When it comes to residential real estate, New York City is the ultimate leader. From spacious penthouses to designer lofts and glamorous mansions, NYC’s most astonishing properties are spread across neighborhoods throughout the city. One thing they have in common though: they cater to deep-pocketed home buyers.
To see how hot the high-end real estate market really is, and which areas have attracted the wealthiest buyers, PropertyShark created a list of NYC’s top 50 priciest neighborhoods in 2014. Unsurprisingly, most of them were located in Manhattan, but we have a few serious contenders in Brooklyn and Queens as well.
Here are the top 10 most expensive places to buy a home in NYC, based on sales closed in 2014:
#10. Manhattan Beach, Brooklyn
Median Sale Price: $999,000
This sleepy waterfront community came in 10th with a median sale price of $999,000. It is home to many European immigrants who love its close proximity to the beach. The neighborhood is small and the properties on sale are few, hence the high home prices.
#9. Williamsburg, Brooklyn
Median Sale Price: $999,500
The neighborhood attracted many buyers with its exciting real estate transformation. As part of a gentrification process that’s been going on for years, Williamsburg’s ancient garages and warehouses have been converted into glitzy condo buildings which certainly don’t look out of place near the modern hotels, restaurants, sidewalk cafés, night clubs, and shopping centers.
The median sale price for residential properties increased 18% year-over-year, reaching $999,500 in 2014.
#8. Chelsea, Manhattan
Median Sale Price: $1,067,054
This is where uptown affluence meets downtown style. Chelsea’s world-renowned art galleries embrace River Hudson in the west while lofts and townhouses dot the skyline in the east. The neighborhood had a median sale price of $1,067,054 in 2014.
Chelsea’s priciest home of 2014? An impressive condo in the Walker Tower at 212 West 18th Street, which changed hands for more than $50 million. Residences in this luxury condo building feature high-end finishes and amenities including custom French herringbone beveled oak flooring, hydronic radiant floor heating system, tilt and turn windows, marble and limestone countertops, as well as private outdoor space.
#7. West Village, Manhattan
Median Sale Price: $1,100,000
For a long time, this neighborhood has been known as a mecca for the innovative and rebellious. While it is largely residential, several interesting shops and restaurants prevent it from becoming monotonous. Its median sale price in 2014 was $1.1 million, up by 16% from 2013.
#6. Columbia Waterfront District, Brooklyn
Median Sale Price: $1,195,000
Located just west of Cobble Hill and Carroll Gardens and south of Brooklyn Heights, this cozy neighborhood was the biggest gainer on our top 10 priciest neighborhoods list. Its median sale price increased by 83%, up from $654,636 in 2013. It is one of the few areas in Brooklyn that still remains resolutely 20th century feel. Flowering trees line its beautiful streets.
Among Brooklyn’s most popular new developments, 255 Columbia Street shines as a most delightful community. In addition to modern interiors and first-class amenities, this boutique condominium complex features a passive house design. The 12 units in this upscale development that were sold in 2014 went for a median price of $1,272,813, which helped pump up the neighborhood’s sale prices overall.
#5. Midtown Manhattan
Median Sale Price: $1,228,500
Strong demand for high-end apartments keeps home prices up in Midtown, where the median sale price hit $1,2 million in 2014.
Three of NYC’s top 10 most expensive residential transactions of 2014 went down in Midtown. All 3 condos sold for more than $50 million each, and are part of the same Midtown development: One57 at 157 West 57th Street.
Featuring impressive interiors and breathtaking views of Central Park, and the Hudson and East Rivers, this 90-story condo building continues to attract affluent buyers. According to The New York Times, a duplex penthouse at the pinnacle of the glossy skyscraper sold for $100,471,452.77, thus breaking the record for the highest price ever paid for a single residence in New York City.
#4. Dumbo, Brooklyn
Median Sale Price: $1,399,500
Spectacular views of the Manhattan and Brooklyn bridges, as well as the Manhattan skyline, bustling atmosphere, thriving art scene, convenient waterfront access…these are just a few of the reasons why home buyers love Dumbo.
Dumbo saw a sound increase in home prices in 2014, the median sale price climbing 47% from $949,000 in 2013 to $1,399,500 in 2014. This steep ascent was closely related to the sales occurred in a condo building at 183 – 185 Plymouth St. Dubbed 185 Plymouth Street, the project was completed in spring 2014 and comprises 8 lofts averaging over 3,000 square feet plus two stunning penthouse apartments. All 10 units in the building have been sold at a median price of $3,016,020.
#3. Flatiron District, Manhattan
Median Sale Price: $1,450,000
This neighborhood’s median sale price rose by 29% and it’s easy to see why: it has a quaint and gorgeous park, trendy shops, and a busy greenmarket. The Flatiron District is one of NYC’s best neighborhoods for condos and co-ops.
The area is not short of ultra-luxury apartment sales. A 7,066-square-foot condo in One Madison, a 60-story high-rise located at 23 East 22 Street, sold for $43,010,000.
#2. TriBeCa, Manhattan
Median Sale Price: $2,573,041
Initially a manufacturing and warehouse district, this neighborhood now houses co-op lofts and condos. It has apartments big enough to roller-skate in. Tribeca was the only loser in our top 10 priciest neighborhoods; its median price dropped by 2%, down from $2,621,994 in 2013.
#1. SoHo, Manhattan
Median Sale Price: $2,717,500
SoHo is undeniably one of New York’s most desirable and eclectic neighborhoods. Many of its spacious apartments were built in the 19th century when developers used cast iron to build façades as they allowed for larger windows. The area’s median sale price rose by 16% from last year.
See the complete list of NYC’s top 50 priciest neighborhoods below:
NYC’s Top 50 Most Expensive Neighborhoods in 2014
|No.||Borough||Neighborhood||Median sale price 2014||Median sale price 2013||2014 vs 2013|
|6||Brooklyn||Columbia Waterfront District||$1,195,000||$654,636||83%|
|12||Manhattan||Upper East Side||$999,000||$912,000||10%|
|13||Manhattan||Upper West Side||$999,000||$915,000||9%|
|16||Manhattan||Battery Park City||$950,000||$759,107||25%|
|24||Manhattan||Central Harlem South||$785,799||$515,000||53%|
|43||Manhattan||Lower East Side||$605,000||$535,000||13%|
|49||Queens||Neponsit Belle Harbor||$545,000||$500,000||9%|
Want to see how things have changed since last year? Check out the Top 10 Superstar NYC Nabes of 2013 on PropertyShark.com.