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Median Sales Cross $3M in Three Manhattan Neighborhoods

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Median sales prices in three neighborhoods in Manhattan surpassed the $3 million for the first time ever, according to new data released by PropertyShark that breaks down median sales prices by neighborhoods ranking the top 50 in the city.

NoHo led the pack with a median sales price of $3.89 million, which is an increase of over $1 million from last year when the median price was $2.84 million. It's not that surprising considering the development in the neighborhood of late, and that price might go up further still by the end of next year when residential buildings like Annabelle Selldorf's 10 Bond Street, Morris Adjmi's 372 Lafayette Street, and The Schumacher are all ready to welcome its residents.

TriBeCa came in second with a median sales price of $3.4 million, which is also an increase from last year when the number was $2.7 million. And when it comes to development, TriBeCa is going toe to toe with NoHo. The neighborhood is home to the most expensive rental, the Tribeca Mansion. There's the eagerly anticipated, Bluestone clad building, 12 Warren, that should be ready for occupancy in 2016. And several other residential projects are in the offing.

Little Italy, which came in third, saw a dramatic increase - over $1.5 million with the median sales price going from $1.49 million to just over $3 million this year.

Manhattan occupied the top 12 spots for neighborhoods with the priciest median sales. The top neighborhood in Brooklyn, which is Dumbo, came in at 13 and saw a slight increase from $1.39 million to $1.41 million. The top neighborhood in Queens, which came in at 15, was surprisingly not Astoria or Long Island City, as you might imagine. That title goes to Forest Hills Gardens where the median sales price stands at $1.3 million, which is up from $1.125 million last year.

This year also marked the first time that median sales prices in Manhattan overall crossed the $1 million mark.

Correction: This post previously incorrectly stated that Pier57 is located in Tribeca. It is in the Meatpacking District.

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