As sales ticked down 4% Y-o-Y across NYC, 27 of the city’s 50 priciest neighborhoods also logged slowdowns in transactional activity in Q3.
11 NYC buildings have closed more than $1 billion in sales, with the #2 and #3 best-sellers going over $2 billion and #1 hitting $3 billion so far.
38 neighborhoods closed Q2 with medians over $1 million, with SoHo and TriBeCa north of $3 million & Hudson Yards in the lead at over $5 million.
35 neighborhoods surpass $1 million median as NYC logs record sales activity and new pricing peaks as pent-up demand drives buying frenzy.
Sales activity skyrocketed in Q3 2021, while prices, too, were more spread out, but they continued to rise among NYC’s 50 priciest neighborhoods.
For the NYC multifamily sector, the downturn brought on by the pandemic was just another hit to an already cooled-down market.
In 2020, Hudson Yards was NYC’s most expensive neighborhood with a $4.5 million median. TriBeCa was next with $3.2 million median sale price – a 3% decrease Y-o-Y.
The effects of COVID-19 have yet to show up for NYC multifamily in Q1: sales volume leaps 39% Y-o-Y, totals $1.9 billion.
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