NYC's Top 2 Priciest Neighborhoods Hold Their Spots in Q3
When you read current news headlines like …
“Billionaire’s Row skyscraper condo sold for nearly $53 million leads US home sales”;
“Taylor Swift’s combined penthouse complex in Tribeca worth $20 million”; or
“Tech Entrepreneur Pays $47 Million for David Rockefeller’s Former Upper East Side Townhouse”
… you can’t help but wonder what New York City’s priciest neighborhoods are today. Thanks to PropertyShark, we have insight into the 50 most expensive NYC neighborhoods in Q3 2023.
One standout this past quarter is Brooklyn reclaiming a Top 3 position for the second time in 2023. Earlier this year, I reported that the Vinegar Hill neighborhood propelled Brooklyn into the top 3 spot —a historic first—with a median sales price of $2.6 million. This past quarter, the $2.8 million median sales price in DUMBO positioned Brooklyn to secure the #3 spot on the coveted list once again.
Speaking of repeat performances, Hudson Yards continues to hold the #1 spot as the most expensive neighborhood with a median sales price of $8.2 million, up 39 percent Y-O-Y.
SoHo also maintained its #2 spot this quarter with a $4.2 million median sales price, after pushing Tribeca out of that spot last quarter. As I reported in May, Tribeca held the #2 spot with a median sales price of $3.5 million. It fell to the #5 spot in Q3 with a median of $2.5 million.
Hudson Square held onto the #4 position from last quarter with a $2.7 median sales price and rounding out the top 10 list were the Flatiron District, Red Hook, Little Italy, Theatre District/Times Square (includes Billionaire’s Row) and Greenwood Heights.
According to the PropertyShark data, NYC residential sales experienced a steady slowdown in Q3 with the median price dropping one percent from a year ago and the number of sales falling by 24 percent during that same period. However, as I’ve pointed out time and time again, last year was a banner year for NYC real estate so it is not necessarily a fair comparison. To put things in perspective from a quarter-over-quarter comparison, sales numbers were up while the median sales price remained flat. In total, NYC closed nearly 21,000 residential deals in Q3.