What to Know
- Manhattan has the most expensive neighborhoods in the city, but Brooklyn now has nearly half of them; Queens has eight in the top 50
- The top five most expensive neighborhoods are in Manhattan: Tribeca, SoHo, Hudson Square, Flatiron District, and Little Italy
- PropertyShark came up with the top 50 list using residential property sales closed between Jan. 1 and Dec. 6
Manhattan continues to dominate when it comes to expensive home sales in New York City, but Brooklyn is quickly catching up, with nearly half of the city's priciest neighborhoods now in the borough, according to an annual report by PropertyShark.
Manhattan Is Uber-Expensive
Tribeca crushed all the competition this year and remains the most expensive neighborhood out of hundreds of them in the city, PropertyShark reported. SoHo, the city’s second most pricey neighborhood, had a median sale price of $2,997,500, compared to Tribeca’s median sale price of $4,683,950, which was up from $4,173,227 last year.
Hudson Square, in Lower Manhattan, was the third most expensive neighborhood, jumping ahead of Little Italy and Dumbo since last year. The median price in Hudson Square was $2,305,245 this year – just $5,245 higher than the Financial District, which was number four on PropertyShark’s list.
It comes as no surprise that Manhattan remains the most expensive borough. Some of the most luxurious condo buildings are being erected there and it continues to be a magnet for the ultra-wealthy.
Manhattan sports seven of the top 10, and 24 of the top 50, priciest neighborhoods. The Upper East Side and Upper West Side had the most sale activity, respectively, with the former seeing 2,537 transactions this year, according to PropertyShark.
11 Of the Most Affordable NYC Neighborhoods for Renters
Brooklyn Is Rising Fast
Brooklyn had nearly half of the most expensive neighborhoods this year; at 22, it had only two less than Manhattan. Three of the top 10 pricey neighborhoods were in Brooklyn: Dumbo at number six, Boerum Hill at eight, and Red Hook at nine.
Dumbo’s median sale price of $1,980,496 put it on top, but Boerum Hill wasn’t far behind at $1,629,200. Boerum Hill had the fourth largest year-over-year increase in the city, with sales up 52 percent from last year thanks to new luxury condominiums like The Boerum, PropertyShark said.
Like Boerum Hill, Fort Greene saw a boost from these new luxury condos. In fact, Fort Greene had the highest median price growth, with its median sale price nearly doubling since last year. Because of the jump, Fort Greene went from the 88th most expensive neighborhood in the city to the 27th in just one year, PropertyShark said. It’s now tied with long-trendy Chelsea in Manhattan.
While Queens "Shows Promise"
Queens is an “increasingly expensive borough” that saw eight neighborhoods rank in the city’s 50 most expensive. Malba, a small neighborhood in eastern Queens, was the most expensive in the borough and the 25th most expensive in the city. Malba and Hunters Point were the two neighborhoods in Queens to pass the $1 million mark in 2017. Queensboro Hill and Neponsit are also in the top 50.
None of the city's most expensive neighborhoods are in the Bronx or Staten Island.
Here’s a list of the top 50 most expensive neighborhoods in the city, according to PropertyShark: