Tribeca Drops, Little Italy Surges in NYC Price Rankings

PropertyShark has released its Q1 2025 report on NYC’s Top 50 Most Expensive Neighborhoods, and there were a few notable shakeups. Tribeca—typically a fixture in the top 3—slipped to the #4 spot, edged out by a surprising return from Little Italy, which claimed #2 with a $4.6M median sales price. Little Italy hadn’t appeared on the list since Q2 2024 due to low sales activity, but this quarter's resurgence may be a one-off, driven by a pair of high-priced NoLiTa sales: one at The Residences at Prince ($8M) and another at the Puck Building ($7.85M). Once among the city’s top 3 most expensive neighborhoods throughout the 2010s, Little Italy's reappearance is striking.

Hudson Yards held onto its #1 spot with a $5.4M median sales price, consistent with its 2024 year-end ranking. Sales volume soared 160% year over year—the second-highest gain citywide—even as prices dipped 11%, amounting to an average $645K price cut. It’s a marked rebound after the neighborhood dropped off the list entirely in Q3 2024 due to insufficient sales.

SoHo rounded out the top 3 with a $3.85M median sales price. Usually toggling between the #2 and #3 spots, it had briefly topped the list in Q3 2024. As for Tribeca, it landed at #4 with a $3.3M median, despite a 23% year-over-year increase in transactions.

The remainder of the top 10 included Hudson Square, Cobble Hill, DUMBO, the West Village, Boerum Hill, and the Theater District–Times Square, in that order, with median sales prices ranging from $2.6M to $1.7M. Manhattan secured 7 of the top 10 spots, while Brooklyn claimed the remaining three. Queens fell just short, with Malba posting a $1.55M median—$115K below the Theater District–Times Square.

Across the full Top 50, Brooklyn edged out Manhattan with 22 neighborhoods ranked, compared to Manhattan’s 20.

Another key trend: the number of NYC neighborhoods surpassing a $1M median sales price has jumped significantly. This quarter, 41 neighborhoods crossed the $1M mark—10 more than the previous year. Of the 50 neighborhoods ranked, 32 saw record price gains, with six neighborhoods posting year-over-year median price increases of up to 61%.

Meanwhile, a few longtime mainstays of the Top 10 were bumped out due to major price drops. Carroll Gardens saw its median sales price cut in half, while Flatiron and Chelsea experienced declines of over 30%.

Interestingly, despite higher prices and elevated interest rates, sales activity has remained strong. Manhattan saw a 29% increase in sales compared to Q1 2024, while Brooklyn notched a 4.2% year-over-year gain. For now, demand appears undeterred.