Andra Rus The rampant price soar for the most desirable homes in NYC showed no signs of slowing down in the Lower Manhattan neighborhoods are among the first ten most expensive on our list, while the Garment District leads in record price booms – almost tripling the value of its median sale since last year’s Q1 to $3,496,538 (albeit, with only 6 sales on record).
As for the popularity award, that goes to Greenwich Village: 150 transactions over the past 3 months and an increase of 82% in the median home price, bringing it close to $2,ooo,ooo. On the other hand, film-loving, world-famous TriBeCa is the only top ten neighborhood to record a fall in prices since this time last year.
Here are the ten priciest neighborhoods on our list, but make sure you scroll down to the end for the full Top 50.
#10. Flatiron District
Median sale price: $1,925,518
Number of transactions: 44
With a 41% increase in median home prices Y-o-Y, this arts and tech mix on the border between Midtown and Lower Manhattan offers high-earning home buyers both business and entertainment. The Chelsea Lane building at 6-23 W 16 Street made the best of Q1 2016, having sold 5 coop units just one block away from Union Square Park.
#9. Battery Park City
Median sale price: $1,947,403
Number of transactions: 58
Among the more laid-back, family-friendly neighborhoods in Manhattan, it’s no surprise that Battery Park attracts attention from hopeful would-be residents. So much so that the median price soared by 145% over the course of one year, landing Battery Park a spot alongside NYC residential royalty, up two places from our priciest neighborhood list of 2015.
#8. Greenwich Village
Median sale price: $1,997,500
Number of transactions: 150
By far the best sold neighborhood among our ten most expensive, this once-upon-a-time bohemian den is now in full-fledged development plans, mostly due to the expansion and profitability of the local NYU. Nevertheless, home owners looking to sell have managed to keep up the high pace of transactions in spite of a 82% rise in median prices.
#7. NoMad
Median sale price: $2,630,000
Number of transactions: 60
Comfortably blending convenience with trendy retail and dining, NoMad has seen a relatively small increase in prices of 28% (compared to other growth rates seen on this list). Price-wise, it sits about half-way between the still family-oriented Greenwich Village and the luxurious TriBeCa and Hudson Square, the latter ‘s median home price just shy of the $3 million luxury mark. Some of the most expensive units sold were recorded at 1107 Broadway and Fifteen Madison Square North.
#6. TriBeCa
Median sale price: $2,953,000
Number of transactions: 89
Highly popular, historic and home to a world-renown film festival, TriBeCa is still drawing in plenty of home buyers despite the price tag it boasts, yet the median price has declined in the past year by a noteworthy 20%. Over the years of redevelopments and conversions, TribeCa hasn’t lost any of its charm and is likely to keep its hold on the most stellar names in entertainment as its residents.
#5. Hudson Square
Median sale price: $2,955,980
Number of transactions: 34
The 2013 rezoning of this media hub brought in new residential development opportunities and the effects haven’t taken long to be seen. The past year has brought prices up by 51% and the retail business has not failed to notice this new interest in the area, slowly turning a former transit area known for the Holland Tunnel and the Trump SoHo into one of the most attractive places to live in Manhattan.
#4. NoLIta
Median sale price: $3,125,000
Number of transactions: 5
Few new residents closed any deals last quarter in this small yet upscale neighborhood; however, prices are still on the rise, and are now 56% higher than in Q1 2015. Both refined and comfortable, this neck of the woods was chosen by Lenny Kravitz for his first New York condo design project at 75 Kenmare.
#3. Garment District
Median sale price: $3,496,538
Number of transactions: 6
Though not many can afford the price tag, the ones that do need to buy fast in this neighborhood with few residential properties. With a spectacular median home price jump of 193% since the beginning of last year, the Garment District is better known for the international fashion companies it hosts, though it looks like it might be losing ground with the very business that made it so famous.
#2. NoHo
Median sale price: $4,000,000
Number of transactions: 11
Almost entirely a historic district for the upper-class now, NoHo has nevertheless managed to keep, at least in part, the charm that has long attracted activists and artists to live and work in its converted lofts. Transaction numbers were low here as well in Q1, but prices stayed high with a 46% rise Y-o-Y and plenty of new high-rise developments springing up.
#1. SoHo
Median sale price: $5,865,000
Number of transactions: 39
The neighborhood with by far the most notorious brand in NYC, SoHo is now the only one to sell an average home for a price tag above the luxury threshold for Manhattan. The median home price surged by a staggering 143% in the span of one year, and this last quarter will only cement SoHo’s reputation for exclusive high living.
See below for the full list of 50 most expensive neighborhoods in NYC:
| New York City - Top 50 Neighborhoods By Median Sale Price in Q1 2016 | ||||||
|---|---|---|---|---|---|---|
| No | BOROUGH | NEIGHBORHOOD | MEDIAN SALE PRICE | Q1 2016 vs Q1 2015 | TRANSACTIONS | |
| 1 | Manhattan | SoHo | $5,865,000 | 143% | 39 | |
| 2 | Manhattan | NoHo | $4,000,000 | 46% | 11 | |
| 3 | Manhattan | Garment District | $3,496,538 | 193% | 6 | |
| 4 | Manhattan | NoLIta | $3,125,000 | 56% | 5 | |
| 5 | Manhattan | Hudson Square | $2,955,980 | 51% | 34 | |
| 6 | Manhattan | TriBeCa | $2,953,000 | -20% | 89 | |
| 7 | Manhattan | NoMad | $2,630,000 | 28% | 60 | |
| 8 | Manhattan | Greenwich Village | $1,997,500 | 82% | 150 | |
| 9 | Manhattan | Battery Park City | $1,947,403 | 145% | 58 | |
| 10 | Manhattan | Flatiron District | $1,925,518 | 41% | 44 | |
| 11 | Manhattan | Central Midtown | $1,745,000 | 51% | 86 | |
| 12 | Manhattan | West Village | $1,582,500 | 21% | 86 | |
| 13 | Manhattan | Carnegie Hill | $1,550,000 | -16% | 96 | |
| 14 | Brooklyn | Columbia Street Waterfront District | $1,362,319 | 48% | 14 | |
| 15 | Manhattan | Chelsea | $1,338,999 | 41% | 144 | |
| 16 | Manhattan | Bowery | $1,335,000 | 36% | 10 | |
| 17 | Brooklyn | Prospect - Lefferts Gardens | $1,320,000 | 0% | 9 | |
| 18 | Manhattan | Lenox Hill | $1,277,500 | 6% | 320 | |
| 19 | Manhattan | Theatre District - Times Square | $1,275,000 | -3% | 37 | |
| 20 | Brooklyn | DUMBO | $1,212,000 | 3% | 11 | |
| 21 | Manhattan | Turtle Bay | $1,210,000 | 56% | 92 | |
| 22 | Manhattan | Sutton Place | $1,152,500 | 19% | 68 | |
| 23 | Brooklyn | Mill Basin | $1,145,531 | 82% | 11 | |
| 24 | Manhattan | UWS | $1,140,000 | 23% | 259 | |
| 25 | Manhattan | Lincoln Square | $1,121,000 | -8% | 149 | |
| 26 | Brooklyn | Carroll Gardens | $1,112,500 | 18% | 18 | |
| 27 | Brooklyn | Fort Greene | $1,040,000 | 9% | 21 | |
| 28 | Manhattan | Yorkville | $1,035,341 | 43% | 234 | |
| 29 | Brooklyn | Cobble Hill | $999,999 | -20% | 17 | |
| 30 | Manhattan | Clinton - Hell's Kitchen | $998,611 | -5% | 98 | |
| 31 | Brooklyn | Gowanus | $992,000 | 51% | 14 | |
| 32 | Manhattan | Roosevelt Island | $984,133 | 51% | 10 | |
| 33 | Queens | Malba | $975,000 | 50% | 5 | |
| 34 | Queens | Kissena Park | $965,000 | 36% | 6 | |
| 35 | Queens | Hunters Point | $960,188 | 15% | 52 | |
| 36 | Brooklyn | Park Slope | $918,000 | 4% | 89 | |
| 37 | Manhattan | Financial District | $917,500 | -15% | 86 | |
| 38 | Brooklyn | Manhattan Beach | $873,486 | -17% | 8 | |
| 39 | Brooklyn | Greenpoint | $850,500 | -12% | 10 | |
| 40 | Manhattan | Lower East Side Manhattan | $833,750 | 40% | 34 | |
| 41 | Brooklyn | Downtown Brooklyn | $825,000 | -4% | 40 | |
| Brooklyn | Williamsburg | $825,000 | -1% | 127 | ||
| Manhattan | East Village | $825,000 | -5% | 45 | ||
| Manhattan | Gramercy Park | $825,000 | -9% | 43 | ||
| 42 | Manhattan | Murray Hill | $803,000 | -5% | 104 | |
| 43 | Queens | Jamaica Estates | $798,500 | 51% | 12 | |
| 44 | Brooklyn | Boerum Hill | $790,000 | -11% | 14 | |
| 45 | Queens | Broadway - Flushing | $775,000 | -5% | 5 | |
| 46 | Queens | Hollis Hills | $770,000 | 8% | 9 | |
| 47 | Manhattan | Chinatown | $768,000 | -58% | 10 | |
| 48 | Brooklyn | Bedford-Stuyvesant | $765,000 | 31% | 42 | |
| Brooklyn | Dyker Heights | $765,000 | -1% | 15 | ||
| 49 | Manhattan | Manhattan Valley | $757,500 | 7% | 37 | |
| 50 | Brooklyn | Greenwood Heights | $755,000 | -12% | 15 | |
* The median sale prices were calculated based on residential property sales closed between January 1, 2016 and March 31, 2016. The residential properties included in the stats are single-family homes, condos and coops.
