{"id":26806,"date":"2016-04-01T10:47:06","date_gmt":"2016-04-01T14:47:06","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=26806"},"modified":"2025-05-22T11:24:26","modified_gmt":"2025-05-22T08:24:26","slug":"most-expensive-nyc-neighborhoods-2016-2","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/most-expensive-nyc-neighborhoods-2016\/","title":{"rendered":"TriBeCa Jumps the $4M Mark, Still Reigns Over Priciest NYC Neighborhoods"},"content":{"rendered":"

When it comes to expensive lifestyles and pricey real estate, New York City holds strong to its reputation as the world\u2019s hottest market. Whether it\u2019s a lavish penthouse in sizzling Lower Manhattan or a posh loft overlooking Central Park, the city\u2019s spectacular properties entice\u00a0deep-pocketed buyers across all neighborhoods.<\/p>\n

And as we\u2019re less than two weeks away from the end of the year, we were curious to know just how hot New York City\u2019s real estate market was in 2016. To no one\u2019s surprise, the notoriously unaffordable Manhattan leads the way with eight neighborhoods on our Top 10 list<\/strong>. The Garment District continued last year\u2019s 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.<\/p>\n

DUMBO managed to squeeze\u00a0to the 5th spot<\/strong>\u00a0with an honorable 44% increase in sale prices, climbing way up from no. 9 in 2015. Besides DUMBO, Forest Hills Gardens<\/strong> 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!<\/p>\n

Keep reading and discover New York City\u2019s ten most expensive neighborhoods in 2016. Be sure to scroll down to the end to see the full Top 50.<\/strong><\/p>\n

\"top-10-nyc-neighborhoods-by-median-sale-price-in-2016\"<\/a><\/p>\n

 <\/p>\n

<\/span>#10. Forest Hills Gardens<\/span><\/h3>\n

Median sale price: $1,525,000<\/strong>
\nNumber of transactions: 29<\/strong>
\nThis 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 10th<\/sup>, with a 37% increase in median home prices year-over-year and 29 properties sold in 2016.<\/p>\n

<\/span>#9. Theatre District \u2013 Times Square<\/span><\/h3>\n

Median sale price: $1,545,000<\/strong>
\nNumber of transactions: 229<\/strong>
\nAlbeit showing only a very modest 3% increase in median home prices year-over-year, the Theatre District \u2013 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<\/p>\n

<\/span>#8. Garment District<\/span><\/h3>\n

Median sale price: $1,767,500<\/strong>
\nNumber of transactions: 28<\/strong>
\nA 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.<\/p>\n

<\/span>#7. Greenwich Village<\/span><\/h3>\n

Median sale price: $1,796,906<\/strong>
\nNumber of transactions: 642<\/strong>
\nThe 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.<\/p>\n

<\/span>#6. Flatiron District<\/span><\/h3>\n

Median sale price: $1,942,500<\/strong>
\nNumber of transactions: 460<\/strong>
\nAnother popular Manhattan neighborhood came 6th<\/sup> on our list\u2014but 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\u2019s busiest neighborhoods.<\/p>\n

<\/span>#5. DUMBO<\/span><\/h3>\n

Median sale price: $2,010,000<\/strong>
\nNumber of transactions: 113<\/strong>
\nBrooklyn\u2019s 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 4th<\/sup> among the most expensive neighborhood<\/a>s in New York.<\/p>\n

<\/span>#4. Hudson Square<\/span><\/h3>\n

Median sale price: $2,345,030<\/strong>
\nNumber of transactions: 55<\/strong>
\nThis Lower Manhattan neighborhood came in 4th<\/sup> 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.<\/p>\n

<\/span>#3. Little Italy<\/span><\/h3>\n

Median sale price: $2,545,625<\/strong>
\nNumber of transactions: 27<\/strong>
\nThe only Top 10 neighborhood to register a drop in prices since last year, Little Italy ranked 3rd<\/sup> on our list. Though it dropped 12% year-over-year\u00a0in terms of median price, this Manhattan neighborhood still commands well over $2,500,000 for the typical home.<\/p>\n

<\/span>#2. SoHo<\/span><\/h3>\n

Median sale price: $3,517,500<\/strong>
\n Number of transactions: 164<\/strong>
\nWith a 21% increase since last year, Manhattan\u2019s 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!<\/p>\n

<\/span>#1. TriBeCa<\/span><\/h3>\n

Median sale price: $4,152,412<\/strong>
\nNumber of transactions: 436<\/strong>
\nWith a median sale price well over the $4 million mark, TriBeCa keeps its title as New York\u2019s most expensive place to live \u2014 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\u00a0high-end retreat occupied by the rich and the famous.<\/p>\n

Check below the full list of 50 most expensive neighborhoods in New York City:<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
No.<\/th>Borough<\/th>Neighborhood<\/th>Median sale price<\/th>2016 vs 2015<\/th>Transactions<\/th>\n<\/tr>\n<\/thead>\n
1<\/td>Manhattan<\/td>TriBeCa<\/td>$4,152,412
\n<\/td>		19%<\/td>436<\/td>\n<\/tr>\n
2<\/td>Manhattan<\/td>SoHo<\/td>$3,517,500
\n<\/td>		21%<\/td>164<\/td>\n<\/tr>\n
3<\/td>Manhattan<\/td>Little Italy<\/td>$2,545,625
\n<\/td>		-12%<\/td>27<\/td>\n<\/tr>\n
4<\/td>Manhattan<\/td>Hudson Square<\/td>$2,345,030
\n<\/td>		14%<\/td>55<\/td>\n<\/tr>\n
5<\/td>Brooklyn<\/td>DUMBO<\/td>$2,010,000
\n<\/td>		44%<\/td>113<\/td>\n<\/tr>\n
6<\/td>Manhattan<\/td>Flatiron District<\/td>$1,942,500
\n<\/td>		10%<\/td>460<\/td>\n<\/tr>\n
7<\/td>Manhattan<\/td>Greenwich Village<\/td>$1,796,906
\n<\/td>		44%<\/td>642<\/td>\n<\/tr>\n
8<\/td>Manhattan<\/td>Garment District<\/td>$1,767,500
\n<\/td>		47%<\/td>28<\/td>\n<\/tr>\n
9<\/td>Manhattan<\/td>Theatre District - Times Square<\/td>$1,545,000
\n<\/td>		3%<\/td>229<\/td>\n<\/tr>\n
10<\/td>Queens<\/td>Forest Hills Gardens<\/td>$1,525,000
\n<\/td>		37%<\/td>29<\/td>\n<\/tr>\n
11<\/td>Manhattan<\/td>Central Midtown<\/td>$1,350,000
\n<\/td>		27%<\/td>323<\/td>\n<\/tr>\n
12
\n<\/td>		Manhattan<\/td>West Village<\/td>$1,270,000
\n<\/td>		-5%<\/td>268<\/td>\n<\/tr>\n
13<\/td>Manhattan
\nManhattan<\/td>		Chelsea
\nBattery Park City
\n<\/td>		 $1,250,000
\n $1,250,000
\n<\/td>		13%
\n-23%<\/td>		680
\n207<\/td>\n<\/tr>\n
14<\/td>Brooklyn<\/td>Gowanus
\n<\/td>		 $1,213,000
\n<\/td>		68%<\/td>52<\/td>\n<\/tr>\n
15<\/td>Brooklyn<\/td>
\n
\nCarroll Gardens
\n<\/td>		$1,208,450
\n<\/td>		-2%<\/td>66<\/td>\n<\/tr>\n
16<\/td>Manhattan<\/td>
\nUpper East Side
\n<\/td>		$1,150,000
\n<\/td>		7%<\/td>2,461<\/td>\n<\/tr>\n
17<\/td>Brooklyn<\/td>
\nBoerum Hill
\n<\/td>		$1,088,000
\n<\/td>		16%<\/td>75<\/td>\n<\/tr>\n
18<\/td>Brooklyn<\/td>
\nProspect - Lefferts Gardens
\n<\/td>		$1,074,500
\n<\/td>		54%<\/td>41<\/td>\n<\/tr>\n
19<\/td>Manhattan<\/td>
\nUpper West Side
\n<\/td>		$1,055,000
\n<\/td>		-6%<\/td>2,041<\/td>\n<\/tr>\n
20<\/td>Brooklyn<\/td>
\nCobble Hill
\n<\/td>		$997,500
\n<\/td>		-14%<\/td>70<\/td>\n<\/tr>\n
21<\/td>Manhattan<\/td>Clinton - Hell's Kitchen<<\/td>$997,444
\n<\/td>		0%<\/td>498<\/td>\n<\/tr>\n
22<\/td>Manhattan<\/td>
\nTurtle Bay
\n<\/td>		$992,500
\n<\/td>		6%<\/td>446<\/td>\n<\/tr>\n
23<\/td>Manhattan<\/td>
\nSutton Place
\n<\/td>		$982,500
\n<\/td>		6%<\/td>258<\/td>\n<\/tr>\n
24<\/td>Manhattan<\/td>
\nFinancial District
\n<\/td>		$980,000
\n<\/td>		-8%<\/td>411<\/td>\n<\/tr>\n
25<\/td>Brooklyn<\/td>
\nPark Slope
\n<\/td>		$979,500
\n<\/td>		5%<\/td>416<\/td>\n<\/tr>\n
26<\/td>Manhattan<\/td>
\nGramercy Park
\n<\/td>		$958,532
\n<\/td>		17%<\/td>316<\/td>\n<\/tr>\n
27<\/td>Manhattan<\/td>
\nBowery
\n<\/td>		$950,000
\n<\/td>		22%<\/td>35<\/td>\n<\/tr>\n
28<\/td>Queens<\/td>
\nBroadway - Flushing
\n<\/td>		$944,000
\n<\/td>		14%<\/td>32<\/td>\n<\/tr>\n
29<\/td>Queens<\/td>
\nHunters Point
\n<\/td>		$935,000
\n<\/td>		16%<\/td>237<\/td>\n<\/tr>\n
30<\/td>Queens<\/td>
\nMalba
\n<\/td>		$932,500
\n<\/td>		-6%<\/td>18<\/td>\n<\/tr>\n
31<\/td>Manhattan<\/td>
\nEast Village
\n<\/td>		$926,000
\n<\/td>		-1%<\/td>244<\/td>\n<\/tr>\n
32<\/td>Brooklyn<\/td>
\nManhattan Beach
\n<\/td>		$915,804
\n<\/td>		-8%<\/td>66<\/td>\n<\/tr>\n
33<\/td>Brooklyn<\/td>
\nGreenpoint
\n<\/td>		$915,000 <\/td>-1%<\/td>53<\/td>\n<\/tr>\n
34<\/td>Brooklyn<\/td>
\nMill Basin
\n<\/td>		$912,500
\n<\/td>		7%<\/td>56<\/td>\n<\/tr>\n
35<\/td>Manhattan<\/td>
\nRoosevelt Island
\n<\/td>		$865,956
\n<\/td>		81%<\/td>42<\/td>\n<\/tr>\n
36<\/td>Brooklyn<\/td>
\nBrooklyn Heights
\n<\/td>		$856,000
\n<\/td>		-10%<\/td>222<\/td>\n<\/tr>\n
37<\/td>Brooklyn<\/td>
\nColumbia Street Waterfront District
\n<\/td>		$850,000
\n<\/td>		0%<\/td>45<\/td>\n<\/tr>\n
38<\/td>Brooklyn<\/td>
\nWilliamsburg
\n
\n<\/td>		$839,998
\n<\/td>		-1%<\/td>658<\/td>\n<\/tr>\n
39<\/td>Brooklyn
\nBrooklyn<\/td>
\n
\nProspect Heights
\nDowntown Brooklyn
\n<\/td>		$825,000
\n$825,000 <\/td>		9%
\n0%<\/td>		202
\n186<\/td>\n<\/tr>\n
40<\/td>Brooklyn<\/td>
\nGreenwood Heights
\n<\/td>		$807,300
\n<\/td>		11%<\/td>48<\/td>\n<\/tr>\n
41<\/td>Manhattan<\/td>
\nLower East Side Manhattan
\n<\/td>		$805,000
\n<\/td>		24%<\/td>156<\/td>\n<\/tr>\n
42<\/td>Queens<\/td>
\nJamaica Estates
\n<\/td>		$800,000
\n<\/td>		88%<\/td>59<\/td>\n<\/tr>\n
43<\/td>Queens
\nBrooklyn<\/td>
\nKissena Park
\n<\/td>		 $791,500
\n
\n<\/td>		5%
\n<\/td>		54
\n<\/td>\n<\/tr>\n
44<\/td>Brooklyn
\nQueens
\nQueens<\/td>
\nDyker Heights
\nQueensboro Hill
\nDitmars - Steinway
\n<\/td>		 $770,000
\n $770,000
\n $770,000
\n<\/td>		0%
\n10%
\n1%<\/td>		73
\n47
\n33<\/td>\n<\/tr>\n
45<\/td>Queens
\n<\/td>
\nBelle Harbor
\n<\/td>		 $757,500
\n
\n<\/td>		6%<\/td>34<\/td>\n<\/tr>\n
46<\/td>Queens
\nQueens<\/td>
\nFresh Meadows
\nHollis Hills
\n<\/td>		 $750,000
\n $750,000
\n<\/td>		11%
\n29%<\/td>		208
\n56<\/td>\n<\/tr>\n
47<\/td>Queens<\/td>
\nAuburndale
\n<\/td>		 $719,500
\n<\/td>		6%<\/td>104<\/td>\n<\/tr>\n
48<\/td>Brooklyn<\/td>
\nCrown Heights
\n<\/td>		 $719,000
\n<\/td>		27%<\/td>140<\/td>\n<\/tr>\n
49<\/td>Brooklyn<\/td>
\nBedford-Stuyvesant
\n<\/td>		 $717,500
\n<\/td>		9%<\/td>264<\/td>\n<\/tr>\n
50<\/td>Manhattan<\/td>Chinatown<\/td> $710,832
\n<\/td>		-56%<\/td>38<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n
\n

Methodology:<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

When it comes to expensive lifestyles and pricey real estate, New York City holds strong to its reputation as the world\u2019s hottest market. Whether it\u2019s a lavish penthouse in sizzling Lower Manhattan or a posh loft overlooking Central Park, the city\u2019s spectacular properties entice\u00a0deep-pocketed buyers across all neighborhoods. And as we\u2019re less than two weeks…<\/p>\n","protected":false},"author":42,"featured_media":24837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8245,1659],"tags":[11171],"class_list":["post-26806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-studies","category-priciest-neighborhoods","tag-old-study"],"yoast_head":"\nTriBeCa Jumps the $4M Mark, Still Reigns Over Priciest NYC Neighborhoods - PropertyShark Real Estate Blog<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TriBeCa Jumps the $4M Mark, Still Reigns Over Priciest NYC Neighborhoods\" \/>\n<meta property=\"og:description\" content=\"When it comes to expensive lifestyles and pricey real estate, New York City holds strong to its reputation as the world\u2019s hottest market. 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