Property Shark has recently released their market study of the top 50 neighborhoods in New York City for the third quarter of 2019. Their study indicates that Hudson Yards has surpassed Tribeca as the most expensive neighborhood in the City with sales in the neighborhood coming in at a median price of close to $5 million dollars per property.
The methodology of median sales price was determined based on residential property sales closed between April 1, 2019 and June 30, 2019. The statistics were based on residential properties that are single-family homes, condos and co-ops. Package deals were exclude and a neighborhood had to have more than 5 residential sales. Of significance is that Manhattan, Queens and the Bronx all saw decreases in the amount of transactions year to year. A big reason theorized for the fall of transactions is the Mansion tax which went into effect on July 1st.
Manhattan’s median sale price fell below $1 million for the first time since the 4th quarter of 2016. Also Brooklyn and Manhattan were the only two boroughs to have transactions over $3 million. The study states “Manhattan and Brooklyn were the only boroughs that saw units trade for more than $3 million. However, both saw significant drops in median home sale prices and transaction volumes. In Brooklyn, the percentage of sales greater than the $3 million threshold fell 44% Y-o-Y to just 24 sales. The median sale price over the threshold fell to $4,075,500—decreasing 3% Y-o-Y. Manhattan’s transaction volume in the high-end market fell more than 37% to 266 total transactions year-over-year. The median sale price for this market also dropped more than 10% Y-o-Y to $4,477,500—a decline of $515,000.”
Below are some highlights for the boroughs of Manhattan, Queens and Brooklyn:
Manhattan: Lower East Side’s median sale price grew 87% to almost $1.5 million. The Lower East Side moved the neighborhood 8 positions to #8. TriBeCa registered a 30% decline from 2018 to around $2.4 million. The Upper East Side had the most transactions in the quarter coming in with 539 sales at a median sales amount of $1.175 million.
Brooklyn: 2 of the top 10 neighborhoods came in from Broooklyn. Carroll Gardens’ median sale price of $1.43 million had them moved 3 spots on the list from #13 to the 10th spot. Cobble Hill saw a 102% increase with a median sales amount of $1.8 million. Cobble Hill came in at #7 on the list.
Queens: Queens had 10 of the most priciest neighborhoods on the list with Ditmars-Steinway coming in as the borough’s most expensive with a median sales of $1,075 million and #21 in the City. Old Howard Beach entered the list at #45 which was up 50% from 2018 and coming in at the 45th position.
BJD Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx. Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.