Photo: Robert Clark

After several consecutive quarters reigning as the city’s most expensive neighborhood, Tribeca was knocked out of the number one spot by the second quarter’s runner up — the Flatiron District.

While prices dropped almost 10 percent in Tribeca, they skyrocketed over 200 percent in Flatiron, according to a report released earlier this week by the listing site PropertyShark.

Flatiron’s median home price was $4.4 million in the third quarter, up an astounding 220 percent from last year. PropertyShark attributes the incredible gains to the 39 condos sold at 41-43 East 22nd Street, ranging in price from $2.6 million to $9.4 million.

Meantime in Tribeca, prices dropped 9 percent to $4 million as sales slowed. Some 70 transactions were completed in Tribeca in the third quarter, compared to over 150 the same time last year — a decline of over 50 percent. And while prices may not be high enough to hold onto to the top spot, Tribeca slipped comfortably into the number two position.

Landing in third was Manhattan’s Central Park South neighborhood, where median sale prices rose 103 percent annually to $3.4 million — likely due to sales in One57, where prices ranged between $3.6 million and $6.6 million.

Rounding out the top ten were: Hudson Square (Manhattan), SoHo (Manhattan), Little Italy (Manhattan), the Garment District (Manhattan), Red Hook (Brooklyn), NoMad (Manhattan), and DUMBO (Brooklyn).

Red Hook was Brooklyn’s most expensive neighborhood, with a median price of $1.9 million. It was new to PropertyShark’s quarterly index, and ranked 8th overall. The borough accounts for 21 of the top 50 priciest neighborhoods citywide.

Queens’ Belle Harbor neighborhood ranked 27th on the list, and was the priciest neighborhood in the borough with a median sale price of $1 million — up 27 percent from last year. The borough had only nine neighborhoods make the list, but all saw annual price increases.

No Staten Island or Bronx neighborhoods managed to crack the top 50.

Click here to read the entire report.

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