedroom, 1 BathLast Sold: 7/1/2005
Last Sale Price: $585,000 (20.6% more than current ask)
140 East 28th Street, #10B (Corcoran Group)
The Style, #2A
$464,000 (-4.1%)
East Harlem | Condominium | 1 Bedroom, 1 Bath | 590 ft2Last Sold: 7/30/2018
Last Sale Price: $539,882 (16.4% more than current ask)
The Style, #2A (Brown Harris Stevens Residential Sales LLC)
136 East 36th Street, #3D
$450,000 (-14.3%)
Murray Hill | Cooperative | 1 Bedroom, 1 BathLast Sold: 3/3/2016
Last Sale Price: $565,000 (25.6% more than current ask)
136 East 36th Street, #3D (Compass)
321 East 54th Street, #8D
$345,000 (-5.5%)
Midtown East | Cooperative | Studio, 1 BathLast Sold: 2/9/2018
Last Sale Price: $385,000 (11.6% more than current ask)
321 East 54th Street, #8D (Compass)
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?