# Expired Listing in Manhattan: Why Your Apartment Didn't Sell

By Charles Botensten, Botensten Properties International · Approved 2026-10-21 · Published 2026-10-20 · Updated 2026-10-21
Canonical: https://ctbre.com/journal/expired/expired-listing-why-apartment-didnt-sell/
Topic: Listing expired · Manhattan

When a Manhattan listing expires, start by testing the price against what buyers are actually paying. According to StreetEasy's data dashboard, the Manhattan median sale price is $1.21M, the median asking price is $1.34M, the sale-to-list ratio is 96.5% and the median home spends 91 days on market. An apartment that sat well past that pace deserves a fresh pricing review before it relists.

The table below shows how those numbers vary across the 12 neighborhoods CTBRE covers.

| Neighborhood | Median sale | Days on market | Sale-to-list | Listings with a price cut | Recorded sales, 90 days |
|---|---|---|---|---|---|
| Chelsea | $1.55M | 87 | 95.9% | 10% | 189 |
| Gramercy | $1.09M | 101 | 96.3% | 8% | 132 |
| Upper East Side | $1.3M | 89 | 96.7% | 9% | 727 |
| Upper West Side | $1.28M | 83 | 97.5% | 9% | 589 |
| Financial District | $908K | 105 | 93.2% | 9% | 91 |
| Tribeca | $3.63M | 72 | 96.1% | 7% | 77 |
| East Village | $1.05M | 78 | 93.1% | 12% | 49 |
| West Village | $1.33M | 86 | 97.8% | 6% | 149 |
| Greenwich Village | $1.78M | 92 | 99.5% | 10% | 153 |
| Midtown East | $853K | 97 | 95.7% | 11% | 257 |
| Midtown West | $885K | 114 | 93.9% | 10% | 120 |
| Flatiron | $1.94M | 86 | 96.0% | 9% | 82 |
| **Manhattan** | $1.21M | 91 | 96.5% | 10% | — |

_StreetEasy Data Dashboard, three-month average through September 2026; recorded sales from NYC Department of Finance through September 30, 2026._

## Why didn't the apartment sell in Manhattan?

An expired listing is a signal, not a verdict. The useful work now is figuring out what the signal says.

Start with the market the apartment was competing in. According to StreetEasy's data dashboard, Manhattan had 7,780 homes for sale, down 9.9% year over year, and days on market stood at 91, 2 fewer than a year earlier.

Prices tell a split story. According to StreetEasy's data dashboard, the median asking price is $1.34M, down 5.2% year over year, while the median sale price is $1.21M, up 8.0%.

Co-op and condo numbers differ, too: according to StreetEasy's data dashboard, the median co-op sale is $860K, up 3.4%, and the median condo sale is $1.7M, up 11.8%.

With that context, review three things in order: price, presentation and access. Each one can be checked with evidence rather than guesswork.

## Was the asking price too high?

According to StreetEasy's data dashboard, 10% of Manhattan listings carry a price cut, and the sale-to-list ratio is 96.5%. Use those as a frame, then get specific.

Compare the original asking price with recorded sales of similar apartments in the same building and on nearby blocks, not with other asking prices. Look at size, floor, exposure, condition and monthly charges, and be honest about where the apartment falls.

Neighborhood figures vary. According to StreetEasy's data dashboard, Greenwich Village has the highest sale-to-list ratio of the 12 neighborhoods CTBRE covers at 99.5%, and the East Village has the lowest at 93.1%. The East Village also shows 12% of listings with a price cut, against 6% in the West Village, according to the same dashboard.

Thresholds deserve a look. Under New York State law, the buyer of residential property in New York City pays a mansion tax starting at 1% at $1 million, so an asking price just above that line carries an extra cost for the buyer. At the Manhattan median sale price reported by StreetEasy's data dashboard, the buyer's mansion tax comes to $12,125; at the median condo sale it's $17,036, and at the median co-op sale it's $0. Confirm any tax figure with a real estate attorney or accountant.

## Was it the presentation, the access or the agent?

Ask the listing agent for the full showing report: how many showings, how many second visits and what buyers and their agents said about price, layout and condition. Ask for any offers, written or verbal, and what they were.

Then look at the listing the way a buyer would. Put the photos, floor plan and description side by side with competing listings in the same price range. If the apartment looks smaller, darker or older on screen than it does in person, that is worth fixing.

Check how easy the apartment was to see, and whether limited showing windows, an occupant or notice requirements held visits down.

To separate the market from the agent, look at what happened nearby. If comparable apartments in the building or on the block went to contract during the same months, the demand was there, and the question shifts to price, presentation or execution.

Changing agents is the owner's decision. Any broker hired must be licensed by the New York Department of State. Licensees must give sellers the state agency-disclosure and fair-housing disclosure forms.

Before signing with anyone new, read the expired agreement for any clause that still applies after the term ends, and have a real estate attorney confirm what it means.

## Should the apartment be relisted at a lower price?

Only if the evidence points there. A new number with the same photos and the same showing limits is not much of a plan.

Know the seller-side costs before choosing that number. At the Manhattan median sale price, according to StreetEasy's data dashboard, seller transfer taxes to New York City and New York State come to $22,128, and each 1% of commission equals $12,125.

The city transfer tax is 1% of the price for residential sales of $500,000 or less and 1.425% above $500,000. The state transfer tax is 0.4% of the price, or 0.65% on New York City residential sales of $3 million or more. The seller normally pays both.

Work out the net figure needed, then set a price that recorded sales support. Federal tax law lets an owner exclude up to $250,000 of gain, or $500,000 for a married couple filing jointly, on the sale of a main home that meets the ownership and use tests. An accountant can confirm whether it applies.

## How long should an owner wait before relisting?

Relist when something has actually changed: the price, the photos, the floor plan, the showing access or the agent.

Pace varies across the borough, so a single Manhattan timeline won't fit every apartment. According to StreetEasy's data dashboard, Midtown West has the longest days on market among the 12 neighborhoods CTBRE covers at 114 days, and Tribeca the shortest at 72 days.

Sales volume differs too: according to NYC Department of Finance sales records, the Upper East Side recorded 727 sales in the last 90 days, the most of the 12 neighborhoods, while the East Village recorded 49, the fewest.

Before setting a relaunch date, work through this list:

1. Get the showing report and all buyer and agent feedback from the expired listing.
2. Pull recorded sales in the building and nearby buildings and compare them with the old asking price.
3. Read the expired listing agreement, and have a real estate attorney review any clause that survives expiration.
4. Set the new price from recorded sales, not from other asking prices.
5. Reshoot photos and redraw the floor plan if they lagged the competition.
6. Open up showing access as much as the household allows.
7. Write down the net proceeds needed after transfer taxes and commission, and confirm the tax figures with an accountant.
8. Choose the relaunch date only once the new price and materials are ready.

## How Charles Botensten can help

Charles Botensten, a licensed real estate broker and the owner of Botensten Properties International, offers a relaunch plan for expired listings and a pricing review of an apartment against recorded sales. Botensten Properties International has closed 42 sales and 128 rentals across New York City since 2014, according to its record on StreetEasy. Send the address and the old listing through the contact form at ctbre.com for a personal, written reply from Charles within one business day.

## More questions

### What should an owner do right after a Manhattan listing expires?

Collect the showing report and every piece of buyer feedback, then compare the asking price with recorded sales in the building. According to StreetEasy's data dashboard, the median Manhattan sale price is $1.21M and the sale-to-list ratio is 96.5%, which gives a starting frame. Have a real estate attorney review the expired agreement before signing anything new.

### Should the apartment be relisted at a lower price?

Only if recorded sales of comparable apartments support it. According to StreetEasy's data dashboard, 10% of Manhattan listings carry a price cut. At the median sale price, each 1% of commission equals $12,125 and seller transfer taxes come to $22,128, so set the new price with the net figure in mind.

### Should an owner change real estate agents after a listing expires?

That's the owner's call. Any broker hired must be licensed by the New York Department of State and must give sellers the state agency-disclosure and fair-housing disclosure forms. Ask any candidate for a written plan that addresses price, presentation and access.

## Sources

- StreetEasy Data Dashboard (three-month average through 2026-09): https://streeteasy.com/blog/data-dashboard/
- NYC Department of Finance rolling sales (through 2026-09-30): https://data.cityofnewyork.us/d/usep-8jbt
- NYC Real Property Transfer Tax on residential sales: 1% of the price for sales of $500,000 or less, 1.425% above $500,000. The seller (grantor) is normally liable for it; the buyer is liable if the seller is exempt or does not pay. https://www.nyc.gov/site/finance/property/property-real-property-transfer-tax-rptt.page
- Federal tax law lets an owner exclude up to $250,000 of gain ($500,000 for a married couple filing jointly) on the sale of a main home owned and used as a residence for at least two of the five years before the sale. https://www.irs.gov/taxtopics/tc701
- No one may act as a real estate broker or salesperson in New York without a license (Real Property Law §440-a). In residential sales and rentals, licensees must give sellers, buyers, landlords and tenants the agency disclosure form (§443) and the Department of State’s Fair Housing and Anti-Discrimination Disclosure (19 NYCRR §175.28) at first substantive contact. https://dos.ny.gov/system/files/documents/2021/08/fair-housing-guidance-for-re-lic-holders.pdf
- New York State transfer tax: 0.4% of the price ($2 per $500); in New York City an additional 0.25% ($1.25 per $500) applies to residential sales of $3 million or more, for 0.65% in total. The seller (grantor) pays both. https://www.tax.ny.gov/bus/transfer/rptidx.htm
- Buyers of New York City residential property pay the 1% mansion tax at $1 million or more plus a supplemental tax at $2 million or more, for combined rates of 1% from $1 million, 1.25% from $2 million, 1.5% from $3 million, 2.25% from $5 million, 3.25% from $10 million, 3.5% from $15 million, 3.75% from $20 million and 3.9% at $25 million and above. https://www.tax.ny.gov/bus/transfer/rptidx.htm
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