New York City may be revered as the real estate mecca of our planet, but where you live in the Big Apple still makes a big difference.
If you’d like to call home one of the trendiest NYC neighborhoods and join the celebrities, be prepared to pay more than $3 million for an “average home.” For the first time ever, the median home price in NoHo, TriBeCa and Little Italy jumped over the $3 million threshold, leaving many home buyers and real estate agents alike wonder how 2016 will look.
We’ll let our top 20 list of the most expensive NYC neighborhoods in 2015 give you a hint:
#1. NoHo, Manhattan
Median Sale Price: $3,887,677
New York City’s crown jewel, NoHo is not easy on the wallet, but those that live in this prized boutique neighborhood north of Houston are rarely worried how much they are racking up on their ‘black cards’. Former home to Andy Warhol and the launch pad for many notable music careers, NoHo combines chic luxury living, with artisan coffee and gourmet eateries, for those who can afford it.
Median Sale Price: $3,420,000
TriBeCa held on firmly to its #2 position among NYC’s most expensive neighborhoods this year. The local median sale price rocketed 27%, going over the $3 million mark for the first time.
Median Sale Price: $3,003,838
Storming its way back to the center of attention, Little Italy boasts a massive 102% rise in median sales price over the last year.
#4. SoHo, Manhattan
Median Sale Price: $2,900,000
Although falling from top position in 2014 because of a drop in median sale price of 15%, SoHo remains one of the city’s trendiest neighborhoods. The area has magnet for leading tech companies and nonprofits, ensuring its relevance and demand for years to come.
Median Sale Price: $2,046,250
NoLlta, continues the trend in this area of Manhattan, and resurging to being one of the most notable neighborhoods in NYC. Fashion and sidewalk cafes serving up fresh espresso meet light and bright chic apartments. Film location for The Godfather Part III, and home to Martin Scorsese, as well as notable music artists John Mayer, Moby, and David Bowie.
Median Sale Price: $1,957,000
Don’t let its position on this list fool you! Hudson Square condos and penthouses have pushed well beyond the $1,500 per square foot mark for quite some time. Residences for sale here can easily sell for $2M to over $10M. The neighborhood is currently throwing itself into the future with a $27M makeover, transforming it from ‘The Printing District’ to a hi-tech media and business hub.
Median Sale Price: $1,900,000
Home to the Andrew Carnegie Mansion, which houses the Smithsonian Design Museum, this neighborhood sits on the edge of Central Park, and is currently seeing brownstones being made-over, and luxury condo rentals with premium amenities elevate the desire to live in the community.
Median Sale Price: $1,800,000
Chinatown real estate is finally creeping up. There is huge demand for the prime location of NY’s Chinatown real estate, but it is rarely available to buy, and locals have done a superb job of fighting to maintain affordable rental stock.
#9. NoMad, Manhattan
Median Sale Price: $1,769,204
Nestled between the Flatiron Building and the Empire State Building NoMad has a long history of being a creative epicenter, which is also attractive to young couples and families. Once home to Nikola Tesla, NoMad offers great connectivity for workers, with its own brand of entertainment including Jay Z’s 40/40 club. Redevelopment has seen brownstones offering upscale amenities, and new rentals and condos coming to the market.
Median Sale Price: $1,650,000
The median home sale price in Flatiron District was up by 8% in 2015 compared to 2014. The opening of the Ace Hotel in late 2015 is credited with boosting new growth in the heart of New York’s Silicon Alley.
Median Sale Price: $1,603,744
Manhattan’s decidedly suburban extension offers a great escape for those seeking a quieter pace when the markets close. Local property prices are up whopping 67% this year, with many prizing the neighborhood’s green spaces and great areas for running.
Median Sale Price: $1,460,000
The epicenter of the most fashionable city in the world; the Garment District offers 811 retail units, and boasts one of the youngest populations with an average age for residents of just 31years old. There are an estimated 7,021 residents, served by 6,735 companies.
#13. DUMBO, Brooklyn
Median Sale Price: $1,412,556
DUMBO held its own in terms of property prices this year, but fell dramatically on the last from the #4 spot last year as values and sales soared in Manhattan. DUMBO isn’t fading away anytime soon, but after fast and furious development over the last couple of years, it has become more of an anchor for the rest of Brooklyn to launch off of.
Median Sale Price: $1,357,000
If you’ve just got to be in the center of the Theater District or thrive on the mayhem of Times Square, this could be a fantastic time to pick up a great deal on the world’s most famous real estate. At number 14 due to other fast movers, and with prices down 10% from last year, any condos coming on the market ought to be snapped up in a New York minute.
The neighborhood is also home to the priciest residential sale of 2015 — a condo unit at 157 West 57 Street, Manhattan which sold for a record-breaking $91.54 million to a hedge fund run by billionaire Bill Ackerman.
Median Sale Price: $1,335,000
The only entry qualifying from Queens in this year’s top 20 list is Forest Hills Gardens. It’s easy to see why. This leafy suburb is about as opposite from Times Square as you can get. Quiet tree lined streets, and large Tudor style homes make this a veritable fairytale portal for those looking to rest their heads after a wild week in Manhattan.
Median Sale Price: $1,275,000
Cupcake mecca status, and a maze of cobblestone residential streets, lined with trees and brownstones have scored strolling the West Village as TIME Magazine’s no.2 of 10 Things to Do in New York City. Property prices may often be upwards of $2,000 per square foot, but with a young crowd earning four times the average salary in the US, you won’t hear too many people complaining.
#17. Lincoln Square, Manhattan and Vinegar Hill, Brooklyn
Median Sale Price: $1,250,000
Dubbed Brooklyn’s “edgiest enclave” Vinegar Hill is experiencing a notable building boom with new retailers and affordable condos, all leveraging DUMBO’s recent popularity.
While decidedly more stylish and better located to the heart of the city, Lincoln Square appears to offer plenty of value for those wanting to stay in Manhattan. The buyer of the $50 million penthouse at 25 Columbus Circle #STPH7, Manhattan — the 4th most expensive NYC home sale in 2015 — definitely thinks so, too.
Median Sale Price: $1,237,500
Surrounded by the gentrifying and trendy neighborhoods of Park Slope, Cobble Hill, and Boerum Hill, Carroll Gardens saw median sales prices rise 35% this year. New retailers, gym chains, and condo developments in the area are poised to put even more upward pressure on this transforming Brooklyn neighborhood.
#19. Cobble Hill, Brooklyn and Chelsea, Manhattan
Median Sale Price: $1,160,000
Cobble Hill has quickly become one of Brooklyn’s most fashionable neighborhoods, and in many ways mirrors Chelsea’s combination of dinning, architectural transformation, and live, work, play excitement drawing more visitors and residents.
#20. Manhattan Beach, Brooklyn and Lenox Hill, Manhattan
Median Sale Price: $1,125,000
Lenox Hill may still struggle with being the “other east side,” but those that live here love it. New York Jets Woody Johnson, however, seems to love it less because he decided to move out of the area. He sold his 14-room pad at 834 Fifth Avenue #1112A, Manhattan to Ukranian billionaire Leonard Blavatnik for a jaw-breaking $77.5 million, the second most expensive NYC residential sales in 2015.
Then there is Manhattan Beach which is about as different as you can get from the rest of the names on this list of NYC neighborhoods. If you don’t have to be in the city every day, this idyllic oceanfront paradise offers both views of the Atlantic and more living space.
Top 50 most expensive NYC neighborhoods in 2015
|No||Borough||Neighborhood||Median Sale Price 2015||Median Sale Price 2014||2015 vs 2014|
|11||Manhattan||Battery Park City||$1,603,744||$960,000||67%|
|14||Manhattan||Theater District-Times Square||$1,357,000||$1,500,000||-10%|
|15||Queens||Forest Hills Gardens||$1,335,000||$1,125,000||19%|
|31||Staten Island||Emerson Hill||$927,500||$1,085,000||-15%|
|34||Brooklyn||Columbia Street Waterfront District||$923,000||$1,195,722||-23%|
|49||Staten Island||Lighthouse Hill||$745,250||$692,500||8%|