Garment District Real Estate Market Trends

Market Overview for Quarter 1, 2021


Median Sale Price

$1.9M

-5% YoY


Median Price/Sqft

$1,491

60% YoY


No. of Transactions

5

25% YoY

Manhattan Median Sale Price

$1M

-1% YoY

The median home sale price in Garment District as of Quarter 1 was $1.9M, down 5% year-over-year. A total of 5 assets were sold, representing a 25% growth compared to Quarter 1 last year. The median price per square foot was $1,491, a 60% YoY change. In Quarter 1, the median home sale price in Manhattan was $1M.

Garment District Neighborhood Map

The Garment District, also known as the Fashion District, Fashion Center, and Garment Center, is a dense neighborhood of less than a square mile. It's home to major fashion labels and show rooms and is the center for fashion design in the world. It is within easy walking distance of Penn Station and is accessibly by numerous subway and bus lines.

Garment District Median Sale Price

View: GraphTable

Median Sale Price Per Square Feet

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Real Estate Transactions in Garment District

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Top most expensive neighborhoods in Manhattan

Garment District median price compared with other neighborhoods in Manhattan

Garment District property values are on the higher-end for neighborhoods in Manhattan .




Garment District median price compared with all the neighborhoods in Manhattan

Neighborhood Borough Median Sale Price
Hudson Yards Manhattan $5,504,250
TriBeCa Manhattan $3,550,000
SoHo Manhattan $3,250,000
Hudson Square Manhattan $2,906,012
Civic Center Manhattan $2,760,000
NoLIta Manhattan $2,647,450
Central Park South Manhattan $2,147,500
NoHo Manhattan $1,935,000
Little Italy Manhattan $1,925,000
Garment District Manhattan $1,900,000
Flatiron District Manhattan $1,865,000
Chinatown Manhattan $1,733,179
NoMad Manhattan $1,623,500
Carnegie Hill Manhattan $1,500,000
West Village Manhattan $1,312,500
Two Bridges Manhattan $1,225,900
Greenwich Village Manhattan $1,165,000
Lenox Hill Manhattan $1,150,000
Gramercy Park Manhattan $1,119,375
Upper West Side Manhattan $1,100,000
Chelsea Manhattan $1,077,600
East Village Manhattan $1,049,500
Lincoln Square Manhattan $1,040,000
Theatre District - Times Square Manhattan $997,500
Financial District Manhattan $967,500
Central Midtown Manhattan $830,000
Yorkville Manhattan $824,000
Turtle Bay Manhattan $820,000
Sutton Place Manhattan $803,750
Manhattan Valley Manhattan $800,000
East Harlem Manhattan $790,000
Clinton - Hell's Kitchen Manhattan $779,500
Battery Park City Manhattan $762,900
Murray Hill Manhattan $750,000
Lower East Side Manhattan $728,000
Harlem Manhattan $705,000
Roosevelt Island Manhattan $676,551
Morningside Heights Manhattan $670,000
Koreatown Manhattan $645,000
Kips Bay Manhattan $597,000
Washington Heights Manhattan $590,000
Inwood Manhattan $535,000
Tudor City Manhattan $492,500

Residential Properties Sold in Garment District

Property Type Median sale price Y-o-Y Median sale price/sqft Y-o-Y Transactions
Condos $1.7M -63% $1K -37% 2
Coops $2.2M 41% $750 -19% 2
Houses - - - - 0

The median condo price in Garment District in Quarter 1 was $1.7M, down 63% year-over-year. Median coop sale price in Garment District were $2.2M, a change of 41% year-over-year. There was no statistically significant data for median house sale price activity for the period of Quarter 1 in Garment District.

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Garment District Neighborhood Guide

Also known as the Fashion District, due to its dense concentration of fashion-related stores and offices, the Garment District is home to many world-famous fashion labels and everything from design to production to selling is done there. There is no city in the world with this type of concentration of fashion businesses. In addition, famous businesses like Microsoft, Ernst & Young, eBay and The New York Times have offices here, and other retailers outside the fashion industry have been taking the neighborhood by storm. Though the neighborhood is largely commercial, recent years have seen more residential housing development and retailers outside the fashion industry taking the neighborhood by storm.

Architecture and landmarks

Architecture in the Garment District is a mix of industrial buildings, pre-war residential buildings, and new builds. Notable landmarks include the Fashion Walk of Fame, the only landmark in the world dedicated exclusively to American fashion, a statue of Ralph Kramden outside the Port Authority Bus Terminal, a sculpture of a needle threading a button, and the historic Greenwich Savings Bank Building.

Transport

Transportation is not a problem in the Garment District: to the south, there's the Penn Station, where residents can hop on NJ Transit, the Long Island Rail Road, and Amtrak. It's also within walking distance of Grand Central Terminal and PATH at 23rd Street. Several subway lines run through the neighborhood - the blue, red, yellow and orange lines, and the Port Authority Bus Terminal is just steps north of the Garment District.

Schools

There are no public or private schools within the Garment District but there are several highly-rated options nearby. The Clinton School for Writers and Artists serves 6th through 8th grades, PS 11 William Harris offers classes for pre-kindergarten through 5th grade, and Manhattan Village Academy is one of the highest rated 9-12 schools in the city.

Health

The closest medical facility, Midtown's Emergency Room, is a few blocks west of the Garment District. However, the neighborhood's close proximity to a plethora of public transportation options makes it relatively simple to get to a doctor's appointment in a different neighborhood.

Safety

The crime rate in the Manhattan South Precinct, which the Garment District is part of, was 136.02 per 1,000 residents in 2015. The Midtown area has the highest crime rate in NYC.

Things to do

Residents find no shortage of unique activities to take part in, from aerial yoga to sample sales and New York City's first patch of astroturf. Visit the pedestrian plaza between 39th Street and 40th Street to have a glass of lemonade and enjoy an art exhibit on a two-block patch of fake grass.

For those with more expensive tastes - and a lot more time - Delmonico's Kitchen has been a staple of the Garment District for decades. This Italian eatery is old school New York - just like the neighborhood it's in. Libations can be enjoyed on a number of rooftop bars around the Garment District and there are more than a dozen independent coffee shops offering uniquely curated coffee concoctions. Other options for going out include the Hammerstein Ballroom, an elegant and well-known event venue that regularly accommodates large parties, galas, award shows and concerts.

Shopping options are seemingly endless and a person could spend an entire day and still not see every store. Favorites vary from person to person, but there are a few legends that aren't to be missed. Paron West and Paron Annex are located right next to each other and offer a mind-boggling array of fabrics at rock-bottom prices. Mood is a three-story store with designer fabrics and is famously known as the shopping home for the TV show "Project Runway." M&J Trimming is the best-known option for embellishments and trim to finish off fashion designs.