Tribeca is still #1 in NYC and other downtown neighborhoods dominate the city’s top spots in new survey
PropertyShark.com has revealed it’s price trend survey for NYC in 2017 and it’s good news for Tribeca residents. The chic downtown district retains the title as the city’s most expensive neighborhood, enjoying an annual increase of 12 percent. The median sales price is $4,683,950. A total for 417 homes sold this year, which was a little down from 2016’s 482 but up in price. Considering the general malaise that has huge over the luxury market in 2017, Tribeca’s continued robust numbers are as resplendent as some of the glamorous condos which have taken to the skies of late and contributed to its stats.
So what is it about Tribeca, once a gritty, industrial wasteland of a neighborhood, filled with artists and junkies in the 1970’s, that keeps buyers shelling out big bucks to live there? Part of it can be traced back to those industrial roots. Large, hulking buildings meant that it was somewhat divorced from the rest of Manhattan. When these warehouses became glamorous lofts, the area look on the guise of exclusivity, devoid from the infernal traffic and congestion in much of the rest of the city. With well appointed restaurants, bars and celebrity residents such as Robert DeNiro, Jay-Z & Beyonce, a famous film festival and more recently, high profile luxury developments such as 70 Vestry, with waterfront views, the neighborhood spiraled up into its own orbit.
Nearby, Soho clocked in as the second most expensive neighborhood with a median sales price of $2.997,500 which was down 13 percent to $2,997,500. Property Shark also notes that 44 of 2016’s sales took place at 10 Sullivan Street and 180 Avenue of Americas, two pricey new developments, which may skew the numbers a little.
Though Manhattan boasted 7 of the city’s 10 most expensive neighborhoods, none were as prolific as Tribeca. There was little price growth in neighboring Little Italy and Hudson Square saw marginal gains on the previous year. The only real exception was the Financial District, #4 on Property Shark’s lists. It enjoyed a 19 percent year-over-year expansion of the median sale price. Including Brooklyn and Queens, which saw some mighty price increases, the Financial District also enjoyed a staggering median price growth of 53 percent year-over-year. This is due in part to extensive retail and residential development in the area along with a new school. Another reason for TFD’s increase is because of its relative affordable prices compared to its more fashionable neighbors, Tribeca and Soho.
One more downtown Manhattan neighborhood making headlining is the Flatiron District, the 4th most expensive NYC neighborhood. It’s hot on the heels of the #3 area, Hudson Square, in fact just $5,000 behind. It registered 460 sales in 2017 with a mighty 19 percent yearly increase in sales prices to a median of $2.3 million, thanks in part to sales at Madison Square Park Tower and 55 W. 17th Street. Always known for shopping and restaurants with close proximity to both midtown and Union Square, the new developments have helped that neighborhood add an high end residential element bolstered by the presence of Madison Square Park, which has been made over into a verdant, family friendly oasis, away the chaos of the city that surrounds it.
Though there’s little disputing the the draw for the wealthy to downtown Manhattan, a clear trend has continued this year. Buyers who feel Manhattan costs too much are flocking to upscale Brooklyn, brimming with new condos. It’s the only way to explain Boerum Hill’s 54 percent growth and Fort Green’s meteoric 95 percent increase in property prices. DUMBO, however, retains top spot in Kings County for the most expensive Brooklyn neighborhood. For all those priced out of Brooklyn, the Bronx may have a condo with your name on it.