PropertyShark: Tribeca is the Most Expensive Neighborhood in NYC

Brooklyn real estate lawyerAccording to PropertyShark, Tribeca was No. 1 among the 50 most expensive neighborhoods in New York City during the first quarter of 2019. The median home sale price in that area was $4.2 million. SoHo was a distant second with a median price of $2.9 million. Rounding out the Top 10 were the Garment District ($2.5 million), Hudson Square ($2.4 million), Flatiron District ($2.1 million), Theatre District-Times Square ($1.7 million), Central Midtown, Columbia Street Waterfront District and DUMBO (all at $1.5 million) and Carroll Gardens ($1.4 million).


Manhattan was the borough with the most entries on the list with 22, based on PropertyShark data. Brooklyn had 21 spots on the list and Queens had eleven positions. Six neighborhoods were new to the list, five of which made it to the top 10. These include Columbia Street Waterfront District, DUMBO and Carroll Gardens.


Research also found that median sales prices in the Theatre District jumped 63% year over year, propelling the neighborhood from No. 24 last year to No. 6 in 2019. Central Midtown saw median sale prices go up by 51%, compared to 2018. The Garment District also saw a significant uptick in sales prices with a 49% increase over Q1 2018.


Among the top 50, the neighborhood with the largest Y-O-Y increase was Ditmars-Steinway in Queens at 115%, according to PropertyShark. This landed the neighborhood on the No. 28 spot with a median sales price of $990,750. Sunnyside Gardens in Queens had the second-highest increase at 102% with a position of No. 44 and a median sale price of $810,000.


If you are looking to purchase a home in one of these neighborhoods, call the experienced attorneys at Wingate, Kearney & Cullen, LLP. The firm represents buyers and sellers of residential properties, including co-ops, condominiums, single-family homes, and multiple family dwellings in New York City and Long Island. If you are looking to buy a home and need representation, call (718) 852-5900.

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