Robert Demeter Key takeaways:
- TriBeCa, SoHo remain #1 and #2 most expensive NYC neighborhoods in Q1 2019
- Garment District prices increase 49%, landing the neighborhood in the 3d spot
- Theatre District median reaches $1.7 million with 54 transactions
- The East & West Village prices declined 35% and 56%, respectively
- Queens’ Ditmars – Steinway median prices go up 115% Y-o-Y
- 3 Brooklyn neighborhoods make their way into the top 10
The first quarter of 2019 saw New York City’s top 50 most expensive neighborhoods with a couple of interesting shifts, as median home sale prices changed across the spectrum. The top 2 positions remained occupied by TriBeCa and SoHo, however, The Garment District, Theatre District and Ditmars – Steinway saw incredible increases, propelling them upward in the ranking.
There were also a handful of neighborhoods that declined, like DUMBO, East Village and Chelsea. The largest decrease occurred in the West Village, where the median home sale price dropped 56% year-over-year to $1.02 million.
Manhattan secured 22 entries in the top 50, with most of the neighborhoods positioned towards the top of the chart, as usual. Brooklyn came in second occupying 21 spots, followed by Queens with 11 positions. Due to several ties, the list adds up to a total of 54 neighborhoods.
Only 6 neighborhoods were new entries in the top 50, and 5 in the top 10. Brooklyn’s Columbia Street Waterfront District, DUMBO and Carroll Gardens made it into the top 10, with the rest of the top positions being occupied by neighborhoods in Manhattan.
Read on to see some of the highlights of the study and scroll to the end of the article to view the top 50 chart.
Manhattan Highlights: Theatre District’s Home Price Surge Propels the Neighborhood to #6
Theatre District – Times Square’s median home sale price increased to $1.7 million in the first quarter of 2019, up 63% year-over-year. The neighborhood leaped from #24 to #6, a solid position in the top 10.
A total of 54 residential transactions were closed in the neighborhood—which also include sales from Central Park South. One of the key factors of the median increasing this much was the result of several condos trading at the new 220 Central Park South development. Sales closed in Central Park South area had a median of $3.2 million.
A similar situation occurred in Central Midtown as well, where 12 sales at 100 E. 53rd St. propelled the neighborhood’s median sale price to $1.5 million, a 51% increase year-over-year. The 12 sales had a median of $2.4 million.
Another neighborhood where prices went up significantly is the Garment District. Year-over-year the neighborhood’s median sale price increased 49% to $2.5 million, partly due to several transactions closing at The Bryant with a median of $3.1 million.
TriBeCa and Soho remained the top 2 most expensive neighborhoods. TriBeCa prices increased 18% year-over-year to $4.2 million. The median home sale price decreased 10% in SoHo, to $2.9 million.
The East and West Village also saw significant declines. East Village prices went down 30% to $1.07 million and the West Village down 56% to $1.02 million. This is a direct result of the large number of condos that traded in Q1 2018 at new developments which drastically increased both neighborhoods’ median home sale prices.
In the East Village, 40 condos traded for a median of $2.1 million at 438 E. 12st., while 10 sales at 643-651 Greenwich St. in the West Village closed for a median of $3.8 million.
Brooklyn Highlights: 3 Brooklyn Neighborhoods Make It into the Top 10
Columbia Street Waterfront District, DUMBO, and Carroll Gardens all made it into the top 10, securing 8th, 9th and 10th positions.
Columbia Street Waterfront District landed at #8 with a median home sale price of $1.49 million, just below Central Midtown. DUMBO prices declined 25% year-over-year, landing the neighborhood on the 9th position with a median sale price of $1.48 million.
Rounding out the top 10 is Carroll Gardens, where median sale prices went up 8%, reaching $1.4 million in Q1 2019.
Another interesting development occurred in Manhattan Beach, where prices surged 35% year-over-year, bringing the neighborhood from #30 to #14. The large spike is the result of several homes at 7 Corbin Place trading way below the neighborhood’s median in Q1 2018—8 properties changed hands for $760,000.
Queens Highlights: Ditmars – Steinway’s Median Grows 115% Y-o-Y
Ditmars – Steinway’s median home sale price almost reached $1 million in Q1 2019. Year-over-year, the neighborhood saw a 115% increase, with the median price reaching $990,750. The large spike is partly due to 3 homes trading for around $1 million this quarter, while in Q1 2018 there’s was only a single $1 million sale.
Sunnyside Gardens also saw an uptick of 102% in prices, while Jamaica Estates increased 62% year-over-year.
Methodology
Median home sale prices were calculated based on residential property sales closed between January 1, 2019 and March 31, 2019. The residential properties included in the stats are single-family homes, condos and co-ops. Package deals were excluded.
Only neighborhoods with more than 3 residential sales were included.
The boundaries to some of the neighborhoods in Manhattan vary. Data on several small neighborhoods is included in stats for larger areas. For example, Central Park South is included in Theatre District – Times Square, NoLita is included in Little Italy; NoHo is included in Greenwich Village; Carnegie Hill, Lenox Hill and Yorkville are included in the Upper East Side.
