New York City’s most expensive neighborhood just got even more expensive.
That’s according to a new study from real estate data portal PropertyShark, which has crowned Hudson Yards on Manhattan’s West Side the top spot with a median home sales price of $7.5 million. For almost five years, this district – known for its shops, high-rise buildings and ship sculpture – has held this privileged position in the PropertyShark rankings.
Additionally, the current average of $7.5 million marks a significant increase from the $5.75 million average home sale price calculated in Hudson Yards last year. However, PropertyShark adds, the number of home deals in the area fell by 62% year-on-year, marking one of the most significant annual sales declines among the city’s most expensive areas.
PropertyShark analyzed closed property sales recorded in the city’s Department of Finance’s ACRIS system between April 1 and June 30, 2023 — and April 1 and June 30, 2024 — to calculate average sales prices. In the mix were deals for apartments, co-ops and single-family homes, such as townhouses.
Hudson Yards’ staggering median sale price is more than double New York’s second-most expensive neighborhood – Soho, which is $3.1 million. According to the New York Times, Hudson Yards averaged just five sales during the quarter, while Soho had a total of 37.
Among the Hudson Yards sales in that time period: a $7.5 million deal for a three-bedroom, 3,099-square-foot corner condo — one with sweeping views of the Hudson River — at 35 Hudson Yards, according to StreetEasy data. Meanwhile, one of the 37 sales to close in Soho during that period was a $2.25 million deal for a two-bedroom, two-bathroom apartment with 10-foot ceilings at 210 Lafayette St., StreetEasy also shows.
Tribeca came in third, with an average of $2.9 million. Hudson Square, a western subset of Soho, was fourth with an average of $2.46 million. Little Italy, fifth, averaged $2.4 million. Although in sixth place, Chinatown returned to the top 10 for the first time in two years due to a 79% year-over-year increase in median home sale prices, which brought its figure today to 2.03 million dollars.
In Brooklyn, and also in the top 10, came Cobble Hill and Carroll Gardens. their respective median sales prices were $1.96 million and $1.95 million.
Both areas, similar to Hudson Yards, also saw a slowdown in annual sales. Cobble Hill saw a 48% year-over-year decline, while Carroll Gardens saw a whopping 63% year-over-year decline.
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Image Source : nypost.com