HL Real Estate Network and 5W Release The 10-Year Loss Index, Ranking the

New joint research finds 1 in 3 Manhattan condos resold at a loss between July 2024 and July 2025, with One57, Trump Tower, and 432 Park Avenue leading the decade’s largest branded-building underperformers. The lone winner: Vornado’s limestone tower at 220 Central Park South.

NEW YORK, May 4, 2026 /PRNewswire/ — HL Real Estate Network, the luxury real estate arm of Haute Living, and 5W, the AI Communications Firm, today released The 10-Year Loss Index: NYC Branded Buildings, a joint research report ranking the New York City condominium towers whose original buyers have taken the largest resale losses over the past decade.

The Index draws on public closing records filed with the New York City Department of Finance through ACRIS, the city’s automated deed registry, and is cross-referenced against industry data from Miller Samuel, Brown Harris Stevens, The Real Deal, CityRealty, Crain’s New York Business, and Bloomberg.

The report documents a structural reset in Manhattan’s ultra-luxury market that the marketing materials of these towers never anticipated. Buyers who entered between 2016 and 2020 — the vintage that overlapped with the most aggressive Billionaires’ Row sponsor windows — were hit hardest. Pre-2010 buyers, by contrast, mostly remained in the green.

Key Findings

• 1 in 3 Manhattan condos resold between July 2024 and July 2025 went for a loss, according to a Brown Harris Stevens analysis of more than 2,500 transactions.
• More than half of 2016–2020 buyers who sold in the most recent year took a loss.
• Manhattan condo price per square foot fell roughly 4% from 2016 to 2024, per Miller Samuel data published for Douglas Elliman — meaning real returns over the period were negative once carrying costs and inflation are factored.
• One57 (157 W 57th Street) is the decade’s worst performer at the unit level. Unit 80 sold for $20.4 million in 2022 after the developer sold it for $53 million in 2014 — a roughly 62% loss.
• Trump Tower at 721 Fifth Avenue saw average price per square foot fall approximately 49% between 2013 and early 2024.
• 432 Park Avenue produced the most thoroughly documented case of construction-defect-driven resale collapse on the corridor. Billionaire Thomas Peterffy resold his 84th-floor unit for $13.5 million in 2024, nearly 40% below his 2016 sponsor purchase. A $165 million facade-defect lawsuit was filed in April 2025.
• Central Park Tower (217 W 57th Street) produced a $6 million paper loss for a buyer who flipped a unit in under 180 days. Extell’s projected sellout has been revised from $4 billion to roughly three-quarters of that.
• 53W53, the MoMA Tower designed by Jean Nouvel, has absorbed roughly $167 million in cumulative sponsor price reductions against an initial $2.14 billion sellout target.

The Lone Winner

The Index identifies a single notable outlier: 220 Central Park South, the Vornado Realty Trust limestone tower designed by…