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Five NYC Neighborhoods With Major Price Cuts

neighborhood Price cuts

Battery Park City is seeing large discounts on asking prices right now.

We’re deep into the dog days of summer here in New York City, and the home-shopping season is as competitive as ever. Across the city, prices are rising and inventory is falling, the classic recipe for stiff competition and stressed-out buyers. According to StreetEasy’s latest quarterly market report, prices are up 1.2 percent in Manhattan and 5.6 percent in Brooklyn.

Despite the tough conditions, buyers have one great reason to remain in the game: price cuts are becoming more common. The increase in discounted listings suggests that sellers are going out too bullish, and that the patient buyer could win leverage over time. This is especially true in highly sought-after, highly expensive neighborhoods in Downtown Manhattan, the Upper East Side, and waterfront Brooklyn. Here, we’ve rounded up five neighborhoods seeing large price cuts right now.

1. Columbia Street Waterfront District

The Columbia Street Waterfront District is among one of Brooklyn’s more expensive neighborhoods, with a median asking price 64 percent above the borough-wide median asking price of $929,000. Although geographically isolated by the Brooklyn-Queens Expressway and far from public transportation, the small coastal Brooklyn neighborhood has grown rapidly in popularity and price over the past several years. According to a 2014 StreetEasy report, the five-year price growth in the Columbia Street Waterfront District outpaced Manhattan by over 40 percent, a pace of growth second only DUMBO, Brooklyn’s most expensive neighborhood.

Despite the increasing prices and competitive environment, this quarter, the neighborhood saw 70 percent of its listings get price cuts, suggesting an advantage for potential buyers. It must be noted that inventory is low in the neighborhood, but what’s there is worth considering.

Our Price-Cut Pick: A $599K 1-Bedroom Condo, Discounted $26K

36 Carroll Street, top floor

>>Search Columbia Street Waterfront District

2. Battery Park City

Battery Park City’s median asking price is about even with that of Manhattan at large, which clocked in this quarter at $1.489M. Its convenient location, strong schools and access to park space, however, make BPC highly coveted by families in Manhattan. As such, it’s high up there in price, and often inaccessible for New Yorkers looking for value. Despite its enduring appeal, this quarter BPC saw 59 percent of its listings get price discounts. Unlike the Columbia Street Waterfront District, BPC offers a lot of inventory, presenting buyers with a range of options from studios to multibedroom family homes.

Our Price-Cut Pick: A $648K 1-Bedroom Condo, Discount $30K

280 Rector Street, 7I

>>Search Battery Park City

3. Chelsea

Another favorite Manhattan neighborhood, Chelsea usually commands peak prices and sees its properties snapped up quickly. This quarter is no exception. with median asking prices in Chelsea holding strong — well above the borough-wide median asking price, as well as the Downtown Manhattan submarket median asking price of $1,877,500. Buyers who’ve been dreaming of a Chelsea address and the prestige it brings should be relieved to know that this quarter, more than half of the neighborhood’s listings received discounts.

Our Price-Cut Pick: A $1.5M 2-Bedroom Townhouse Apartment, Discount $50K

146 West 16th Street, 3A

>>Search Chelsea

4. Midtown

Midtown is chock-a-block with luxury buildings and multi-million-dollar listings, many which are prohibitively expensive. This quarter, however, the neighborhood has seen 54 percent of its listings get discounts, suggesting perhaps that the neighborhood’s $1,875,000 median asking price is a bit too high. Does that mean Midtown is positioned to become the next bargain basement? Probably not. But the neighborhood has tons of inventory, much of which has been discounted.

Our Price-Cut Pick: A $1.195M 2-Bedroom Co-op, Discount $55K

25 West 54th Street, 9F

>>Search Midtown

5. Lenox Hill

Lenox Hill is historically one of Manhattan’s most upper-crust neighborhoods, dense with doorman buildings, high-end antique shops, private prep schools and a heavy dose of old-school New York elitism. Its real estate rounds out the picture, typically commanding some of the highest prices in the city. This quarter, Lenox Hill maintains a customarily lofty median asking price of $1.99 million, exceeding that of the borough at large. Still, there’s hope for aspiring Lenox Hill address-holders in the large number of discounts — some 55 percent of all listings.

Our Price-Cut Pick: A $460K 2-Bedroom Co-op, Discount: $15K

301 East 63rd Street, 14J

>>Search Lenox Hill


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