Robert Demeter Key takeaways:
- TriBeCa remains the priciest neighborhood, with a median sale price of $3.85M
- With 41 sales and a 41% increase Y-o-Y, the Garment District lands on the third place
- The Flatiron District (-32%) and Little Italy (-42%) both see major decreases
- Financial District prices plummet 34%, and median prices go below $1M
- Roosevelt Island surges 44% despite no new developments
- Brooklyn’s Greenpoint climbs from #41 to #14, with a 37% increase in prices
- At a median of $881K, Queens’ East Flushing ended up at #39
The 2018 edition of PropertyShark’s customary report on the 50 most expensive neighborhoods in New York City contains much that was to be expected, such as the general dominance of Manhattan neighborhoods, as well as TriBeCa’s and SoHo’s defense of the top 2 positions. However, our annual compilation of residential sales data did reveal some big changes, including sharp price increases in the Garment District, Roosevelt Island, and Brooklyn’s Greenpoint, as well as a big drop in prices in the Financial District.
Manhattan secured 24 entries, with most of the neighborhoods positioned in the upper half of the top 50 chart. Brooklyn came in second occupying 21 spots, followed by Queens with 7 positions. Due to two ties, the list adds up to a total of 52 neighborhoods.
Only 7 neighborhoods are new entries in the top 50, including Manhattan’s Murray Hill. West Village and Greenwich Village are the only 2 new entries in the top 10.
For detailed information about every NYC neighborhood, check out the map below. Make sure to scroll down to read the full breakdown.
Despite an 18% Drop, TriBeCa Maintains its Position as NYC’s Priciest Neighborhood
Yet again, TriBeCa landed on the top spot of the top 50 most expensive NYC neighborhoods list, with a median home sale price of $3.85 million. In 2017, 66 residential sales at 56 Leonard St., with a median of $6.9 million, increased overall neighborhood prices.
Even though TriBeCa prices dropped 18% year-over-year, there’s an $850,000 difference between the first and second spot, occupied by SoHo. With a total of 117 residential deals closed, and a median of almost $3 million, prices in the neighborhood saw no change.
The Garment District Secures Third Place with $2.33M Median
At #3, the Garment District was one of the rare surprises of this year. The small neighborhood managed to occupy the third position with a median of $2.33 million, a 41% increase year-over-year. Last year, the Garment District placed 7th.
A handful of sales at 16 West 40th St. played a key role in the neighborhood’s median home sale price surge. 21 units traded in the building for a median of $2.8 million.
Roosevelt Island median prices also increased dramatically, with the neighborhood seeing a 44% increase in 2018. What’s interesting is that prices went up without any new developments—the neighborhood just became more expensive. 15 residential transactions brought the neighborhood’s median to almost $1.2 million.
The median home sale price also increased in West Village (36%) and Chelsea (19%).
Flatiron District (-32%), Little Italy (-42%), and Financial District (-34%) Prices Plummet Y-o-Y
The three neighborhoods saw extreme price decreases year-over-year, especially Little Italy. The median home sale price in the neighborhood dropped to $1.3 million, down 42% year-over-year.
With a 32% decrease, Flatiron District prices currently rest at $1.57 million. Year-over-year, a total of 328 residential deals were closed in the neighborhood. In 2017, 54 luxury condos at Madison Square Park Tower traded for a median of $6.5 million, inflating the neighborhood’s prices, and so did the 38 units that traded at 55 West 17th St. for a median of 2.6 million.
The Financial District plunged to #27 with a 34% decrease year-over-year. The median in the neighborhood dropped below $1 million to a current $995,000.
With a 37% Increase, Brooklyn’s Greenpoint Climbs to #14
A total of 99 residential deals closed in Greenpoint year-over-year, with a median of $1.22 million. Prices increased 37% compared to 2017 in the neighborhood, partly as a result of the 14 units at 866 Lorimer St. that traded for a median of $2.2 million.
DUMBO saw a mild 5% dip in prices, while Boerum Hill stagnated (0% change).
Queens’ East Flushing Increased 9% to a Median Sale Price of $881K
A total of 95 units traded in the neighborhood, with a median price of $880,760. East Flushing registered a 9% increase year-over-year, and landed on #39 in the top 50 list.
Other Queens neighborhoods that made the list include Belle Harbor (5% year-over-year increase to $879,500), Hunters Point (18% decrease) and Queensboro Hill (4% drop).
Take a look at the top 50 neighborhood list below.
Methodology
Median home sale prices were calculated based on residential property sales closed between January 1, 2018 and November 23, 2018. The residential properties included in the stats are single-family homes, condos and co-ops. Package deals were excluded.
