BY SHAYE WEAVER | Just seven months after its official opening, the ritzy Hudson Yards area has become the most expensive neighborhood in New York City, dethroning TriBeCa for the title, according to a report by Property Shark.
The report released on Wednesday says that the median sale price, between April 1 and June 30, in Hudson Yards is $4,994,792 — nearly double the $2.4 million median price tag in TriBeCa. This is the first time in seven quarters (almost two years) that TriBeCa hasn’t been in the top spot, the report shows.
Following behind the top two most expensive neighborhoods are Manhattan’s Hudson Square at $2.3 million, Little Italy at $2.1 million and SoHo at $2 million.
Prices continued to rise on the Lower East Side, which has jumped to No. 8 in the most expensive neighborhood list with a $1.5 million median price.
Brooklyn’s Cobble Hill and Carroll Gardens are the only neighborhoods outside of Manhattan in the top 10 list — Cobble Hill is 7th with a 102-percent increase in price year-over-year while Carroll Gardens is in 10th with an increase of 28 percent.
Ditmars-Steinway in Queens is the most expensive neighborhood in that borough at $1,075,000 — at 21st on the list of 56 — followed by Hunters Point at 31 with a $895,572 median sale price.
Property Shark says the largest decline in median sale price was in the Garment District, which fell 36 percent year-over-year to just under $2 million but it still remains at 6th on the list.
Manhattan overall has seen its prices go down and is at its lowest since 2016, the report states.
The number of sales also decreased in both Brooklyn and Manhattan, and according to Property Shark, it likely has something to do with New York City’s new “Mansion Tax” that took effect on July 1st, forcing potential buyers acclimate. It also may have influenced sales in TriBeCa, SoHo, Prospect Heights, DUMBO, and Chelsea, which all saw year-over-year declines of more than 24 percent, the report says.