A report from Bisnow on New York. "Amid a sliding rental market in the city, Sam Zell’s Equity Residential is looking to sell two of its Manhattan apartment buildings. The REIT is preparing to sell a high-rise tower at 800 Sixth Ave. in Chelsea, as well as a 12-story building at 505 West 54th St. in Hell’s Kitchen, Bloomberg reports. The planned sales are part of a plan to shed holdings on Manhattan’s west side, where a vast number of rental buildings are forcing rental prices down."

"Outgoing CEO David Neithercut said during an earnings call in July that selling one of the buildings is 'an opportunity to address the negative impact in our New York City growth rates.' Net effective rents in Manhattan, which takes concessions into account, declined for the eighth time in nine months to hit $3,310 in August, according to appraisal firm Miller Samuel."

From Equities.com. "Believe it or not, there are deals to be had in the highly competitive Manhattan real estate market. This is because the market just posted its worst quarter in the decade since the financial crisis. The falling prices and rising inventory have even led to the unbelievable – prices for office space for rent in NYC have fallen."

"What makes this 'dip' in prices unique is that it comes at a time which the stock market – an indicator in the health of the financial services industry which is a major employer in Manhattan – has been setting new highs."

"There is evidence to suggest that the market is in the midst of a reset, one which is indicative of today’s price conscious buyers. This is even true in the luxury sector where the number of new condo units under construction has been bringing prices down across the board."

"In fact, so much inventory is coming onto the market the report from Douglas Elliman and Miller Samuel noted that there is now a 16-month supply of luxury units alone. While Manhattan is known for its luxury properties, it is highly unusual for so many properties to be on the market or coming onto the market and this could be an indication of developers mistiming the economy."

From The Real Deal. "The Sherman Fairchild Mansion is back on the market for $35 million — after a $5 million price cut and changing brokers. The 25-foot-wide townhouse at 17 East 65th Street, which made a cameo in Woody Allen’s 'Hannah and Her Sisters,' spans 9,440 square feet, the New York Post reported."

From Curbed Hamptons. "After about a year and a half on the market, the home at 550 Parsonage Lane in south-of-the-highway Sagaponack has received its first price cut, bringing the listing from $24,995,000 down to $19,995,000."

"Even after the $5 million price cut, the 10-acre property is still the most expensive single-family home available on Parsonage Lane, followed by the contemporary estate at the 289 address seeking $17.95 million. It is surpassed only by a three-property compound listed for $59.9 million."