You can be sure of two things: gravity, and the rising rent of NYC. Blame it on gentrification, blame it on supply and demand, or on the price you pay for living in the best city in the world, but the fact is that month after month, the numbers on your rent climb higher and higher. Leaving you to find increasingly novel places to hide from your landlord.
But just how expensive is your neighborhood? It’s now more expensive to live in some parts of Brooklyn and Queens than it is to live in certain neighborhoods in Manhattan. Property shark, a real state value research tool, has compiled a list of the 20 most expensive neighborhoods in NYC. Here they are, ranked by median sale price.
1. TriBeCa, $4,445,767
2. SoHo $3,600,000
3. NoHo $2,662,500
4. DUMBO $2,404,070
5. NoMad $1,960,131
6. Hudson Square $1,894,321
7. Chelsea $1,830,000
8. Battery Park City $1,705,000
9. Greenwich Village $1,650,000
10. Carnegie Hill $1,595,000
11. Forest Hills Gardens $1,562,500
12. Theatre District – Times Square $1,432,919
13. Carroll Gardens $1,430,000
14. Cobble Hill $1,315,000
15. Central Midtown $1,300,000
16. Flatiron District $1,270,000
17. Lincoln Square $1,210,000
18. Upper West Side $1,200,000
19. West Village $1,192,500
20. Gowanus $1,136,250
What does this mean compared to other years? Analysis from last year’s report reveals a bunch of interesting facts. Overall, NYC transaction levels were significantly lower than a year ago, and the biggest drop was seen in Manhattan. Median sale prices, on the other hand, were up in all four boroughs. Brooklyn saw a 10% increase, while the median sale price in Manhattan stood at $1.05M. The highest yearly growth, however, was seen in Roosevelt Island, where the median sale price was $1.08M, up 128%.
Only one thing left to say…
Featured image source [curbed]