Photo: Robert Clark
A list of New York City’s top 50 most expensive neighborhoods is out — and it doesn’t hold many surprises.
Manhattan’s Tribeca neighborhood came out on top, in a recent ranking by the listing site Property Shark.
The median Tribeca sale price dropped 16 percent year-over-year to $3.4 million — enough to hold onto the top spot in the third quarter. In the same quarter last year, Tribeca was in the number two spot.
Meanwhile, Manhattan’s Garment District landed in second. The neighborhood is predominantly commercial and had only eight residential transactions in the third quarter of 2018, with a median sale price of $3.1 million — up 61 percent year-over-year.
The spike was caused by five transactions at The Bryant, a new luxury condo development, which had a median sale price of about $3.4 million. Last year, the median price in the neighborhood was less than $2 million.
“It’s usually rare for several units in a single building to drive up the entire neighborhood’s median in such a dramatic way,” Robert Demeter, real estate writer and author of the report, tells Livabl.”
The Garment District is a very small neighborhood with few residential sales, so it’s no surprise that a few pricey sales in a new development inflated the neighborhood’s median.”
And, with units still available in The Bryant, Demeter says that it is very likely that the Garment District will rank high up on the top 50 list next quarter.
Manhattan’s SoHo neighborhood ranked third, with a median sale price of just over $3 million.
Rounding out the top 5 were Hudson Square (Manhattan) and DUMBO (Brooklyn), with median sale prices of $2.1 million and $1.6 million, respectively.
Unsurprisingly, Manhattan dominated the list, with 24 neighborhoods landing in the top 50 and seven in the top 10. Brooklyn claimed 3 spots in the top 10 and 23 in the top 50, while only 11 Queens neighborhoods made the list.
Overall, it was a fairly balanced third quarter, with prices decreasing in almost half of the neighborhoods, and increasing in the other half.
Other notable shifts included a 66 percent year-over-year decrease in the median sale price in Manhattan’s Flatiron District. In the same period last year, the Flatiron District was New York City’s most expensive neighborhood with a median sale price of $4.4 million. This year, the price fell to $1.5 million.
“In the third quarter of 2017, 47 units out of the total 88 units (in the Flatiron District) traded for a median of $6.4 million, driving up the neighborhood’s median to $4.4 million. The 47 units were all located at Madison Square Park Tower, a 2015 residential development,” says Demeter.
Meanwhile, Queens’ Hollis Hills neighborhood proved to be a third-quarter anomaly. The neighborhood saw its median sale prices skyrocket 228 percent from last year during the same period. The neighborhood’s median increased to almost $1 million from only 8 transactions.
Comparatively, in the third quarter of 2017, the median home sale price in Hollis Hills was $291,000.
“Seven out of the eight homes sold were upscale single-family homes, the most expensive being $1.5 million, the second most expensive $1.3 million, while six transactions had a median sale price above $800,000,” says Demeter.
Click here to read the entire report.