New York City offers a rich and diverse culture, but living there often comes with a hefty price tag. These areas stand out as the most expensive in the city based on median sale prices in 2017.
10. Central Midtown- $1,580,000
Thanks to the sale of 66 properties at 252 East 57 Street, Central Midtown moved up two spots from last year. The median sale price for a home increased by 22%.
9. Red Hook- $1,625,000
Red Hook in Brooklyn had 21 properties sold in 2017, mainly at a new development of townhouses located at 74-84 Sullivan Street and 109-125 King Street where the median sale price is $2.63 million.
8. Boerum Hill- $1,629,200
Boerum Hill saw 249 home sales in 2017. The median sale price is up 52% from last year, largely due to the sale of 164 luxury condominiums at The Boerum and 465 Pacific Street.
7. Garment District- $1,657,500
The Garment District joins six other Manhattan neighborhoods on the list, making it the priciest borough in New York City.
6. DUMBO- $1,980,496
Despite sluggish home prices, DUMBO remains Brooklyn’s most expensive neighborhood.
5. Little Italy- $2,283,031
Little Italy saw minimal price growth for homes in the area. However, its prime Manhattan location still makes it a desirable neighborhood for many residents.
4. Flatiron District- $2,300,000
Two large luxury projects located at Madison Square Park Tower and 55 W 17 Street led to the area seeing a total of 460 sales and a 19% median price jump.
3. Hudson Square- $2,305,245
Although sale prices remained stagnant, Hudson Square beat out both DUMBO and Little Italy because of their slow growth. The Flatiron District gave the neighborhood a run for its money, just narrowly missing the 3rd spot by $5,245.
2. SoHo- $2,997,500
Despite only 150 sales and a median home value loss of 13%, two new developments located at 10 Sullivan Street and 180 Avenue of America’s led to SoHo landing the second spot on the list.
1. TriBeCa- $4,683,950
TriBeCa remains the number one most expensive neighborhood in New York City due largely to a 12% increase in the price of homes in the area.