The Big Apple is one of the most expensive cities in the world, but when it comes to New York neighborhoods, the TriBeCa area is the most expensive area in the city according to an analysis by PropertyShark that looked at median sale prices of homes across 10 New York neighborhoods.
TriBeCa, the abbreviation of Triangle Below Canal Street in the lower Manhattan area saw median sales prices zooming to more than $3.5 million during the quarter according to the PropertyShark analysis and replaced Soho that came a close second on the list of New York’s most expensive neighborhoods.
It was no surprise that nine of the 10 leading neighborhoods were all in Manhattan. According to PropertyShark, despite its growth during the quarter, TriBeCa actually saw a 30 percent decrease in median sales on a year-over-year basis. “The neighborhood couldn’t outperform Q1 2017 due to pricey sales that closed last year at two new luxury developments and inflated the median sale price,” the analysis found. “These included 37 transactions at 30 Park Place, with a median price of $5.6 million, and 21 deals at 56 Leonard Street, with a median price of $7.2 million.”
SoHo too recorded a 5 percent decrease in median sale prices on a year-over-year basis and closed the first quarter with a median sale price of $3.2 million. However, the analysis noted that the West Village, which came third on the quarterly list, reflected the biggest change in prices during the quarter with the neighborhood recording an 88 percent year over year increase and ended the first quarter of 2018 with a median sale price of $2.3 million.
Speaking of increases, Fort Greene in Brooklyn, which was otherwise fourteenth on the list saw its median prices more than double to end the first quarter at just under $1.3 million.
With a median sale price of $2.2 million and a year over year decrease of 10 percent, Hudson Square was placed fourth on the list. At fifth place, DUMBO or Down Under the Manhattan Bridge Overpass, was the only Brooklyn neighborhood to make it to the top 10 listing. DUMBO had a median sale price of $1.9 million during the quarter and showed a 13 percent decrease over the same period in 2017.
Flatiron District, Garment District, Central Park South, East Village, and Chelsea were other Manhattan neighborhoods that made it to the 10 most expensive neighborhoods in New York.