Photo: Robert Clark
For the second year in a row, Manhattan’s Tribeca neighborhood topped the list of NYC’s most expensive neighborhoods.
And while Tribeca may have come out on top, some neighborhoods recorded massive year-over-year price gains despite the overall cooling of the NYC housing market. That’s according to an end-of-the-year round-up released yesterday by the listing site PropertyShark.
With a median sales price of $4.7 million, Tribeca had very little competition vying for the title of NYC’s most expensive neighborhood. The difference in price between Tribecca and the city’s number two most expensive neighborhood, SoHo, was over $1.5 million.
Tribeca’s median price grew by 12 percent from last year.
And, some 417 sales were recorded in Tribeca in 2017, falling from the 482 recorded last year.
The SoHo submarket was cooler in 2017 compared to the previous year, with the median price falling 13 percent annually to $3 million and fewer sales recorded.
Meantime, stagnant price growth in Brooklyn’s hot DUMBO neighborhood and small price gains in Manhattan’s ever-popular Little Italy neighborhood allowed Hudson Square to slide into the number three position on the list.
Hudson Square’s median price of $2.305 million was enough to just squeak by the Flatiron District, which had a median price of $2.3 million in 2017. With such a small margin of difference in price, the Flatiron District fell into the fourth position on the list.
Rounding out the top 10 most expensive NYC neighborhoods were Little Italy, DUMBO, the Garment District (Manhattan), Boerum Hill (Manhattan), Red Hook (Brooklyn), and Central Midtown (Manhattan).
Manhattan dominated the top 10, claiming eight of the ten and almost half of the top fifty most expensive neighborhoods in the city.
While two Brooklyn neighborhoods made the top ten, the highest ranking Queens neighborhood on the index was Malba, which fell into the 25th spot on the list — although two Queens neighborhoods saw median prices exceed $1 million this year.
The Bronx and Staten Island were not represented in the top 50.
There were several other interesting takeaways from the PropertyShark round-up.
Fort Greene in Brooklyn was tied for the 27th spot with Manhattan’s Chelsea neighborhood, but it recorded the highest median price growth of all the neighborhoods on the list. The median price grew 95 percent year-over-year to $1 million.
Last year, Fort Greene landed in the 88th position overall on the list. It claimed this year’s most significant change in position.
Heavy sales volume in pricey new construction condos gave some neighborhoods an “artificial bump” in prices, like Red Hook and Fort Greene in Brooklyn and the Flatiron District and Central Midtown in Manhattan.
Click here to read the entire report.