{"id":35085,"date":"2018-12-03T10:47:32","date_gmt":"2018-12-03T08:47:32","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=35085"},"modified":"2025-05-22T11:24:24","modified_gmt":"2025-05-22T08:24:24","slug":"which-are-the-most-expensive-nyc-neighborhoods-of-2018","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2018\/12\/03\/which-are-the-most-expensive-nyc-neighborhoods-of-2018\/","title":{"rendered":"Which are the Most Expensive NYC Neighborhoods of 2018?"},"content":{"rendered":"<p><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li>TriBeCa remains the priciest neighborhood, with a median sale price of $3.85M<\/li>\n<li>With 41 sales and a 41% increase Y-o-Y, the Garment District lands on the third place<\/li>\n<li>The Flatiron District (-32%) and Little Italy (-42%) both see major decreases<\/li>\n<li>Financial District prices plummet 34%, and median prices go below $1M<\/li>\n<li>Roosevelt Island surges 44% despite no new developments<\/li>\n<li>Brooklyn\u2019s Greenpoint climbs from #41 to #14, with a 37% increase in prices<\/li>\n<li>At a median of $881K, Queens\u2019 East Flushing ended up at #39<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2018\/10\/nyc-most-expensive-neighborhood-2018.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-33846\" src=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2018\/10\/nyc-most-expensive-neighborhood-2018-1024x535.jpg\" alt=\"\" width=\"1024\" height=\"535\"\/><\/a><\/p>\n<p>The 2018 edition of PropertyShark\u2019s customary report on the 50 most expensive neighborhoods in New York City contains much that was to be expected, such as the general <a href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/priciest-NYC-neighborhoods-2017\" target=\"_blank\" rel=\"noopener noreferrer\">dominance of Manhattan neighborhoods<\/a>, as well as TriBeCa\u2019s and SoHo\u2019s defense of the top 2 positions. However, our annual compilation of residential sales data did reveal some big changes, including sharp price increases in the Garment District, Roosevelt Island, and Brooklyn\u2019s Greenpoint, as well as a big drop in prices in the Financial District.<\/p>\n<p>Manhattan secured 24 entries, with most of the neighborhoods positioned in the upper half of the top 50 chart. Brooklyn came in second occupying 21 spots, followed by Queens with 7 positions. Due to two ties, the list adds up to a total of 52 neighborhoods.<\/p>\n<p>Only 7 neighborhoods are new entries in the top 50, including Manhattan\u2019s Murray Hill. West Village and Greenwich Village are the only 2 new entries in the top 10.<\/p>\n<p>For detailed information about every NYC neighborhood, check out the map below. Make sure to scroll down to read the full breakdown.<br \/>\n<iframe loading=\"lazy\" class=\"tableauViz\" style=\"display: block; width: 750; height: 600; margin: 0px; padding: 0px; border: none;\" src=\"https:\/\/public.tableau.com\/views\/DashNhoods2018v14\/Dashboard1?:embed=yes&:publish=yes&:toolbar=no?&:showVizHome=no&:tabs=no&:animate_transition=yes&:display_static_image=no&:display_spinner=yes&:display_overlay=no&:display_count=yes\" width=\"850\" height=\"630\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\"><br \/>\n<\/iframe><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Despite_an_18_Drop_TriBeCa_Maintains_its_Position_as_NYCs_Priciest_Neighborhood\"><\/span>Despite an 18% Drop, TriBeCa Maintains its Position as NYC\u2019s Priciest Neighborhood<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yet again, TriBeCa landed on the top spot of the top 50 most expensive NYC neighborhoods list, with a median home sale price of $3.85 million. In 2017, 66 residential sales at 56 Leonard St., with a median of $6.9 million, increased overall neighborhood prices.<\/p>\n<p>Even though TriBeCa prices dropped 18% year-over-year, there\u2019s an $850,000 difference between the first and second spot, occupied by SoHo. With a total of 117 residential deals closed, and a median of almost $3 million, prices in the neighborhood saw no change.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Garment_District_Secures_Third_Place_with_233M_Median\"><\/span>The Garment District Secures Third Place with $2.33M Median<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At #3, the Garment District was one of the rare surprises of this year. The small neighborhood managed to occupy the third position with a median of $2.33 million, a 41% increase year-over-year. Last year, the Garment District placed 7<sup>th<\/sup>.<\/p>\n<p>A handful of sales at 16 West 40<sup>th<\/sup> St. played a key role in the neighborhood\u2019s median home sale price surge. 21 units traded in the building for a median of $2.8 million.<\/p>\n<p>Roosevelt Island median prices also increased dramatically, with the neighborhood seeing a 44% increase in 2018. What\u2019s interesting is that prices went up without any new developments\u2014the neighborhood just became more expensive. 15 residential transactions brought the neighborhood\u2019s median to almost $1.2 million.<\/p>\n<p>The median home sale price also increased in West Village (36%) and Chelsea (19%).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Flatiron_District_-32_Little_Italy_-42_and_Financial_District_-34_Prices_Plummet_Y-o-Y\"><\/span>Flatiron District (-32%), Little Italy (-42%), and Financial District (-34%) Prices Plummet Y-o-Y<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The three neighborhoods saw extreme price decreases year-over-year, especially Little Italy. The median home sale price in the neighborhood dropped to $1.3 million, down 42% year-over-year.<\/p>\n<p>With a 32% decrease, Flatiron District prices currently rest at $1.57 million. Year-over-year, a total of 328 residential deals were closed in the neighborhood. In 2017, 54 luxury condos at Madison Square Park Tower traded for a median of $6.5 million, inflating the neighborhood\u2019s prices, and so did the 38 units that traded at 55 West 17<sup>th<\/sup> St. for a median of 2.6 million.<\/p>\n<p>The Financial District plunged to #27 with a 34% decrease year-over-year. The median in the neighborhood dropped below $1 million to a current $995,000.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"With_a_37_Increase_Brooklyns_Greenpoint_Climbs_to_14\"><\/span>With a 37% Increase, Brooklyn\u2019s Greenpoint Climbs to #14<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A total of 99 residential deals closed in Greenpoint year-over-year, with a median of $1.22 million. Prices increased 37% compared to 2017 in the neighborhood, partly as a result of the 14 units at 866 Lorimer St. that traded for a median of $2.2 million.<\/p>\n<p>DUMBO saw a mild 5% dip in prices, while Boerum Hill stagnated (0% change).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Queens_East_Flushing_Increased_9_to_a_Median_Sale_Price_of_881K\"><\/span>Queens\u2019 East Flushing Increased 9% to a Median Sale Price of $881K<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A total of 95 units traded in the neighborhood, with a median price of $880,760. East Flushing registered a 9% increase year-over-year, and landed on #39 in the top 50 list.<\/p>\n<p>Other Queens neighborhoods that made the list include Belle Harbor (5% year-over-year increase to $879,500), Hunters Point (18% decrease) and Queensboro Hill (4% drop).<\/p>\n<p>Take a look at the top 50 neighborhood list below.<br \/>\n<script id=\"infogram_0_fa955613-5fef-42b0-a538-72493e0ab52c\" title=\"NYC Neighborhoods\" src=\"https:\/\/e.infogram.com\/js\/dist\/embed.js?7Wg\" type=\"text\/javascript\"><\/script><br \/>\n<strong>Methodology<\/strong><\/p>\n<p>Median home sale prices were calculated based on residential property sales closed between January 1, 2018 and November 23, 2018. The residential properties included in the stats are single-family homes, condos and co-ops. Package deals were excluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways: TriBeCa remains the priciest neighborhood, with a median sale price of $3.85M With 41 sales and a 41% increase Y-o-Y, the Garment District lands on the third place The Flatiron District (-32%) and Little Italy (-42%) both see major decreases Financial District prices plummet 34%, and median prices go below $1M Roosevelt Island&hellip;<\/p>\n","protected":false},"author":59,"featured_media":33838,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8245,328,1659],"tags":[11171],"class_list":["post-35085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-studies","category-new-york-real-estate","category-priciest-neighborhoods","tag-old-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which are the Most Expensive NYC Neighborhoods of 2018? 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