Forget about the “Billionaires’ Row” or the Upper East Side. Apparently lower Manhattan and Brooklyn’s DUMBO have become the most expensive areas in which to buy, according to real estate website PropertyShark.
Based on the median sales prices in the third quarter of this year, PropertyShark on Tuesday identified TriBeCa, SoHo, NoHo, DUMBO and NoMad as the top five priciest neighborhoods in the Big Apple. The median sales price in TriBeCa, the priciest neighborhood, stood at $4.4 million, while DUMBO, the only neighborhood outside Manhattan that is listed in the Top 10 NYC Neighborhoods list, saw its median sale price surpass $2.4 million.
| Top Five Most Expensive Neighborhoods in NYC | |||
| Area | Ranking | Median Sale Price (Q3/2016) | Y-o-Y Change |
| TriBeCa | 1 | $4.45 million | +22% |
| SoHo | 2 | $3.60 million | +29% |
| NoHo | 3 | $2.66 million | -46% |
| DUMBO | 4 | $2.40 million | +54% |
| NoMad | 5 | $1.96 million | +33% |
| Source: PropertyShark |
The soaring prices seen in DUMBO were the result of a great streak of sales in a new development at 1 John Street, according to PropertyShark. “This luxury residence managed to sell 30 units in the past three months, where the cheapest unit went for a little over $2.2 million,” the report said.
Forest Hills Gardens, in Queens, is another neighborhood that is drawing big money outside of Manhattan. The median sale price reached $1.56 million, making it the 11th most expensive among the 50 most expensive neighborhoods PropertyShark has ranked.
Overall, the number of real estate transactions in New York City was significantly lower than a year ago, and the biggest drop was seen in Manhattan. The median sales price in Manhattan was $1.05 million in the third quarter, a 6% increase from the same period last year. Meanwhile, transactions were down 28% year-over-year, with a total of 3,024 deals recorded.
Write to Fang Block at fang.block@dowjones.com