Tribeca and Soho reasserted their status as the top two most expensive neighborhoods in New York City in 2011, our latest analysis reveals (check out our previous analysis for Q3). With yearly median sale prices of $2,245,075 and $2,087,413 respectively, Tribeca and Soho were far ahead of the rest of the pack. The neighborhood that came third, Flatiron, had a median sale price of $1,190,000 in 2011.
The only neighborhood outside of Manhattan to reach the top 10 was Dumbo, which ranks fourth, with a median sale price of $1,050,000, after having ranked as high as third in Q3 2011. Dumbo was also the neighborhood with the biggest Y-o-Y increase in median sale price, 13%. Completing the top 5 was Chelsea, which had a median sale price of $999,000. The neighborhood with the biggest Y-o-Y decrease was Battery Park City (-36%), which ranked 10th.
768 5th Avenue #1207 & #1209
This, together with the single-family at 16 East 69th Street on the Upper East Side, was the largest sale of the year. As a matter of fact, at $48M, this condo in Midtown’s “The Plaza” was the most expensive condo ever sold in New York City. According to Curbed, the condo was bought by Russian composer Igor Krutoy after an “epic real estate search” in the radius of 15 Central Park West, the Plaza, and the Time Warner Center.
16 East 69th Street
This Upper East Side single-family sold on July 6th for $48M. So who is this mansion’s buyer? Well, according to the Wall Street Journal, this can’t be determined. What is known however is that the sellers of the townhouse, Sloan Lindemann Barnett and Roger Barnett, had previously brought the house for “just” $11M back in 2000 and probably invested just as much in renovating it.
80 Columbus Circle #PH76B
On the exact same day when 2011’s biggest transaction happened on the Upper East Side, the Upper West Side’s biggest occurred as well – what are the odds of that? So, on July 6th, the 76B penthouse in the Time Warner Center sold for $30.55M. Allegedly, billionaire Todd Wagner sold it to an Asian investor.
471 Washington Street #PH
The biggest sale in the most expensive neighborhood, Tribeca, was the penthouse condo at 471 Washington Street which sold for $17.05M. Boasting some incredible views and with the sale happening just 9 days before Christmas, it must have made a really spectacular gift.
|Neighborhood||Median Sale Price||Y-o-Y Median Sale Price Change
|Upper East Side||$935,000||-2%|
|Upper West Side||$913,750||+2%|
|Battery Park City||$824,959||-36%|