TriBeCa Jumps the $4M Mark, Still Reigns Over Priciest NYC Neighborhoods

When it comes to expensive lifestyles and pricey real estate, New York City holds strong to its reputation as the world’s hottest market. Whether it’s a lavish penthouse in sizzling Lower Manhattan or a posh loft overlooking Central Park, the city’s spectacular properties entice deep-pocketed buyers across all neighborhoods.

And as we’re less than two weeks away from the end of the year, we were curious to know just how hot New York City’s real estate market was in 2016. To no one’s surprise, the notoriously unaffordable Manhattan leads the way with eight neighborhoods on our Top 10 list. The Garment District continued last year’s incredible run and made it onto our list with a staggering 47% increase in sale prices, while Little Italy is the only Top 10 neighborhood to register a drop in prices since last year.

DUMBO managed to squeeze to the 5th spot with an honorable 44% increase in sale prices, climbing way up from no. 9 in 2015. Besides DUMBO, Forest Hills Gardens was the only other non-Manhattan presence in 2016’s top 10. An impressive 68% year-over-year growth secured entry into the top 50 for the up and coming Gowanus neighborhood in Brooklyn – in fact, all the way up to the 14th position!

Keep reading and discover New York City’s ten most expensive neighborhoods in 2016. Be sure to scroll down to the end to see the full Top 50.

#10. Forest Hills Gardens

Median sale price: $1,525,000
Number of transactions: 29
This upper middle class neighborhood has seen a surge in home prices and is the most expensive place to live in Queens. The neighborhood dotted with Tudor-style homes came in 10^th, with a 37% increase in median home prices year-over-year and 29 properties sold in 2016.

#9. Theatre District – Times Square

Median sale price: $1,545,000
Number of transactions: 229
Albeit showing only a very modest 3% increase in median home prices year-over-year, the Theatre District – Times Square neighborhood remains one of the most expensive places in New York City. Located in the heart of Midtown Manhattan and sizzling with cultural activity, the neighborhood commands a hefty median home price of $1,545,000

#8. Garment District

Median sale price: $1,767,500
Number of transactions: 28
A new entry on our Top 10 list, the Garment District registered an impressive 47% increase in median home price year-over-year, with only 28 sales on record. Better known for the international companies that call this neighborhood home, the Garment District continues to gain ground in terms of residential sales, seeing a new wave of residential developments and conversions.

#7. Greenwich Village

Median sale price: $1,796,906
Number of transactions: 642
The popularity award goes to Greenwich Village, where 642 properties were sold in 2016. Also a new entry on our Top 10 list, the neighborhood posted a 44% increase year-over-year and now commands a median home price of almost $1,800,000.

#6. Flatiron District

Median sale price: $1,942,500
Number of transactions: 460
Another popular Manhattan neighborhood came 6^th on our list—but with a mere 10% increase in median home prices since last year. Anchored by Madison Square Park and Union Square and boasting remarkable architecture, this is one of New York City’s busiest neighborhoods.

#5. DUMBO

Median sale price: $2,010,000
Number of transactions: 113
Brooklyn’s treasured mini-neighborhood made its way up on our Top 10, reaching no. 5 from 9 last year. With 113 properties sold and an impressive 44% increase year-over-year, DUMBO commands a little over $2,000,000 in median home prices. This comes as little surprise to us, since just last quarter we saw the ultra-hip, tech-heavy DUMBO rank 4^th among the most expensive neighborhoods in New York.

#4. Hudson Square

Median sale price: $2,345,030
Number of transactions: 55
This Lower Manhattan neighborhood came in 4^th on our list for the second year in a row, posting a moderate increase of 14% year-over-year. Median home prices in Hudson Square clock in at $2,345,030 in this media hub that has been buzzing with new developments after the 2013 rezoning.

#3. Little Italy

Median sale price: $2,545,625
Number of transactions: 27
The only Top 10 neighborhood to register a drop in prices since last year, Little Italy ranked 3^rd on our list. Though it dropped 12% year-over-year in terms of median price, this Manhattan neighborhood still commands well over $2,500,000 for the typical home.

#2. SoHo

Median sale price: $3,517,500
Number of transactions: 164
With a 21% increase since last year, Manhattan’s notorious SoHo is the second priciest neighborhood on our list. Known for its art galleries, concerts and prime shopping and dining venues, SoHo is also famous for being declared a National Historic Landmark thanks to its many buildings that incorporate cast-iron architectural elements. No wonder an average home here sells for a staggering $3,517,500!

#1. TriBeCa

Median sale price: $4,152,412
Number of transactions: 436
With a median sale price well over the $4 million mark, TriBeCa keeps its title as New York’s most expensive place to live — recording a 19% Y-o-Y rise in prices. This Lower Manhattan neighborhood has come a long way from a warehouse district in the 1960s to a high-end retreat occupied by the rich and the famous.

Check below the full list of 50 most expensive neighborhoods in New York City:

Methodology:

The median sale prices were calculated based on residential property sales closed & recorded between January 1, 2016 and December 13, 2016. The residential properties included in the stats are single-family homes, condos and coops.

The boundaries to some of the neighborhoods in Manhattan have been changed from previous studies. Therefore, data on several small neighborhoods is now included in stats for larger areas. For example, NoLita is now included in Little Italy; NoHo in Greenwich Village; Carnegie Hill, Lenox Hill, Yorkville are included in the Upper East Side.