NYC Apartments Experiencing the ‘Fastest Market Adjustment Ever’

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Holiday specials aren’t limited to flat-screen TVs.

The overpriced Manhattan real-estate scene has left some homes lingering on the market for more than four years, prompting huge price cuts that make them ripe for the picking, according to experts and stats compiled for The Post.

“Historically, we are now in the midst of the fastest market adjustment ever,” said Leonard Steinberg, president of the city real-estate giant Compass.

The prices of some high-end homes have been slashed nearly in half since hitting the market.

A penthouse duplex at 165 Perry St. in the West Village, where actor Robert De Niro once lived, has taken the biggest hit, with its asking price dropping 49.8 percent, from $39.8 million more than a year and a half ago to its current $19.8 million.

“The natural forces of markets have kicked in on their own,” Steinberg said.

There also have been extreme price drops in the much more affordable range, according to statistics compiled for The Post by real-estate Web site StreetEasy.

A one-bedroom, one-bath, 700-square-foot unit at The Beekman, a prewar co-op at 575 Park Ave., has been on and off the market since 2013 and was listed for $500,000 last year. This month, it was slashed by 40 percent, to $300,000.

Experts insisted the deep price cuts don’t mean that the units have problems.

“Sometimes, sellers shoot for the highest price points in a market without really knowing what the real transaction value for their property is,” said broker Michael Bolla of Luxury Lofts and Homes International.

This month, a buyer got a seemingly incredible deal when a Village town house sold for $6.8 million, even though it was listed for $13 million just last year.

But “the house was totally overpriced starting out,” noted Steinberg, who was the listing broker when it sold.

When a property stays on the market for a while, sellers just want to “cash out,’’ leading to the sudden price drops, experts said.

An apartment at the Village’s 150 Charles St., where rocker Jon Bon Jovi and actor Ben Stiller live, has been on the market the longest — 1,355 days, according to Streeteasy. Its original $8.99 million asking price is now down to $7.95 million.

“Someone’s loss is another’s gain,’’ said Paula Del Nunzio, a top luxury broker with Brown Harris Stevens.

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