What you should know
- Within Manhattan (and throughout the city) there are neighborhoods that are more expensive than others, not only when it comes to rent, but also in terms of owning a property.
- Seven of the 10 most expensive neighborhoods are in Manhattan, exorbitant prices are found throughout the city.
- According to PropertySharkMedian sales prices among the city’s most expensive neighborhoods have risen 77 percent.
—
NEW YORK — It’s no surprise to learn that if you want to own a home in the Big Apple, you have to be prepared to spend big bucks.
The median monthly rent for an apartment in Manhattan exceeded $5,000 for the first time, and realtors say demand and prices will go even higher in the fall. However, within Manhattan (and throughout the city) there are neighborhoods that are more expensive than others, not only when it comes to rent, but also in terms of owning a property.
A quarterly study (Q2 2022) conducted by real estate research website PropertyShark looked at the most expensive neighborhoods in New York City to buy property in, and while seven of the 10 most expensive neighborhoods are in Manhattan, prices exorbitant prices are found throughout the city.
According to PropertySharkMedian sales prices among the city’s most expensive neighborhoods have risen 77 percent. What’s even more surprising, though, is that two neighborhoods — Manhattan Beach in Brooklyn and Jamaica Estates in Queens — actually saw price increases of more than 100 percent, according to the study.
At the top of the PropertyShark list are Hudson Yards, TriBeCa and SoHo; all three held their places as the most expensive neighborhoods, each in the price range of $3 million or more per property.
–
–
Hudson Yards reigned as the No. 1 most expensive neighborhood in New York City, despite a 10 percent year-over-year price drop that dropped the average from $5.71 million to $5.13 million.
After Hudson Yards comes TriBeCa as the second most expensive neighborhood in the city with a median property price of $3,477,000, according to PropertyShark study. Although prices increased in TriBeca, sales actually decreased, with a total of 72 closing sales, down 21% from the second quarter of 2021.
SoHo, the third most expensive neighborhood, according to the ranking, has a median price of $3.45 million per property, which was the result of a 32% year-over-year increase influenced by a higher number of square feet of homes sold, according to the study. On average, properties sold in SoHo were 18 percent larger than those negotiated during the same period in 2021.
The study it also revealed some other interesting stats from additional neighborhoods. For example, although Brooklyn’s Manhattan Beach ranked as the city’s 29th most expensive neighborhood, according to the study, it posted a median sales price of $1,085,000 in the second quarter. This price increase is the result of a 147 percent increase year over year, making Manhattan Beach the neighborhood with the highest rate of price increase among the 50 most expensive. To better understand the incredible increase, just a year ago, Manhattan Beach had a median property price of $439,000!
Another neighborhood with staggering price increases is in Queens. Although Jamaica Estates is ranked 44th in the overall PropertyShark ranking of New York City’s most expensive neighborhoods, the neighborhood broke into the top 50 after a 121 percent year-over-year increase that raised its median price from $418,000 to $923,000. This makes Jamaica Estates the neighborhood with the second-highest average sales price increase among the city’s most exclusive neighborhoods.
To see the complete study, as well as to learn more about the methodology used, Click here.
