Turtle Bay & East Midtown saw the most price drops: Report

Turtle Bay/Midtown East saw the most price drops in New York City in October, according to RealtyHop.com. (Courtesy Wikimedia Commons)

BY SHAYE WEAVER | Turtle Bay – East Midtown saw the highest number of price drops across all New York City neighborhoods in October, according to a report by RealtyHop.com.

The real estate website looks at important quantitative metrics provided by its rental site, RentHop, that has “a trove” of rental data.

In its most recent report, RealtyHop says that the Turtle Bay – East Midtown neighborhood saw 245 price drops, which is up 19 percent from 206 in September, the report states. The Upper East Side-Carnegie Hill followed closely behind with 225 price drops in October.

Manhattan neighborhoods in general had the most price drops across the city, including Hudson Yards-Chelsea-Flatiron-Union Square, Upper West Side and the West Village.

The top five addresses that saw the highest dollar price drop were all in Manhattan, in fact. One address in particular, 990 Fifth Ave., dropped $12,250,000 — a 23.6 percent drop in price. The Central Park penthouse apartment with five bedrooms and five bathrooms is listed by Sotheby’s for $39.7 million.

(Courtesy RealtyHop.com)

Long Island City/Queensbridge-Ravenswood took the top spot as the neighborhood with the highest median dollar price drop in October with a decrease of $2 million. SoHo/TriBeCa/Civic Center/Little Italy had a median price drop of $200,000 while the Bronx’s Morrisania/Melrose saw a prices drop by $150,000. The Upper East Side and Brooklyn’s Starett City were No. 4 and 5 on the list with $130,000 and $100,000 median price decreases, respectively.

(Courtesy RealtyHop.com)

Another Upper East Side apartment at 35 E. 76th St., which has three bedrooms and 2.5 bathrooms, saw the highest percentage price drop in October. Brown Harris Stevens has it listed for $10 million.

For more information, RealtyHop.com also has an interactive map where you can search each neighborhood’s price drops.