The winner of the most expensive neighborhood is, Tribeca!
New York City consistently ranks as one of the most expensive cities in the country for both buying and renting property. This year, Property Shark compiled a list which ranks the top 50 most expensive neighborhoods in the five boroughs by calculating property sales closed between January 1 and November 23, 2018.
There were some surprises on the list such as the Garment District’s take over as the third most expensive spot and the very dramatic price increase on Roosevelt Island, given the fact that there have been no new developments there this year.
For 2018, the median sale price for a property in Tribeca was $3.85 million and despite the fact that prices decreased 18% from last year, it maintains the top spot. The second most expensive neighborhood is SoHo and the difference between the median price in both neighborhoods is $850,000.
While Manhattan remains the most expensive borough by far, two of the top 10 most expensive neighborhoods this year were located in Brooklyn, and Queens also showed a dramatic increase in home price, taking seven spots.
Take a look at all 50 neighborhoods below:
Also published on Medium.