{"id":40555,"date":"2021-10-12T19:25:00","date_gmt":"2021-10-12T16:25:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=40555"},"modified":"2025-05-22T11:21:31","modified_gmt":"2025-05-22T08:21:31","slug":"priciest-nyc-neighborhoods-q3-2021","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2021\/10\/12\/priciest-nyc-neighborhoods-q3-2021\/","title":{"rendered":"Top 50 Most Expensive NYC Neighborhoods: Hudson Yards &#038; TriBeCa Maintain Top Spots"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span><strong>Key Takeaways:&nbsp;&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-list\"><li><strong>Hudson Yards holds top spot for second&nbsp;consecutive&nbsp;quarter&nbsp;with $4.35 million median,&nbsp;TriBeCa maintains #2&nbsp;at&nbsp;$3.35&nbsp;million median&nbsp;<\/strong><\/li><li><strong>Overall,&nbsp;transactions&nbsp;in NYC are up&nbsp;145% Y-o-Y&nbsp;and&nbsp;up&nbsp;35% over Q3 2019&nbsp;to 10,268&nbsp;&nbsp;<\/strong><\/li><li><strong>City median&nbsp;prices&nbsp;climbs 16% Y-o-Y and&nbsp;16% over 2019&nbsp;to $755,000&nbsp;<\/strong><\/li><li><strong>Increasing prices push 35 neighborhoods past the $1 million mark,&nbsp;including&nbsp;five north of $2 million&nbsp;<\/strong><\/li><li><strong>Manhattan&nbsp;claims seven of&nbsp;the&nbsp;10 most expensive NYC neighborhoods, Battery Park City jumps 134% Y-o-Y to $1.75 million median&nbsp;<\/strong><\/li><li><strong>Sales accelerate in Brooklyn as&nbsp;overall&nbsp;borough&nbsp;prices increase 16% Y-o-Y&nbsp;&nbsp;<\/strong><\/li><li><strong>Belle Harbor and Hunters Point in Queens jump 22% and 19%,&nbsp;respectively,&nbsp;to&nbsp;cross the $1 million mark<\/strong><\/li><\/ul>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>In the&nbsp;early days of COVID-19,&nbsp;the city that never sleeps was eerily quiet. But&nbsp;what has transpired since&nbsp;then&nbsp;has been quite the turnaround:&nbsp;After nearly a year of on-and-off closures and lockdowns,&nbsp;as well as&nbsp;widely available vaccinations, buyer appetite has taken off. Specifically,&nbsp;<strong>10,268 residential sales closed in Q3 2021 across the city, marking an&nbsp;impressive&nbsp;145% year-over-year (Y-o-Y) increase<\/strong>&nbsp;compared to the&nbsp;pandemic-depressed figures of Q3 2020.&nbsp;At the same time, prices continued their upward trend in Q3 with the&nbsp;<strong>NYC median home sale price coming in at $755,000&nbsp;\u2014 up 16% Y-o-Y<\/strong>&nbsp;and 16% higher than Q3&nbsp;2019.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>In&nbsp;fact, in&nbsp;the 50 most expensive neighborhoods in NYC&nbsp;(which are&nbsp;actually represented by 57 neighborhoods due to a number of ties), prices and transaction volume picked up&nbsp;across most of them,&nbsp;although&nbsp;not all:&nbsp;<strong>26&nbsp;neighborhoods heated up \u2014 23&nbsp;of which rose at double-digit rates, including&nbsp;two&nbsp;locations&nbsp;in which&nbsp;the median sale price rose by more than 50%, as well as&nbsp;one that more than doubled.&nbsp;<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>Conversely,&nbsp;18&nbsp;neighborhoods experienced year-over-year&nbsp;declines&nbsp;in median prices. Of those,&nbsp;11&nbsp;were located in&nbsp;Manhattan&nbsp;and the other&nbsp;seven&nbsp;were&nbsp;in&nbsp;Brooklyn.&nbsp;Year-over-year figures were unavailable for 12&nbsp;neighborhoods due to an insufficient number of closed sales in Q3&nbsp;2020.&nbsp;&nbsp;<\/p>\n\n\n\n<p><em>Explore the interactive map below for at-a-glance price and sales insights into NYC\u2019s most expensive neighborhoods in Q3&nbsp;2021:<\/em>&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"tableauPlaceholder\" id=\"viz1633610469497\" style=\"position: relative\"><noscript><a href=\"#\"><img decoding=\"async\" alt=\"NYC Nhoods \" src=\"https:\/\/public.tableau.com\/static\/images\/NY\/NYCNhoodsYear-2021Q3\/NYCNhoods\/1_rss.png\" style=\"border: none\"\/><\/a><\/noscript><object class=\"tableauViz\" style=\"display:none;\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\"\/> <param name=\"embed_code_version\" value=\"3\"\/> <param name=\"site_root\" value=\"\"\/><param name=\"name\" value=\"NYCNhoodsYear-2021Q3\/NYCNhoods\"\/><param name=\"tabs\" value=\"no\"\/><param name=\"toolbar\" value=\"yes\"\/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/NY\/NYCNhoodsYear-2021Q3\/NYCNhoods\/1.png\"\/> <param name=\"animate_transition\" value=\"yes\"\/><param name=\"display_static_image\" value=\"yes\"\/><param name=\"display_spinner\" value=\"yes\"\/><param name=\"display_overlay\" value=\"yes\"\/><param name=\"display_count\" value=\"yes\"\/><param name=\"language\" value=\"en-US\"\/><param name=\"filter\" value=\"publish=yes\"\/><\/object><\/div>                <script type=\"text\/javascript\">                    var divElement = document.getElementById('viz1633610469497');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='750px';vizElement.style.height='627px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='750px';vizElement.style.height='627px';} else { vizElement.style.width='100%';vizElement.style.height='522px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script>\n&nbsp;&nbsp;\n\n\n\n<p><strong>42&nbsp;of the 57&nbsp;neighborhoods in our ranking of the priciest&nbsp;neighborhoods&nbsp;in the city experienced double-digit year-over-year gains in sales activity<\/strong>.&nbsp;Of the remainder, only one&nbsp;neighborhood&nbsp;\u2014 Belle Harbor&nbsp;in Queens&nbsp;\u2014&nbsp;saw sales activity&nbsp;decline, while&nbsp;one was flat year-over-year&nbsp;\u2014 Hudson Yards in Manhattan.&nbsp;Within those that&nbsp;recorded gains,&nbsp;35&nbsp;neighborhoods more than doubled their sales year-over-year, and&nbsp;22&nbsp;neighborhoods closed more than three times as many residential sales as they did in Q3&nbsp;2020. Surprisingly,&nbsp;three areas even quadrupled their sales volume compared to last year, and one increased nearly 900%&nbsp;\u2014 Hudson Square in Manhattan.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Granted,&nbsp;it should be noted&nbsp;that sales activity in Q3&nbsp;2020 had&nbsp;fallen to remarkable lows.&nbsp;Therefore,&nbsp;the year-over-year increases in sales activity&nbsp;were&nbsp;largely due to a return to pre-pandemic levels. However, pent-up demand from&nbsp;2020\u2019s&nbsp;depressed market&nbsp;clearly&nbsp;whetted&nbsp;the appetite of those who are now more motivated to buy&nbsp;as the economic outlook improves and the pandemic wanes.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Claims_7_of_10_Most_Expensive_NYC_Neighborhoods_Battery_Park_City_in_Brooklyn_Jumps_134_to_8\"><\/span><strong>Manhattan Claims&nbsp;7&nbsp;of&nbsp;10 Most Expensive NYC Neighborhoods,&nbsp;Battery Park City in Brooklyn Jumps 134% to #8<\/strong>&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The 57&nbsp;neighborhoods that posted the 50 highest median sale prices in Q3&nbsp;were dominated by&nbsp;Manhattan and Brooklyn,&nbsp;with&nbsp;24 and 22&nbsp;entries, respectively.&nbsp;Queens&nbsp;also&nbsp;supplied&nbsp;11&nbsp;neighborhoods, which is&nbsp;par for the course&nbsp;for the borough.&nbsp;And, while&nbsp;Manhattan\u2019s domination of the top 10&nbsp;most expensive neighborhoods in the city&nbsp;is also a usual occurrence,&nbsp;its domination waned&nbsp;slightly&nbsp;this quarter, dropping to&nbsp;seven out of the top 10 neighborhoods&nbsp;\u2014 down&nbsp;from nine last quarter.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Sales in&nbsp;Hudson Yards&nbsp;have been surging for most of year,&nbsp;despite the fact that&nbsp;Q3 saw a bit of tapering.&nbsp;Overall,&nbsp;<strong>Hudson Yards closed the quarter with a median sale price of&nbsp;$4,354,000&nbsp;\u2014&nbsp;slightly below the&nbsp;median&nbsp;price&nbsp;in&nbsp;Q3 2020.&nbsp;<\/strong>And, even though prices fell 2% Y-o-Y, the&nbsp;high-flying&nbsp;neighborhood still&nbsp;remains the #1 most expensive neighborhood in NYC by a wide margin.&nbsp;However, the volume of transactions has yet to return to the buying frenzy&nbsp;that occurred&nbsp;in the lead up&nbsp;to&nbsp;the mansion tax, closing nine this quarter.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Another&nbsp;staple in the priciest neighborhoods list comes in right behind Hudson Yards:&nbsp;<strong>TriBeCa<\/strong><strong>&nbsp;was the second-most expensive neighborhood in NYC in Q3 2021 with a median&nbsp;sale price of $3,350,000&nbsp;\u2014&nbsp;a 3%&nbsp;Y-o-Y&nbsp;increase<\/strong>.&nbsp;Here, sales volumes&nbsp;were up 154% Y-o-Y&nbsp;with&nbsp;nearly&nbsp;100 sales.&nbsp;For comparison,&nbsp;TriBeCa closed only 39 sales in Q3 2020. With that in mind,&nbsp;it\u2019s evident that&nbsp;the&nbsp;increase in activity&nbsp;this quarter&nbsp;reveals&nbsp;that the neighborhood has&nbsp;bounced back&nbsp;to&nbsp;its&nbsp;pre-pandemic levels of activity.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Meanwhile, as sales ramped&nbsp;up across the city,&nbsp;<strong>SoHo<\/strong><strong>&nbsp;followed suit by coming in at the #3 most expensive NYC neighborhood<\/strong>.&nbsp;SoHo\u2019s median sale price fell 16% Y-o-Y, coming in at $2,850,000.&nbsp;The drop is partially due to&nbsp;transaction volume&nbsp;nearly quadrupling, showcasing&nbsp;the neighborhood\u2019s&nbsp;resilience and resurgence.&nbsp;Last year, the small number of transactions were focused on luxury condos which drove up the median&nbsp;price. The&nbsp;increase in transaction volume this quarter saw&nbsp;co-op sales account for a larger portion than last year, bringing the median price lower.&nbsp;&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><div class=\"infogram-embed\" data-id=\"022441df-dbea-4675-bca9-10f932a496d7\" data-type=\"interactive\" data-title=\"Top 10 Neighborhoods in Q3 - 2021\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script><\/p>\n\n\n\n<p>Not far behind,&nbsp;Little Italy comes in at #4 with a median sale price of $2.5&nbsp;million. However, due to&nbsp;a significant&nbsp;slowdown&nbsp;in sales activity during the same quarter last year, there isn\u2019t sufficient data to compare&nbsp;year-over-year.&nbsp;Even so, 11 transactions this quarter is encouraging for a neighborhood that didn\u2019t have any during the same&nbsp;timeframe&nbsp;last year.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Hudson Square follows Little Italy and jumps to #5 with a&nbsp;$2,026,000 median&nbsp;\u2014&nbsp;which is surprising considering&nbsp;that&nbsp;the neighborhood fell&nbsp;28% Y-o-Y.&nbsp;Of course, part of the drop is due to the sheer volume of transactions compared to the same period last year&nbsp;which saw just nine sales, most of which were for luxury condos at&nbsp;two recently completed buildings.&nbsp;Nevertheless,&nbsp;<strong>sales activity in&nbsp;Hudson Square&nbsp;returned&nbsp;dramatically,&nbsp;recording&nbsp;89 sales in Q3 2021<\/strong>&nbsp;\u2014&nbsp;an incredible&nbsp;889% increase in transaction volume over Q3 2020.&nbsp;More than half the sales were&nbsp;at 77 Charlton, completed last year, and&nbsp;the median sale price of those sales was $1,551,000, below the median of the neighborhood.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Next up is&nbsp;DUMBO&nbsp;at #6&nbsp;with a $1,818,000 median, slightly below year-ago figures.&nbsp;There were 39 transactions in the neighborhood,&nbsp;up&nbsp;414% over Q3 2020&nbsp;when there were just seven.&nbsp;Seven of those sales were at the brand-new luxury loft condo building at 168 Plymouth and were all more than $2 million.&nbsp;&nbsp;<\/p>\n\n\n\n<p>At&nbsp;#7, the&nbsp;Flatiron District&nbsp;came in&nbsp;12%&nbsp;above&nbsp;year-ago figures&nbsp;and settled at&nbsp;$1,765,000. Its sales activity was&nbsp;impressive,&nbsp;as well:&nbsp;Sales&nbsp;in the neighborhood&nbsp;surged&nbsp;393%&nbsp;Y-o-Y&nbsp;this quarter,&nbsp;increasing&nbsp;from&nbsp;30&nbsp;in Q3&nbsp;2020&nbsp;to 148 in Q3 2021.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Likewise,<strong>&nbsp;prices&nbsp;in Battery Park City jumped 134% Y-o-Y, surging to $1.75&nbsp;million to&nbsp;secure&nbsp;the #8 most expensive NYC neighborhood&nbsp;position<\/strong>.&nbsp;Rounding out the top 10, the small neighborhood of Fiske Terrace came in at #9&nbsp;with a median of $1.65&nbsp;million,&nbsp;and&nbsp;Carroll Gardens&nbsp;wrapped&nbsp;up the list with its&nbsp;$1,596,000 median.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Sales_Up_221_Y-o-Y_Price_Growth_Tops_16_Y-o-Y_in_Brooklyn\"><\/span><strong>Manhattan Sales Up 221% Y-o-Y, Price Growth&nbsp;Tops&nbsp;16% Y-o-Y&nbsp;in&nbsp;Brooklyn&nbsp;&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As expected,&nbsp;Manhattan remained the most expensive borough by a wide margin,&nbsp;despite the fact that&nbsp;prices grew only 2% Y-o-Y. Still, the&nbsp;borough clocked in a median sale price of $1.1&nbsp;million&nbsp;\u2014&nbsp;the second quarter in a row&nbsp;above&nbsp;the $1&nbsp;million threshold.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Transaction activity also returned&nbsp;to Manhattan, jumping 221%&nbsp;after&nbsp;sales fell off&nbsp;sharply during the same period last year. This year,&nbsp;the borough&nbsp;recorded 4,281 sales boroughwide, and&nbsp;<strong>Manhattan\u2019s Q3 sales activity was&nbsp;an&nbsp;astonishing&nbsp;60% higher than&nbsp;Q3 2019&nbsp;(before&nbsp;the pandemic)<\/strong>.&nbsp;&nbsp;<\/p>\n\n\n\n<p>And,&nbsp;while&nbsp;Brooklyn&nbsp;didn\u2019t&nbsp;experience the dramatic downturn&nbsp;in sales activity&nbsp;that Manhattan did,&nbsp;the borough is still ramping up,&nbsp;nonetheless.&nbsp;In fact,&nbsp;<strong>Brooklyn recorded 2,544 sales in Q3 2021, representing an increase of 153% Y-o-Y<\/strong>,&nbsp;as well as&nbsp;42% above the same period in 2019. Sale prices in the borough also increased&nbsp;16%&nbsp;over Q3 2020&nbsp;to&nbsp;land at&nbsp;$810,000.&nbsp;Interestingly,&nbsp;the&nbsp;co-op&nbsp;median&nbsp;sale price in Brooklyn increased 37%&nbsp;\u2014&nbsp;a larger than&nbsp;usual&nbsp;jump&nbsp;as the borough becomes more popular&nbsp;\u2014&nbsp;significantly adding to the overall median sale price in Brooklyn.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>In particular,&nbsp;Fiske Terrace&nbsp;\u2014&nbsp;a small,&nbsp;historical neighborhood near Prospect Park in Brooklyn&nbsp;\u2014&nbsp;recorded four single-family home sales and one co-op sale, giving it a median sale price of $1.65&nbsp;million. The neighborhood&nbsp;was&nbsp;also&nbsp;the second-most expensive in Brooklyn and&nbsp;the ninth-most expensive neighborhood in NYC&nbsp;overall.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Not to be outdone,&nbsp;newcomer to the list&nbsp;Vinegar Hill was the fourth-most expensive neighborhood in Brooklyn&nbsp;and #11 in NYC overall. The small neighborhood directly east of DUMBO has been undergoing significant development&nbsp;\u2014&nbsp;and the sale prices&nbsp;reflect&nbsp;that.&nbsp;Here, six sales closed in the neighborhood&nbsp;for&nbsp;a median sale price of $1,543,000.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"3ae1d529-f128-4165-9996-d4bbcb07b6db\" data-type=\"interactive\" data-title=\"Q3-2021 Median Sale Price Y-o-Y Change\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<p>To the north,<strong>&nbsp;Queens\u2019&nbsp;prices actually grew more than Brooklyn\u2019s, with the borough\u2019s median sale price rising&nbsp;17% to reach $580,000<\/strong>&nbsp;\u2014&nbsp;15% higher than the $504,000 median recorded in Q3&nbsp;2019.&nbsp;Sales activity&nbsp;here&nbsp;also continues to recover:&nbsp;The borough&nbsp;closed&nbsp;2,928 sales in Q3 2021, an increase of&nbsp;89% Y-o-Y. Queens&nbsp;also surpassed&nbsp;its&nbsp;pre-pandemic transaction volume, albeit at a slower pace than Manhattan and Brooklyn.&nbsp;Even so, the borough closed 14% more transactions&nbsp;than&nbsp;Q3 2019.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Of the&nbsp;11&nbsp;neighborhoods that ranked among the city\u2019s 50 priciest in Q3&nbsp;2021, five \u2014&nbsp;Malba,&nbsp;Queensboro Hill, Hollis Hills, Breezy Point&nbsp;and Douglaston&nbsp;\u2014 had such depressed sales activity in Q3&nbsp;2020 that accurate metrics could not be identified. As a result, reliable year-over-year changes couldn\u2019t be determined&nbsp;here, either.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Finally,&nbsp;Belle Harbor&nbsp;was the #1 most expensive Queens neighborhood, rising&nbsp;22% Y-o-Y&nbsp;and crossing the $1 million mark&nbsp;to&nbsp;settle&nbsp;at&nbsp;$1.15&nbsp;million, even though transaction volume fell 50% Y-o-Y.&nbsp;Hunters Point&nbsp;also crossed that metric with a $1,064,000 median.&nbsp;After&nbsp;Hunters Point,&nbsp;Fresh Meadows and&nbsp;Malba&nbsp;were the borough\u2019s&nbsp;next-most expensive neighborhoods with medians of $978,000 and $975,000, respectively.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong><em>Explore the interactive table below for our snapshot of New York City\u2019s 50 most expensive neighborhoods in Q3&nbsp;2021:<\/em><\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<table id=\"tablepress-306\" class=\"tablepress tablepress-id-306\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Rank<\/th><th class=\"column-2\">Borough<\/th><th class=\"column-3\">Neighborhood<\/th><th class=\"column-4\">Median Sale Price Q3 2021<\/th><th class=\"column-5\">Y-o-Y Change<\/th><th class=\"column-6\">Number of Sales Q3 2021<\/th><th class=\"column-7\">Y-o-Y Change<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Hudson Yards<\/td><td class=\"column-4\">4354000<\/td><td class=\"column-5\">-2%<\/td><td class=\"column-6\">9<\/td><td class=\"column-7\">0%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">TriBeCa<\/td><td class=\"column-4\">3350000<\/td><td class=\"column-5\">3%<\/td><td class=\"column-6\">99<\/td><td class=\"column-7\">154%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">SoHo<\/td><td class=\"column-4\">2850000<\/td><td class=\"column-5\">-16%<\/td><td class=\"column-6\">39<\/td><td class=\"column-7\">290%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Little Italy<\/td><td class=\"column-4\">2500000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">11<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Hudson Square<\/td><td class=\"column-4\">2026000<\/td><td class=\"column-5\">-28%<\/td><td class=\"column-6\">89<\/td><td class=\"column-7\">889%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">DUMBO<\/td><td class=\"column-4\">1818000<\/td><td class=\"column-5\">-1%<\/td><td class=\"column-6\">36<\/td><td class=\"column-7\">414%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Flatiron District<\/td><td class=\"column-4\">1765000<\/td><td class=\"column-5\">12%<\/td><td class=\"column-6\">148<\/td><td class=\"column-7\">393%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Battery Park City<\/td><td class=\"column-4\">1750000<\/td><td class=\"column-5\">134%<\/td><td class=\"column-6\">49<\/td><td class=\"column-7\">277%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Fiske Terrace<\/td><td class=\"column-4\">1650000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">5<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Carroll Gardens<\/td><td class=\"column-4\">1596000<\/td><td class=\"column-5\">0%<\/td><td class=\"column-6\">34<\/td><td class=\"column-7\">386%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Vinegar Hill<\/td><td class=\"column-4\">1543000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">6<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Theatre District - Times Square<\/td><td class=\"column-4\">1525000<\/td><td class=\"column-5\">-55%<\/td><td class=\"column-6\">74<\/td><td class=\"column-7\">90%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Cobble Hill<\/td><td class=\"column-4\">1358000<\/td><td class=\"column-5\">-3%<\/td><td class=\"column-6\">32<\/td><td class=\"column-7\">357%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Chelsea<\/td><td class=\"column-4\">1302000<\/td><td class=\"column-5\">31%<\/td><td class=\"column-6\">214<\/td><td class=\"column-7\">376%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Garment District<\/td><td class=\"column-4\">1298000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">8<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">West Village<\/td><td class=\"column-4\">1298000<\/td><td class=\"column-5\">-2%<\/td><td class=\"column-6\">101<\/td><td class=\"column-7\">226%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Chinatown<\/td><td class=\"column-4\">1275000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">8<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Boerum Hill<\/td><td class=\"column-4\">1230000<\/td><td class=\"column-5\">32%<\/td><td class=\"column-6\">47<\/td><td class=\"column-7\">370%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Greenwich Village<\/td><td class=\"column-4\">1223000<\/td><td class=\"column-5\">11%<\/td><td class=\"column-6\">186<\/td><td class=\"column-7\">195%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Manhattan Beach<\/td><td class=\"column-4\">1200000<\/td><td class=\"column-5\">14%<\/td><td class=\"column-6\">11<\/td><td class=\"column-7\">120%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Park Slope<\/td><td class=\"column-4\">1200000<\/td><td class=\"column-5\">4%<\/td><td class=\"column-6\">187<\/td><td class=\"column-7\">234%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Downtown Brooklyn<\/td><td class=\"column-4\">1175000<\/td><td class=\"column-5\">29%<\/td><td class=\"column-6\">114<\/td><td class=\"column-7\">217%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Upper East Side<\/td><td class=\"column-4\">1175000<\/td><td class=\"column-5\">-2%<\/td><td class=\"column-6\">907<\/td><td class=\"column-7\">197%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">21<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Greenwood Heights<\/td><td class=\"column-4\">1160000<\/td><td class=\"column-5\">55%<\/td><td class=\"column-6\">28<\/td><td class=\"column-7\">211%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">22<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Columbia Street Waterfront District<\/td><td class=\"column-4\">1152000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">20<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">23<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Belle Harbor<\/td><td class=\"column-4\">1150000<\/td><td class=\"column-5\">22%<\/td><td class=\"column-6\">5<\/td><td class=\"column-7\">-50%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">23<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Brooklyn Heights<\/td><td class=\"column-4\">1150000<\/td><td class=\"column-5\">-4%<\/td><td class=\"column-6\">99<\/td><td class=\"column-7\">330%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">24<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Williamsburg<\/td><td class=\"column-4\">1148000<\/td><td class=\"column-5\">20%<\/td><td class=\"column-6\">182<\/td><td class=\"column-7\">194%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">25<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Financial District<\/td><td class=\"column-4\">1138000<\/td><td class=\"column-5\">-33%<\/td><td class=\"column-6\">130<\/td><td class=\"column-7\">110%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">26<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Greenpoint<\/td><td class=\"column-4\">1095000<\/td><td class=\"column-5\">23%<\/td><td class=\"column-6\">38<\/td><td class=\"column-7\">36%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">27<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Gowanus<\/td><td class=\"column-4\">1088000<\/td><td class=\"column-5\">-5%<\/td><td class=\"column-6\">22<\/td><td class=\"column-7\">5%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">28<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">East Village<\/td><td class=\"column-4\">1075000<\/td><td class=\"column-5\">-6%<\/td><td class=\"column-6\">85<\/td><td class=\"column-7\">254%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">29<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Hunters Point<\/td><td class=\"column-4\">1064000<\/td><td class=\"column-5\">19%<\/td><td class=\"column-6\">232<\/td><td class=\"column-7\">158%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">30<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Red Hook<\/td><td class=\"column-4\">1050000<\/td><td class=\"column-5\">-46%<\/td><td class=\"column-6\">13<\/td><td class=\"column-7\">117%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">31<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Upper West Side<\/td><td class=\"column-4\">1021000<\/td><td class=\"column-5\">-17%<\/td><td class=\"column-6\">845<\/td><td class=\"column-7\">221%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">32<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Lower East Side<\/td><td class=\"column-4\">995000<\/td><td class=\"column-5\">18%<\/td><td class=\"column-6\">84<\/td><td class=\"column-7\">265%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">33<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Gramercy Park<\/td><td class=\"column-4\">988000<\/td><td class=\"column-5\">10%<\/td><td class=\"column-6\">124<\/td><td class=\"column-7\">300%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">34<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Fresh Meadows<\/td><td class=\"column-4\">978000<\/td><td class=\"column-5\">18%<\/td><td class=\"column-6\">38<\/td><td class=\"column-7\">52%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">35<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Malba<\/td><td class=\"column-4\">975000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">6<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">36<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Ditmars - Steinway<\/td><td class=\"column-4\">960000<\/td><td class=\"column-5\">15%<\/td><td class=\"column-6\">15<\/td><td class=\"column-7\">200%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">37<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Fort Greene<\/td><td class=\"column-4\">950000<\/td><td class=\"column-5\">-25%<\/td><td class=\"column-6\">31<\/td><td class=\"column-7\">158%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">38<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Prospect Heights<\/td><td class=\"column-4\">945000<\/td><td class=\"column-5\">-19%<\/td><td class=\"column-6\">79<\/td><td class=\"column-7\">108%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">39<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Dyker Heights<\/td><td class=\"column-4\">935000<\/td><td class=\"column-5\">20%<\/td><td class=\"column-6\">18<\/td><td class=\"column-7\">29%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">40<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Queensboro Hill<\/td><td class=\"column-4\">920000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">15<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">41<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Murray Hill<\/td><td class=\"column-4\">917000<\/td><td class=\"column-5\">23%<\/td><td class=\"column-6\">166<\/td><td class=\"column-7\">419%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">42<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Hollis Hills<\/td><td class=\"column-4\">909000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">16<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">43<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Clinton - Hell's Kitchen<\/td><td class=\"column-4\">908000<\/td><td class=\"column-5\">26%<\/td><td class=\"column-6\">124<\/td><td class=\"column-7\">210%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">44<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Auburndale<\/td><td class=\"column-4\">900000<\/td><td class=\"column-5\">16%<\/td><td class=\"column-6\">25<\/td><td class=\"column-7\">25%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">44<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Borough Park<\/td><td class=\"column-4\">900000<\/td><td class=\"column-5\">19%<\/td><td class=\"column-6\">89<\/td><td class=\"column-7\">128%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">45<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Rockwood Park<\/td><td class=\"column-4\">881000<\/td><td class=\"column-5\">14%<\/td><td class=\"column-6\">12<\/td><td class=\"column-7\">50%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\">46<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Breezy Point<\/td><td class=\"column-4\">875000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">9<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-53\">\n\t<td class=\"column-1\">47<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Sutton Place<\/td><td class=\"column-4\">862000<\/td><td class=\"column-5\">-1%<\/td><td class=\"column-6\">117<\/td><td class=\"column-7\">432%<\/td>\n<\/tr>\n<tr class=\"row-54\">\n\t<td class=\"column-1\">48<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Prospect - Lefferts Gardens<\/td><td class=\"column-4\">853000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">27<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-55\">\n\t<td class=\"column-1\">49<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Central Midtown<\/td><td class=\"column-4\">852000<\/td><td class=\"column-5\">-20%<\/td><td class=\"column-6\">74<\/td><td class=\"column-7\">76%<\/td>\n<\/tr>\n<tr class=\"row-56\">\n\t<td class=\"column-1\">49<\/td><td class=\"column-2\">Queens<\/td><td class=\"column-3\">Douglaston<\/td><td class=\"column-4\">852000<\/td><td class=\"column-5\">-<\/td><td class=\"column-6\">35<\/td><td class=\"column-7\">-<\/td>\n<\/tr>\n<tr class=\"row-57\">\n\t<td class=\"column-1\">50<\/td><td class=\"column-2\">Brooklyn<\/td><td class=\"column-3\">Bedford-Stuyvesant<\/td><td class=\"column-4\">850000<\/td><td class=\"column-5\">10%<\/td><td class=\"column-6\">112<\/td><td class=\"column-7\">133%<\/td>\n<\/tr>\n<tr class=\"row-58\">\n\t<td class=\"column-1\">50<\/td><td class=\"column-2\">Manhattan<\/td><td class=\"column-3\">Turtle Bay<\/td><td class=\"column-4\">850000<\/td><td class=\"column-5\">7%<\/td><td class=\"column-6\">113<\/td><td class=\"column-7\">146%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Expert_Insight_%E2%80%9CNYC_is_back_and_better_than_ever%E2%80%9D\"><\/span><strong>Expert Insight: &nbsp;&#8220;NYC is back and better than ever&#8221;<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For some greater context on&nbsp;what\u2019s driving&nbsp;New York City\u2019s luxury residential market, we&nbsp;caught up&nbsp;with&nbsp;Stan Ponte, a senior global real estate advisor and associate broker with Sotheby\u2019s International Realty \u2013 East Side Manhattan Brokerage.&nbsp;Here\u2019s what he had to say:&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Q:&nbsp;If the proposed increase in capital gains tax is\u202fonly\u202fpart of the reason for the burst of activity in New York City\u2019s luxury real estate market, what are&nbsp;some&nbsp;other\u202freasons for\u202fthe increase in activity?\u202f<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>The recently released&nbsp;Manhattan real estate&nbsp;market reports showed that&nbsp;more apartments&nbsp;were sold&nbsp;in the third quarter of this year&nbsp;than&nbsp;at any other time in the last 32 years. The market is on fire, and&nbsp;there are multiple reasons for this burst of activity. In addition to&nbsp;potential tax&nbsp;changes&nbsp;in&nbsp;the&nbsp;New&nbsp;Year, we also saw a spike in interest rates.&nbsp;A lot of&nbsp;the market was fueled by low interest rates, especially for first time&nbsp;homebuyers&nbsp;wanting to&nbsp;lock in under&nbsp;a&nbsp;3%&nbsp;interest rate on a 30-year&nbsp;mortgage. However, this is changing quickly so people are rushing to beat increases in interest rates.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Another factor fueling the&nbsp;real estate&nbsp;market is just simply that New Yorkers&nbsp;buy when others are buying.&nbsp;Whether&nbsp;people&nbsp;hear that&nbsp;their friends&nbsp;are&nbsp;buying&nbsp;or&nbsp;its&nbsp;when the media reports that people are buying&nbsp;again, it\u2019s very much a follow the leader mentality&nbsp;in Manhattan.&nbsp;New Yorkers&nbsp;don\u2019t want to buck the trend.&nbsp;In addition,&nbsp;there is clearly&nbsp;a&nbsp;waning&nbsp;of the pandemic&nbsp;effect&nbsp;on NYC&nbsp;which is causing increased real estate market activity.&nbsp;People are still able to be outdoors, dine and attend activities indoors,&nbsp;Broadway is open,&nbsp;and&nbsp;there is&nbsp;a lot of&nbsp;movement&nbsp;in the city.&nbsp;There is a general sense&nbsp;that NYC is&nbsp;reopening for&nbsp;business,&nbsp;and this is impacting the real estate market.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Another trend&nbsp;fueling&nbsp;today\u2019s&nbsp;market is the return to work&nbsp;led by&nbsp;c-suite NYC homebuyers. At the&nbsp;Woolworth Tower Residences, located at 2 Park Place, we\u2019ve sold several apartments&nbsp;to&nbsp;c-suite executives as&nbsp;more and more&nbsp;companies return to the office.&nbsp;We expect this buying trend to continue through the remainder of the year.&nbsp;&nbsp;<\/p>\n\n\n\n<p>And while I don\u2019t have a crystal ball,&nbsp;I do think the next trend to watch out for will be international buyers coming back into the NYC market as international travel increases.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Q:&nbsp;The rest of the country is facing a housing supply shortage. How does the supply of housing look in NYC by comparison?\u202f<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>There is a shortage of&nbsp;both&nbsp;luxury&nbsp;and affordable&nbsp;housing&nbsp;in NYC&nbsp;over the next&nbsp;five&nbsp;years&nbsp;and this is impacting the market.&nbsp;Brand new permits pulled piqued in 2015,&nbsp;with over 15,000 units planned. That number is down&nbsp;nearly half&nbsp;for 2019, and that it essentially the tale of the tape. We had too much inventory&nbsp;in&nbsp;2018, 2019, and&nbsp;2020&nbsp;and the luxury market slipped.&nbsp;Today,&nbsp;those apartments are&nbsp;being absorbed&nbsp;and there\u2019s&nbsp;not&nbsp;a&nbsp;lot of&nbsp;new inventory&nbsp;coming&nbsp;online&nbsp;thus&nbsp;driving demand.&nbsp;Decrease in inventory and&nbsp;decrease in&nbsp;supply&nbsp;coupled with an increase in demand&nbsp;and closed transactions&nbsp;is fueling the market.&nbsp;All of&nbsp;these reasons&nbsp;in addition to a healthier NYC, high vaccination rate, stores and Broadway open again,&nbsp;and the&nbsp;city\u2019s&nbsp;overall&nbsp;vitality coming back, is creating the current burst in real estate market activity.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Q:&nbsp;As&nbsp;with&nbsp;many&nbsp;policy aspirations, in your opinion,\u202fwhat is the likelihood of this bill passing\u202fin its current form?\u202f<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>As of this moment, I think it\u2019s&nbsp;less important&nbsp;what&nbsp;will&nbsp;happen. It\u2019s&nbsp;just important&nbsp;that&nbsp;it&nbsp;may&nbsp;happen. No&nbsp;one&nbsp;wants&nbsp;to&nbsp;be&nbsp;caught&nbsp;making a homebuying decision in the&nbsp;1st&nbsp;quarter of 2022,&nbsp;when they could have&nbsp;decided&nbsp;in the 3rd&nbsp;or&nbsp;4th&nbsp;quarter of this year. I honestly&nbsp;don\u2019t know&nbsp;what the likelihood&nbsp;is&nbsp;of this bill passing, but the risk&nbsp;is enough to drive buyers&nbsp;into&nbsp;decision-making&nbsp;mode,&nbsp;and this is what we are&nbsp;seeing.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Q:&nbsp;New York City has proved to be incredibly resilient. As the pandemic wanes, is the flight to Florida, Texas, and other states with lower taxes still a thing, or is NYC back and better than ever?\u202f<\/strong>&nbsp;&nbsp;<\/p>\n\n\n\n<p>Tax efficiency is a driver for&nbsp;many&nbsp;people, but not as much of a driver as quality of life.\u202fNew York City is re-emerging with what feels like a Renaissance energy. New York City has a palpable feeling of re-birth. Museums are exhibiting their most popular collections,&nbsp;Broadway is shining with its brightest stars,&nbsp;and just last night Carnegie Hall opened its doors for the first time since COVID. This is the place to be. Will&nbsp;some&nbsp;people be at a time in their life where tax efficiency is more important than arts, culture and lifestyle? Yes. But for every one of the people that move for tax purposes, there are five times that amount who want to be a part of this moment in NYC\u2019s history. We are experiencing a true revival and renaissance. NYC is back and better than ever.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Stan Ponte was named&nbsp;the #2 agent in Manhattan by sales volume for his work in 2020 achieving $144 million in sales, according to The Wall Street Journal and REAL Trends. As a realtor in New York City for the past 21 years, Stan\u2019s clients include CEOs, philanthropists, hedge fund managers, tech world innovators and entertainers.\u202f\u202f&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span><strong>Methodology<\/strong>&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Median sale prices were calculated based on residential property sales closed between&nbsp;July&nbsp;1 and&nbsp;September&nbsp;30, 2020, and&nbsp;July 1 and September 30, 2021, and, in select cases, between&nbsp;July 1 and September 30, 2019. Residential asset types included were single-family homes, condos and co-ops. Package deals were excluded.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Median sale prices were calculated only for neighborhoods that recorded at least five sales between&nbsp;July 1 and September 30, 2021. Year-over-year changes in median sale prices or the number of sales were calculated only for neighborhoods that also recorded a minimum of five sales between&nbsp;July 1 and September 30, 2020.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The boundaries of some neighborhoods&nbsp;in Manhattan, Brooklyn and Queens&nbsp;vary, as data on several small neighborhoods is included in stats for larger areas.&nbsp;For example,&nbsp;in Manhattan, Central Park South is included in the Theatre District-Times Square area;&nbsp;NoLita&nbsp;is included in Little Italy; NoHo is included in Greenwich Village; and Carnegie Hill, Lenox Hill and Yorkville are all included in the Upper East Side. In Queens, Bay&nbsp;Terrace&nbsp;is included in Bayside.&nbsp;In Brooklyn, Ocean Hill is included in Bedford \u2013 Stuyvesant.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sales activity skyrocketed in Q3 2021, while prices, too, were more spread out, but they continued to rise among NYC&#8217;s 50 priciest neighborhoods.<\/p>\n","protected":false},"author":63,"featured_media":40377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[349,89,8245,328,1659,373],"tags":[11093,11171,7],"class_list":["post-40555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brooklyn-real-estate","category-manhattan-real-estate","category-market-studies","category-new-york-real-estate","category-priciest-neighborhoods","category-queens-real-estate","tag-luxury","tag-old-study","tag-residential-sales"],"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>Hudson Yards &amp; TriBeCa Remain Most Expensive Neighborhoods in NYC<\/title>\n<meta name=\"description\" content=\"As residential sales in NYC continue to ramped up in Q3 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McGregor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5b90aa64c1da6b7d4a441251c5a4e3fe2d972d8c339810e2eea50def586669b?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5b90aa64c1da6b7d4a441251c5a4e3fe2d972d8c339810e2eea50def586669b?s=96&d=retro&r=g","caption":"Patrick McGregor"},"description":"Patrick McGregor is a senior writer covering the real estate industry and overall economic trends in the United States for several Yardi product publications. He also holds an MBA from Thunderbird School of Global Management. Patrick was previously a commercial real estate analyst at Yardi Matrix for five years. His work has appeared in the New York Times, Bisnow, GlobeSt, The Real Deal, Business Insider, The Denver Post, The Motley Fool, and more.","sameAs":["patrick.mcgregor@yardi.com"],"url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/author\/patrickmcgregor\/"}]}},"jetpack_featured_media_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2021\/10\/Priciest-Neighborhoods-Q3-2021.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/40555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/comments?post=40555"}],"version-history":[{"count":2,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/40555\/revisions"}],"predecessor-version":[{"id":40582,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/40555\/revisions\/40582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media\/40377"}],"wp:attachment":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media?parent=40555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/categories?post=40555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/tags?post=40555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}