Price chops on the rise in Manhattan, Brooklyn

Roosevelt Island sees highest rate of discounted units year-over-year, according to StreetEasy

TRD New York /
Aug.August 27, 2014 12:00 PM

The number of price chops on apartment listings in Manhattan and Brooklyn has climbed steadily over the past year. In the former, 63 percent of neighborhood offerings underwent reductions, while 53 percent took a tumble in the latter.

Of all the neighborhoods in those boroughs, Roosevelt Island saw the biggest jump in price drops, as the median recorded sale price in July fell 65 percent to $840,000 from $1.48 million. Still, the price chops do not necessarily show that prices have decreased overall in the past year.

“Prices are still high,” Alan Lightfeldt of StreetEasy told DNAinfo. “But buyers are able to negotiate more of a discount and take back some of that bargaining power.”

A 2,520-square-foot loft condominium at 139 Spring Street hit the market in May for $7.3 million, then saw a price chop of $1 million, for example.

Real estate insiders told the listings site that they attribute the reductions to sellers and novice brokers being unrealistic about prices, and buyers staying out of the market. [DNAinfo]Mark Maurer


Related Articles

arrow_forward_ios
135 Joralemon Street in Brooklyn Heights and 48 2nd Place in Caroll Gardens (Credit: Wikipedia)

Brooklyn luxury market saw 15 contracts signed last week

Brooklyn luxury market saw 15 contracts signed last week
130 Furman Street and 296 Sixth Avenue in Brooklyn

Brooklyn’s luxury market saw 22 contracts close above $2M last week

Brooklyn’s luxury market saw 22 contracts close above $2M last week
The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it

The state of new development, according to those who build and sell it
83 1st Place in Carroll Gardens and 952 East 9th Street in Midwood (Credit: Google Maps)

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling

Brooklyn’s luxury market saw 16 contracts above $2M signed last week of May: Stribling
REBNY president John Banks and Zillow CEO Richard Barton (Credit: iStock)

Two years after Premier Agent fracas, NYS regulators tighten rules for online ads

Two years after Premier Agent fracas, NYS regulators tighten rules for online ads
From left: Robert Reffkin, Elizabeth F. Stribling, Elizabeth Ann Stribling-Kivlan, and Compass COO Maelle Gavet; Inset, from left: Linda Maloney and Megan Scott

Two months after Compass deal, Stribling’s seeing a string of departures

Two months after Compass deal, Stribling’s seeing a string of departures
The interiors of 16 Sidney Place and 15 Willow Street in Brooklyn

Brooklyn’s luxury market saw 20 contracts close above $2M last week: Stribling

Brooklyn’s luxury market saw 20 contracts close above $2M last week: Stribling
215 Clinton Avenue and 16 Grace Court Alley in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury market saw 15 contracts close above $2M last week

Brooklyn’s luxury market saw 15 contracts close above $2M last week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...