Despite a 30 percent drop in sales prices, Tribeca remains NYC’s most expensive neighborhood

Posted On Mon, April 16, 2018 By

Posted On Mon, April 16, 2018 By In real estate trends, Recent Sales, Tribeca

Photo via CityRealty

Despite suffering from a 30 percent drop year-over-year in median sale prices, Tribeca still managed to rank first as New York City’s most expensive neighborhood, followed closely by Soho. Property Shark released this week its list of the 50 priciest areas in the city in Q1 2018 and unsurprisingly, nine out of the top ten are located in Manhattan. Notably, the West Village witnessed an 88 percent year-over-year increase with a median sale price hovering $2.1 million. And the Flatiron District, which ranked as the most expensive neighborhood in the third quarter of 2017, fell to sixth place, with a median sale price of $1.85 million.

most expensive neighborhoods, property shark, real estate nyc

Tribeca still reigns first, with a median home price of nearly $3.6 million, despite not outperforming its sales from Q1 2017. Last year, there were 37 deals at 30 Park Place, with a median sale price of $5.6 million, and 21 transactions at 56 Leonard Street, with a median price of $7.2 million.

Although Dumbo ranks as the fifth most expensive area, Fort Greene remains the stand-out from this quarter’s list. According to Property Shark, the picturesque Brooklyn neighborhood surged 131 percent year-over-year to roughly $1.3 million, the highest growth rate out of all 50 ‘hoods. Greenpoint also jumped to #12 on the list, with an impressive 81 percent year-over-year increase.

While no Queens neighborhood locked in the top 10, Belle Harbor experienced an increase in its median sale price to $995,000, thanks to seven expensive transactions. Queensboro Hill is the borough’s second most expensive neighborhood, with an $883,500 median sale price.

Find out more from Property Shark’s real estate report here and see the full list below:

most expensive neighborhoods, property shark, real estate nyc

most expensive neighborhoods, property shark, real estate nyc most expensive neighborhoods, property shark, real estate nyc

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Neighborhoods : Fort Greene,Soho,Tribeca,West Village

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