Hudson Yards tops list of NYC's 50 priciest neighborhoods yet again
- Hudson Yards's $8.2 million median sales price was up 39 percent as per PropertyShark
- Soho took second with a $4.2 median sales price, an increase of 77 percent year over year
Sales of larger luxury apartments cemented Hudson Yards at the top of a new list of the 50 most expensive neighborhoods in New York City, thanks to a skyrocketing median sales price that was nearly double the next priciest area.
It’s a snapshot seemingly at odds with what’s going on in the city’s sales market: In the third quarter, Manhattan’s median sales price was flat and deals dropped by nearly a quarter year over year. Still, some neighborhoods on PropertyShark’s quarterly ranking saw major increases in median sales price.
Hudson Yards retained its top spot with a median sales price of $8.2 million, up 39 percent year over year, according to the report. Soho, which surpassed Tribeca in the second quarter, comes in second on this list with a $4.2 median sales price, an increase of 77 percent year over year. Tribeca fell to the fifth spot, with its median sales price dropping by 28 percent compared to the year-ago quarter.
Fewer apartments sold in Hudson Yards in the third quarter compared to a year ago, but the ones that did sell were larger and this drove up the median sales price. The report attributes the substantial gain in the median sales price to an increase in the average square footage of properties sold in the third quarter 2023 (2,937 square feet) versus the third quarter of 2022 (2,609 square feet). At the same time, Hudson Yards saw 11 deals in the quarter, representing an 8 percent drop.
Partially empty towers in Hudson Yards
But Hudson Yards is not immune to the slowdown. A recent Wall Street Journal article notes that Related Companies, the developer of the 28-acre luxury project intended to rival Park Avenue has instead struggled to sell condos at 35 Hudson Yards and is offering them at a discount. About 50 percent of units there were unsold as of June, four years after sales launched, according to the article.
Brooklyn's Dumbo was the third-priciest neighborhood with a median sales price of $2,833,000 in the third quarter of 2023, an increase of 60 percent. Last year it was in eighth place. This was the second time a Brooklyn neighborhood was among top three after Vinegar Hill’s debut in the first quarter this year.
The report notes that 15 out of the 33 recorded sales in Dumbo were at Olympia, a 76-unit condo building with views of the lower Manhattan skyline at 30 Front St. This impacted the median sales price for the neighborhood. The condos at Olympia alone sold for a median price of $4.95 million, according to PropertyShark.
Below are the top 10 neighborhoods on PropertyShark’s list.
The report calculates median sales prices based on closed residential property sales recorded in ACRIS between July 1st and September 30th, 2022, and July 1st and September 30th, 2023. Properties included single-family homes, condos and co-ops. Package deals and neighborhoods that recorded fewer than five deals were excluded.
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