Neighborhood Intel

Hudson Yards reclaims top spot on ranking of NYC's 50 most expensive neighborhoods

By Brick Underground  | July 8, 2021 - 2:30PM 

Hudson Yards has been in the top five for several years now, but saw sales drop off significantly last year.

iStock

Hudson Yards came out on top again of a ranking of the most expensive New York City neighborhoods.

The area has a median sales price of $5.71 million, according to PropertyShark’s list of the top 50 most expensive NYC’s neighborhoods in the second quarter. Tribeca took second place with a $3.25 million median sales price.

Hudson Yards has been in the top five for several years now, but saw sales drop off so significantly last year that there wasn’t enough data for the second quarter of 2020. So compared to the second quarter of 2019, the median sales price for the second quarter of 2021 is up an “impressive” 48 percent. But that median is based on only six closed sales—a far drop from the 56 sales in the second quarter of 2019, the report notes.

Tribeca saw 91 deals in the second quarter of this year—which was nearly the level of transactions seen in the second quarter of 2019. The median sales price however, represents a 13 percent decline compared to the year-ago quarter.

The report notes that in 24 out of the 55 neighborhoods on the ranking (there were some ties) median prices rose at double-digit rates. In four locations, the median sales price rose by more than 50 percent.

In 16 neighborhoods, there were year-over-year losses in median prices, and 10 neighborhoods had so few closed sales in 2020 that comparisons could not be made.

Brooklyn saw the steepest year-over-year gains and losses: The median sales prices was up 79 percent in downtown Brooklyn and down 39 percent in Carroll Gardens—the sharpest price decrease for the city’s 50 most expensive neighborhoods.

In Queens, Hunter’s Point, Malba, and Nesponsit are most expensive neighborhoods for the second quarter, but the latter two saw so few sales in the second quarter of 2020 that year-over-year comparisons cannot be made.

 

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.
topics: