TriBeCa sees 30% decrease in sales prices over the last year, report says

TriBeCa was dethroned as the No. 1 most expensive neighborhood in New York City and saw a 30 percent drop in price year-over-year, Property Shark says.

For the first time in almost two years, TriBeCa is not considered the most expensive neighborhood in New York City, according to a report by Property Shark.

Hudson Yards took over that title in the third quarter with a median sales price of $4.9 million. TriBeCa’s median sales price was at $2.3 million (72 sales), which is a 30 percent decline year-over-year, the report shows.

Despite the significant decrease, it isn’t nearly as big of a drop quarter-over-quarter, from Q2 to Q3, which was a 45 percent drop  from more than $4.3 million, Property Shark stated.

The lowered median sales price is likely due to a “a disruption” influenced by the mansion tax that took effect on July 1.

Other Manhattan neighborhoods within the top 10 “most expensive” list include Hudson Square at $2.3 million, $2.1 million in Little Italy, SoHo at $2 million and Flatiron at $1.4 million.

Notably, the Lower East Side’s median sale price grew 87 percent to almost $1.5 million, moving the neighborhood up to No. 8.

 

Shaye Weaver