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According to a report released by PropertyShark earlier this week, Hudson Yards has been declared as the costliest neighbourhood in New York City. The area is situated on the far West Side of Manhattan, north of Chelsea, and consists of modern skyscrapers.
Data from the report indicates that the median sale price for residences in Hudson Yards during the first quarter was $5.729 million, with a 6% increase in prices compared to the previous year. However, sales decreased by 67%. In the first quarter of the year, Hudson Yards only closed eight sales.
The report also notes that all the city’s top ten priciest neighbourhoods experienced a significant decline in sales growth, ranging from 30% to 67%. According to the data, Tribeca, which ranked second on the list, experienced a 65% decline in sales volume during the first quarter of the year. The median price in this neighbourhood, located in historic lower Manhattan, was $3.5 million, which decreased by 6% or $225,000 from the first quarter of the previous year.
For the first time since 2016 when PropertyShark started monitoring data on New York City’s most expensive neighbourhoods, Brooklyn made it to the top three priciest areas. Vinegar Hill, a small region located in North Brooklyn and adjacent to Dumbo, was ranked as the third priciest area. The median price in Vinegar Hill was an all-time high of $2.6 million, which was significantly influenced by three sales at 288 Water St., an ultra-boutique condominium project with luxurious amenities, according to the report.
Additionally, Dumbo and Carroll Gardens were the other two Brooklyn neighbourhoods that made it to the top 10 list, ranking No. 8 and No. 9 respectively. Both areas experienced price growth of around 11%, with Dumbo’s median price reaching $1.796 million, indicating a rise of $175,000, while Carroll Gardens registered a median price of $1.71 million, which increased by $171,000
SoHo, located in downtown Manhattan, secured the fourth position on the list with a median price of $2.2 million, indicating a year-over-year decline of 35%. According to the report, the decrease was due to the difference in property types sold in the first quarter of 2023 compared to the same period last year. Co-ops, which are usually priced lower than condos, represented one-third of SoHo’s transactions last year, but they made up 68% of the neighbourhood’s sales in the first quarter of this year, contributing significantly to the area’s $1.2 million median decrease.
The remaining spots in the top 10 were occupied by the Flatiron District at No. 5 with a median price of $1.95 million, Hudson Square at No. 6 with a median price of $1.938 million, and the Theatre District and Times Square at No. 7 with a median price of $1.9 million. Central Midtown secured the tenth spot with a median price of $155 million.
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