A look at price reductions

On a recent episode of the “Open House NYC” TV series, brokers estimated what a one-bedroom prewar loft near Madison Square Park is worth. The seller bought the home last year for $1.3 million, and is hoping to sell for close to that price. Wendy Sarasohn, a broker with the Corcoran Group, priced the home at $1.15 million and Brian Lewis of Halstead Property said he would list it for $995,000. Barbara Corcoran, founder of the Corcoran Group, said the apartment is competing with a two-bedroom home two floors higher in the same building, which is priced at $950,000. Corcoran suggested pricing the home at $850,000 to attract more buyers.