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Hudson Yards has entered the list of most expensive NYC neighborhoods with a median sales price of $3.86 million. According to data prepared by Property Shark, Tribeca remains the priciest neighborhood in the second quarter, with a median sales price of $4.34 million, but Hudson Yards, the new luxury neighborhood on Manhattan's Far West Side, which opened in March this year, comes in a close second, thanks to sales in its first completed residential building.
New York City’s newly scaled mansion tax, boosted sales in both Manhattan and Brooklyn this quarter as buyers rushed to avoid the additional charges which took effect on July 1st.
Another neighborhood where prices went up significantly was Gramercy Park. The neighborhood’s median sale price went up 87 percent year on year to almost $1.7 million. This was partly due to 33 transactions closing at 121 East 22nd St., with a median of over $2 million, and 21 transactions closing at 200 East 21st St. with a median over $2.5 million.
Other neighborhoods that saw median price increases included Little Italy, Cobble Hill and Prospect Park South, where prices more than doubled year over year. Little Italy saw a price increase of 153 percent year on year.
Cobble Hill was the only Brooklyn neighborhood to make it into the top 10 most expensive neighborhoods. The neighborhood that saw the biggest decline was Dumbo, which fell 40 percent year on year to a low of $1.5 million with just 12 transactions. There were no sales in the Clock Tower building, which drew down the median sales price. Battery Park City, Brooklyn Heights, and Manhattan Beach saw slow sales and prices dropped by more than 14 percent.
Manhattan neighborhoods accounted for almost half of the 50 neighborhoods on the list. Brooklyn came in second occupying 21 spots, followed by Queens with seven.