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.