For the umpteenth time, Tribeca has topped the list of New York City’s priciest neighborhoods based on median sales prices from the first quarter of this year, new data released by PropertyShark has revealed. In Tribeca, the median sales price skyrocketed past the $5 million mark in the first quarter—a 55 percent increase year over year, according to PropertyShark.
That wasn’t the highest year-over-year increase by any means however. That title belongs to Brooklyn Heights, which witnessed a 127 percent increase in median sales price, and came in seventh among NYC’s priciest neighborhoods.
Brooklyn Heights witnessed a total of 76 sales in the first quarter, and the median sales price clocked in at $1.68 million. Three other Brooklyn neighborhoods also made it to to the top 10—Boerum Hill, Dumbo, and Manhattan Beach, and all witnessed major year-over-year increases.
In neighborhoods like Brooklyn Heights, Dumbo and Boerum Hill, the massive increases were in large part due to sales closing at high profile, pricey developments like Pierhouse, ODA’s 51 Jay Street, and the hotel-residential hybrid, The Boerum.
While Manhattan Beach only witnessed nine sales during this period, several pricey sales pushed the median sales price here to $1.475 million.
While Brooklyn neighborhoods saw increases, Manhattan neighborhoods did not fare the same. There are 23 Manhattan neighborhoods in PropertyShark’s overall list of 50 priciest NYC neighborhoods—that’s the largest among any of the five boroughs, but many major Manhattan neighborhoods saw median sales prices decline.
In the top 10, Soho, Hudson Square, and Little Italy all saw dips, and outside of that neighborhoods like Greenwich Village, and the Garment District also saw major declines.
For Tribeca, this is now the second quarter in a row that it has topped the list of NYC’s priciest neighborhoods, and it doesn’t look like it’s about to slow down anytime soon, based on PropertyShark’s data.