Photo: Robert Clark
Despite a recent cool off, apartment prices rose across most of New York City last quarter compared to the same period in 2016. While prices didn’t quite skyrocket in Manhattan’s Tribeca neighborhood, it remained the most expensive neighborhood city-wide, according to a new report by the listing site PropertyShark.
Median prices were up annually in 80 percent of the top 50 neighborhoods included in the report, says PropertyShark. This was quite a different story from the same time last time year when prices had risen in about 60 percent of the neighborhoods covered.
The median sale price in Tribeca rose 24 percent from last year to $5.1 million in the second quarter. This was more than double the $2.6 million median price in Manhattan’s Flatiron District, which ranked second. Flatiron prices were up 12 percent from last year, according to PropertyShark data.
Rounding out the top three was SoHo, where prices dropped 22 percent year-over-year to $2.5 million in the second quarter. This neighborhood was named the most expensive NYC neighborhood in early 2016, but its market is now “stabilizing,” according to PropertyShark.
Other neighborhoods that broke into the top 10 were: Hudson Square (Manhattan), Boerum Hill (Brooklyn), Central Midtown (Manhattan), DUMBO (Brooklyn), Garment District (Manhattan), Battery Park City (Manhattan) and Greenwich Village (Manhattan).
Nearly half of the top 50 most expensive neighborhoods were located in Manhattan, although Brooklyn wasn’t far behind with 24. However, more of the top 10 most expensive neighborhoods were in Manhattan, with only two being located in Brooklyn.
Although the historic Brooklyn neighborhood of Fort Greene didn’t make the top 10, prices grew a staggering 151 percent from $451,602 last year to $1.1 million in the second quarter. Last year it barely made the top 100, but this year it landed firmly at number 18.
Click here to read the entire report.