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The average home in Chelsea’s 10011 zip code spends 77 days on the market before its first price reduction, at which point an average of 5 percent is chopped off the listing price (the nationwide average is 79 days). The probability of another price cut after that is 41 percent. But in zip code 10018, most of which is considered Hell’s Kitchen, the price-chopping happens much more quickly. Just 55 days pass, on average, before a listing there sees the first cut to its asking price, which averages around 6 percent. Trulia.com has mapped out data on price cuts for every zip code in the country in an effort to educate buyers and sellers. Click here to find yours on the interactive map. TRD

70 Broad Street

The Peace Palace at 70 Broad Street in the Financial District, which hit the market in mid-September at $45 million, has just seen its price slashed by a third. The 15,218-square-foot mixed-use structure, also known as the American Bank Note Company Building, is now available for $30 million. Transcendental Meditation non-profit group Maharishi Mahesh Yogi is the current owner of the century-old building. The group purchased the building from developer Tony Goldman in 2004, paying just $5.5 million — a fraction of the property’s current asking price. Richard Quinn, a spokesperson for the group, told The Real Deal in September that Maharishi Mahesh Yogi isn’t concerned with selling the building quickly and would be willing to wait for the right buyer, at the right price.
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The buyer for Nolita’s Candle Building at 11 Spring Street, which went into contract earlier this month, has been revealed, along with its bargain basement closing price. The building — which include three luxury condominium units that can be converted into one residence — went for a jaw-dropping $19.5 million, marking a 50 percent drop from the property’s peak asking price of $39.8 million. The building had been purchased by Lachlan Murdoch, the oldest son of media mogul Rupert Murdoch, just three years ago for $12 million, before undergoing a massive renovation that divvied up the space into three units.

The unit to see the biggest price cut today is a four-bedroom, four-and-a-half-bath co-op at 115 Central Park West, according  to Streeteasy.com. The price of the 3,400-square-foot home, apartment 19A, was cut by $1 million. This is the home’s first price cut, and it is now listed for to $9 million, 10 percent less than its asking price of $10 million when it first went on the market in April. The apartment also includes a one-bedroom, one-bath guest suite. Prudential Douglas Elliman’s Marilyn Herskovitz has the listing. TRD

The unit to see the biggest price cut today is a four-bedroom, six-bath townhouse at 13 East 71st Street,
according to Streeteasy.com. The price of the 8,766-square-foot mansion
was cut by $2 million, and the Upper East Side home is now on the
market for $16.9 million, a 32 percent drop from its original asking
price of $24.9 million in September 2008. Brown Harris Stevens’ Fritzi
Kallop and John Glass have the listing for the five-story townhouse,
which has a full basement and private elevator. TRD
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The biggest price cut of the day is a five-bedroom, five-bath townhouse
at 126 East 65th Street, according to Streeteasy.com. The price of the
home was cut by $2.55 million, and the house is now on the market for
$9.95 million. The home is now listed for 20 percent less than its
$12.5 million original asking price in March. Sotheby’s International
Realty’s Roger Erickson has the listing. TRD Comments

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From the May issue: As the saying goes, the rich are different
from you and me — though perhaps not so very different when it comes
to real estate downturns. Most of the highest of high-end listings and
sales in Manhattan are still concentrated on the Upper East Side, and
several brokers who traffic in such properties say the neighborhood’s
luxury market has taken a beating since fall. They note that sales of
blue-chip co-ops and townhouses have been practically nonexistent since
last September, and that price cuts for some of the city’s most
rarified addresses have become the norm. In other words, the Upper East
Side’s posh status has not made it exempt from the sales stagnation and
price drops seen throughout Manhattan in recent months. [more]

The unit to see the biggest price cut today is a seven-bedroom, seven-bath condo at 823 Park Avenue, according to Streeteasy.com. The price of the 7,234-square-foot duplex was cut by $2.25 million, and it is now on the market for $14.5 million, 41 percent less than its original price of $24.75 million in August 2008, when the listing was with Brown Harris Stevens. The home is now listed with the Corcoran Group’s Carrie Chiang and Loy Carlos. TRD [more]

The unit to see the biggest price cut today is a townhouse at 158 East
61st Street, according to Streeteasy.com. The price of the
6,900-square-foot home was lowered by $2 million, and it is now on the
market for $13 million. The asking price is 13 percent less
than its last listing price of $15 million. According to
Streeteasy.com, the home first went on the market in August 2006 for
$11.25 million, and the price increased to $13.95 million in March
2007, and then to $15 million in May 2008. Brown Harris Stevens’ Paula Del Nunzio and Wolf Jakubowski
have the listing. TRD
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Penthouse F at 303 East
33rd Street, has been on the market
for $1.6 million since October, and the price was not decreased. Cantor and Pecorella has the listing. TRD
Note: Clarification appended.
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