Photo: Robert Clark

Despite a sharp drop in home prices, Manhattan’s trendy Tribeca neighborhood still managed to top the 2018 edition of Property Shark’s 2018 50 priciest New York City neighborhoods list.

Unsurprisingly, Manhattan had the most entries, 24, followed closely by Brooklyn with 21.

Queens ended up with 7 neighborhoods on the list, although Long Island City — the new home of Amazon’s HQ2 — did not make the list. Eleven Queens neighborhoods made the 2017 edition.

And due to two ties, this year the list added up to a total of 52 neighborhoods.

Since last year, Tribeca’s median home price dropped nearly 20 percent to $3.8 million. Tribeca got a significant boost in 2017 from several high-priced sales at 56 Leonard Street that pushed the neighborhood’s overall median price upward.

Only $800,000 separated Tribeca and SoHo, which landed in the number two spot with a median price of just under $3 million. SoHo’s median price was unchanged from last year.

Rounding out the top three was the Garment District in Manhattan. The mostly commercial neighborhood was one of the few surprises of the list this year.

The small neighborhood — with little residential property compared to its peers — managed to occupy the third position with a median of $2.33 million, a solid 41 percent increase year-over-year.

Last year, the Garment District placed 7th, and a handful of sales at 16 West 40th Street played a significant role in bolstering the neighborhood’s median home sale price. Some 21 units traded in the building for a median price of $2.8 million.

Eight of the top 10 neighborhoods were located in Manhattan, including Hudson Square (4), the West Village (6), Flatiron (8), Greenwich Village (9) and Little Italy (10).

And two were located in Brooklyn — DUMBO (5) and Boerum Hill (7). DUMBO saw a mild 5 percent dip in prices, while prices in Boerum Hill remain unchanged.

The West Village and Greenwich Village were the only 2 new entries in the top 10 this year.

Meanwhile, three Manhattan neighborhoods saw significant price decreases in 2018 — the Flatiron District (32 percent), Little Italy (42 percent), and Financial District (34 percent).

Brooklyn’s up-and-coming Greenpoint neighborhood climbed to the 14th position, with a 37 percent year-over-year increase in home prices. Over a dozen sales at 866 Lorimer Street — a luxury new construction condo development — helped push the median price up to $1.2 million.

Overall, only seven new neighborhoods managed to break onto the annual list.

Developments featured in this article

More Like This

Facebook Chatter