Despite seeing its median sale price drop 16 percent year-over-year, Tribeca came out on top as NYC’s most expensive neighborhood in the third quarter of 2018, according to a new report from Property Shark. The neighborhood, with a median price of $3,450,000, is up from the No. 2 spot it captured last year.
Surging to second place with a 61 percent price increase is the Garment District ($3,092,075). Though mostly a commercial area, the neighborhood is beginning to see new residential developments, such as The Bryant on West 40th Street, which has recorded an even higher median sales price for its luxury condos at approximately $3,400,000. Last year’s median for the district was $1,900,000.
About half of the neighborhoods that made the list had increases. One that saw a plunge is the Flatiron District, with its median sale price dropping 66 percent to $1,500,000. It came in at No. 7. Last year it topped the list with a median of $4,400,000.
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Not surprisingly, nearly half (24) of the neighborhoods that made the list this year are in Manhattan, which boasts higher median prices than most neighborhoods in other boroughs. In fact, it had seven of the top 10. Rounding out the top three in the borough and for the list overall is Soho ($3,075,000).
Brooklyn, though, is close behind with 23 neighborhoods. Its most expensive are Dumbo (No. 5, $1,650,000), Boerum Hill (No. 9, $1,307,000), and Fort Greene (No. 10, $1,250,000).
The report also includes 11 Queens neighborhoods, meaning this year, 58 areas are on the list due to several ties. Topping the borough is Hollis Hills at No. 27, which saw a 228 percent spike for its median sale price to $955,000. But the sample is small—just eight sales occurred, however seven of the eight properties sold were single-family homes, with the most expensive going for $1,500,000. East Flushing (No. 34, $886,500) and Fresh Meadows (No. 37, $845,000) complete the top three for the borough.
Median sale prices were calculated based on residential property sales closed between July 1, 2018 and September 30, 2018.
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