Home Prices Drop Fast In These NYC Neighborhoods

NEW YORK — Home-buyers with millions of dollars to put down on a new pad can expect to find plenty of deals this month, with real estate prices dropping in some of the city's poshest neighborhoods, a new study found.

Hundreds of homes across Manhattan — but predominantly on the Upper East Side — saw their prices slashed in January, according to a report from the home listing website RealtyHop.

Some 159 homes on the Upper East Side, the most for any neighborhood in the city, saw their prices decrease, according to a report from the home listing website RealtyHop.

The dollar value of the Upper East Side's median price drop was $145,000, while the median decrease by percentage was 6.03 percent, the report shows.

Two Chelsea apartments at 520 W. 28th St. took the prize for the biggest absolute decrease of any address in the city with $4.78 million come off their prices last month, the report says.

Top 5 Highest Price Drops In Absolute Dollar Value

1. Five-bedroom at 520 W 28th St., Chelsea
   1. Updated Price: $24,975,000
   2. Amount decreased: $4,775,000
   3. Percent decreased: 16.1
2. Seven-bedroom at 520 W 28th St., Chelsea
1. Updated Price: $38,925,000
2. Amount decreased: $4,775,000
3. Percent decreased: 10.9
3. Studio at 7 West 20th St., Chelsea
1. Updated Price: $15,980,000
2. Amount decreased: $2,520,000
3. Percent decreased: 13.6
4. Four-bedroom at 92 Laight St., Tribeca
1. Updated Price: $15,800,000
2. Amount decreased: $2,450,000
3. Percent decreased: 13.4
5. Three-bedroom at 53 W. 53rd St., Midtown
   1. Updated Price: $21,530,000
   2. Amount decreased: $2,120,000
   3. Percent decreased: 9

The Turtle Bay-East Midtown area recorded the second-highest number of price cuts last month with 121, followed by the Lincoln Center area with 100, the Lenox Hill-Roosevelt Island area with 96 and Midtown with 89, RealtyHop says.

While Manhattan saw a high number of homes with lowered prices, Brooklyn saw sharper cuts, according to RealtyHop.

Prices fell a median of 12 percent in Rugby-Remsen Village, the area between Flatbush and Brownsville, the steepest drop in the city as a percentage, the report says.

That's the equivalent of $243,500, which was the second-largest decrease as a dollar amount, according to RealtyHop.

The top spot in that category went to Brownsville, where the median price drop last month was $255,001, the report says. Crown Heights took second place with a 10 percent drop worth about $185,000.

RealtyHop's analysis uses the site's own proprietary data and includes all five boroughs.

Take a look at the map below to see how your neighborhood moved, or read RealtyHop's full report here.