TriBeCa Remains NYC’s Most Expensive Neighborhood, Despite Prices Dropping 30%

Key Takeaways:

    • Even with a 30% y-o-y decrease, TriBeCa pulls through as NYC’s priciest neighborhood
    • A $3.2 million median sale price lands SoHo its usual second spot
    • Brooklyn’s Fort Greene sees the sharpest median sale price increase: 131% y-o-y
    • DUMBO remains the only Brooklyn neighborhood in the top 10
    • With a $2.3 million median sale price, West Village jumps from #18 to #3
    • The Upper East Side boasts the most robust transaction activity, with 495 properties sold

When it comes to expensive home sales, New York City manages to hold its ground year-after-year and quarter-after-quarter—no matter the market conditions. Citywide stability is underpinned by median sale prices trending both upwards and downwards in an almost equal number of neighborhoods, so if one area is cooling off, transaction activity and prices are most certainly heating up elsewhere.

TriBeCa, SoHo Continue to Reign as NYC’s Most Expensive Neighborhoods

Each quarter, the neighborhoods on our top 50 lists keep trading places, but the top two spots are almost always constant. Boasting a median sale price of more than $3.5 million, TriBeCa remains New York City’s most expensive neighborhood, followed by SoHo.

Year-over-year, TriBeCa saw a 30% decrease in median sale prices. The neighborhood couldn’t outperform Q1 2017 due to pricy sales that closed last year at two new luxury developments and inflated the median sale price. These included 37 transactions at 30 Park Place, with a median price of $5.6 million, and 21 deals at 56 Leonard St., with a median price of $7.2 million.

SoHo recorded a mild 5% decrease year-over-year, closing this year’s first quarter with a median sale price of $3.2 million. The same number of properties (36) changed hands in both Q1 2017 and Q1 2018, for approximately the same median sale price.

Manhattan Still Dominates the Top 10, Brooklyn’s DUMBO Stays at #5

Nine out of the 10 leading positions on our list are occupied by Manhattan neighborhoods, which comes as no surprise.

One of the most noteworthy changes took place in West Village. The neighborhood recorded an 88% year-over-year increase, boasting a median sale price of $2.3 million in Q1—which landed it the third spot on the list. The spike occurred as 10 transactions closed in Q1 2018 at 643-651 Greenwich Street, at a median sale price of $3.8 million. Flatiron District’s median sale price dropped 12% year-over-year to roughly $1.9 million, while Central Park South (11%), the East Village (73%) and Chelsea (22%) saw increases.

DUMBO saw a 13% contraction year-over-year, its median price dropping just below $2 million. Even so, the neighborhood managed to keep its 5th position, with a median sale price of $1.9 million. A total of 15 transactions closed in Q1 2018.

Brooklyn’s Fort Greene Sees Median Sale Price More Than Double YoY

Fort Greene stole the show with an outstanding performance: the median sale price in the neighborhood surged 131% year-over-year to just under $1.3 million. Prices have been boosted by new luxury developments, which resulted in the area having the highest growth rate out of our top 50. At $3.2 million—well above the area’s median—a dwelling at 59 S. Elliot was the neighborhood’s most expensive transaction.

Greenpoint climbed 39 positions to #12 with an 81% year-over-year increase and a median sale price surpassing $1.3 million. Carrol Gardens (up 31%) and Park Slope (22%) both registered increases, while Gowanus (-17%), Boerum Hill (-28%) and Brooklyn Heights (-35%) trended downwards.

Queens’ Priciest Neighborhood Almost Hits the $1 Million Mark

The median sale price in Queens’ Belle Harbor rose to $995,000, just $5,000 short of $1 million. Median sale prices in the neighborhood increased 29% year-over-year, with only 7 expensive transactions, including the dwelling at 270 Beach 137 St., which traded for almost $1.6 million. At #34, Queensboro Hill is the second-priciest neighborhood in the borough, with an $883,500 median sale price and a 4% year-over-year drop.

In total, 7 Queens neighborhoods made the top 50 list—albeit mostly in the bottom half of the chart—including Auburndale ($880,000 median sale price), Hunters Point ($817,475), East Flushing ($787,500) and Fresh Meadows ($773,000).

You can see the full ranking in the table below:

#BoroughNeighborhoodMedian Sale Price Q1 2018Y-o-Y ChangeTransactions
1ManhattanTriBeCa$3,575,000 -30%50
2ManhattanSoHo$3,212,500 -5%36
3ManhattanWest Village$2,312,500 88%84
4ManhattanHudson Square$2,264,500 -10%12
5BrooklynDUMBO$1,970,000 -13%15
6ManhattanFlatiron District$1,850,000 -12%60
7ManhattanGarment District$1,690,000 47%9
8ManhattanCentral Park South$1,550,000 11%19
9ManhattanEast Village$1,535,012 73%84
10ManhattanChelsea$1,430,000 22%93
11ManhattanGreenwich Village$1,360,000 -7%90
12BrooklynGreenpoint$1,352,182 81%32
13BrooklynCarroll Gardens$1,314,000 31%15
14BrooklynFort Greene$1,280,000 131%19
15ManhattanUpper East Side$1,219,000 11%495
16BrooklynPark Slope$1,205,000 22%102
17BrooklynGowanus$1,190,000 -17%14
18ManhattanLower East Side$1,175,000 47%65
19BrooklynBoerum Hill$1,165,000 -28%17
20ManhattanUpper West Side$1,135,000 4%464
21ManhattanFinancial District$1,127,500 -30%64
22ManhattanBattery Park City$1,120,000 6%35
23BrooklynBrooklyn Heights$1,100,000 -35%73
Gramercy Park
Theatre District - Times Square
25ManhattanSutton Place$1,050,000 10%73
26BrooklynProspect Heights$1,048,400 23%55
27QueensBelle Harbor$995,000 29%7
28ManhattanCentral Midtown$992,500 -23%40
29ManhattanClinton - Hell's Kitchen$986,260 -13%96
30BrooklynManhattan Beach$953,900 -35%16
31ManhattanTurtle Bay$950,000 -10%83
32BrooklynWilliamsburg$947,692 -2%120
33BrooklynDyker Heights$922,000 13%25
34QueensQueensboro Hill$883,500 -4%16
35QueensAuburndale$880,000 10%31
Mill Basin
Downtown Brooklyn
37BrooklynClinton Hill$855,000 17%37
38BrooklynCobble Hill$840,000 -36%17
39QueensHunters Point$817,475 -16%111
40BrooklynBedford-Stuyvesant$792,500 -1%86
41BrooklynBorough Park$790,000 7%62
42QueensEast Flushing$787,500 -16%26
43ManhattanKips Bay$777,500 14%30
44QueensFresh Meadows$773,000 -2%44
45BrooklynMadison$762,500 0%22
46BrooklynGreenwood Heights$760,833 -20%8
47ManhattanCivic Center$745,000 -6
48ManhattanMurray Hill$740,000 14%153
49BrooklynWindsor Terrace$735,000 5%27
50QueensMiddle Village$730,000 4%29


The median sale prices were calculated based on residential property sales closed between January 1, 2018 and March 31, 2018. The residential properties included in the stats are single-family homes, condos and co-ops.

Robert Demeter

Robert Demeter

Robert is a copywriter at CommercialCafe and brings 3+ years of experience in commercial real estate. He previously worked as a copywriter at PropertyShark, as a senior associate editor at Commercial Property Executive and Multi-Housing News, and also wrote monthly market reports at Yardi Matrix.

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