What to Know
- Within Manhattan (and across the city) there are pricier neighborhoods than others -- not just when it comes to rent, but when it comes to property ownership.
- Seven of the top 10 most expensive nabes are found in Manhattan, the exorbitant prices are found throughout the city.
- According to PropertyShark, the median sale prices among the city's most expensive neighborhoods have increased 77 percent.
It comes as no surprise that if you want to take a bite out of the Big Apple real estate market, it will cost you a pretty penny -- a VERY pretty penny.
The average monthly rent for a Manhattan apartment surpassed $5,000 for the first time — and brokers say demand and prices are headed even higher into the fall. However, within Manhattan (and across the city) there are pricier neighborhoods than others -- not just when it comes to rent, but when it comes to property ownership.
A quarterly (Q2 2022) study by real estate research website PropertyShark, looked into the most expensive neighborhoods in New York City to buy property -- and although seven of the top 10 most expensive nabes are found in Manhattan, the exorbitant prices are found throughout the city.
Get Tri-state area news and weather forecasts to your inbox. Sign up for NBC New York newsletters.
According to PropertyShark, the median sale prices among the city's most expensive neighborhoods have increased 77 percent. However, what's even more shocking is that two neighborhoods — Brooklyn’s Manhattan Beach and Jamaica Estates in Queens — actually recorded price surges of more than 100 percent, according to the study.
At the top of PropertyShark's list is Hudson Yards, TriBeCa and SoHo -- all three maintained their places as the most expensive neighborhoods with each in the $3 million and above price range for property.
Hudson Yards reigned supreme at No. 1 as the most expensive neighborhood in New York City, despite a 10 percent year-over-year price drop that brought the median down from $5.71 million to $5.13 million.
Following Hudson Yards comes TriBeCa as the second priciest neighborhood in the city with a median property price of $3,477,000, according to PropertyShark's study. While prices increased in TriBeca, sales actually declined, with 72 total closing sales — 21% fewer than in Q2 2021.
SoHo, the third priciest neighborhood, per the ranking, has a $3.45 million median price tag for property, which was the result of a 32% year-over-year increase influenced by a larger square footage of sold homes, according to the study. On average, properties sold in SoHo were 18 percent larger than those traded during the same period in 2021.
The study also revealed other interesting statistics from additional neighborhoods. For example, although Brooklyn's Manhattan Beach came in as the 29th-priciest neighborhood in the city, according to the study, it posted a $1,085,000 median sale price in Q2. This price increase is a result of a 147 percent year-over-year surge -- making Manhattan Beach the neighborhood with the largest rate of price increase among the 50 most expensive. To better understand the incredible surge, just one year ago, Manhattan Beach had a $439,000 median property price tag!
Another neighborhood with an astounding price surge is found in Queens. Although Jamaica Estates comes in at No. 44 in PropertyShark's overall ranking of the most expensive neighborhoods in New York City, the neighborhood broke into the top 50 following a 121 percent year-over-year surge that raised its median price from $418,000 to $923,000 -- making Jamaica Estates the neighborhood with the second sharpest median sale price increase among the city’s most exclusive neighborhoods.
To view the entire study, as well as to find out more about the methodology used, click here.
