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Report finds that Brooklyn had more expensive neighborhoods than Manhattan in the second quarter of 2020 | amNewYork

Report finds that Brooklyn had more expensive neighborhoods than Manhattan in the second quarter of 2020

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A new report sought to find out which neighborhoods were hit the hardest by the COVID-19 pandemic.

PropertyShark analyzed all residential property sales closed in Manhattan, Brooklyn, Queens, and the Bronx between April 1 and June 30 and worked in data from neighborhoods that had at least five sales in the second quarter. According to their findings, 44 neighborhoods had less than five sales during this time period.

As a result, Hudson Yards, which previously held the title of most expensive, lost the spot to TriBeCa, which had 48 sales and a median price of $3.7 million. The number two spot went to Little Italy with 7 sales and a median price of $2,750,000, followed by SoHo with 15 sales and a median price of $2,425,000. Brooklyn’s DUMBO neighborhood is the fourth most expensive with 6 sales and a median price of $2,075,000, followed by Carroll Gardens with a median price of $2,062,550 and 8 sales.

 

Out of the 50 neighborhoods listed in the report as the priciest, Brooklyn had more neighborhoods than Manhattan for the first time. Brooklyn had 23 neighborhoods while Manhattan had 21 neighborhoods listed. 

Eight Queens neighborhoods made their way onto the list, with Fresh Meadows taking the 27th spot on the list with a median price of $930,000 and 16 sales. While the Bronx wasn’t represented on this list, the borough did have the highest pricing gain among the four boroughs, climbing 12.5% to a median sale price of $325,000.

Read the full report at www.propertyshark.com.

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