Photo: Shinya Suzuki/Flickr
Following a torrent of sales in the new development condo market, home prices in some of NYC’s hottest ‘hoods have risen as much as 127 percent in the first quarter of 2017 from last year. The Brooklyn submarket was especially affected by new development sales as the borough was home to four of the top 10 most expensive hoods, according to analysts at the listing site PropertyShark.
Median home prices declined year-over-year in 20 of the 50 NYC hoods studied by PropertyShark in the first quarter of 2017, but the the largest annual gains were recorded in three Brooklyn neighborhoods.
Brooklyn Heights, which ranked seventh overall on the top 10, saw median home prices rise 127 percent from last year to $1.6 million — the largest gains recorded city-wide.
The Heights was followed by Boerum Hill and DUMBO, in terms of the largest median price gains. Boerum Hill ranked eighth on the top 10 with a median price of $1.6 million, up 104 percent year-over-year in the first quarter. And while DUMBO ranked fifth overall, the median price rose 76 percent from last year to $2.2 million in the first quarter.
DUMBO’s median price received a boost in part due to sales in the new Toll Brothers City Living development Pierhouse at Brooklyn Bridge Park, which had the borough’s most expensive condo sale in history at $10 million.
The only other Brooklyn hood that made the top 10 was Manhattan Beach, which ranked tenth with a median price of $1.5 million, up 56 percent from last year.
Meanwhile, with a median home price of $5 million, Manhattan’s Tribeca neighborhood was the most expensive in the study. Home prices were up 55 percent from last year in Tribeca in the first quarter, according to PropertyShark.
Tribeca’s nearby neighbor SoHo ranked second with a median price of $3.3 million, down 17 percent year-over-year. The ‘hood also boasts one of the country’s most expensive ZIP codes 10013, which includes portions of Tribeca.
Also located in downtown Manhattan, Hudson Square rounded out the top three. The median price fell 3 percent from last year to $2.5 million in the first quarter in Hudson Square.
And while Manhattan houses almost half of city’s 50 most expensive ‘hoods, some Manhattan neighborhoods did record significant price drops. Both Battery Park City and the Garment District recorded 48 percent decreases in median home prices from last year in the first quarter.
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