Hudson Yards Is New York City’s Priciest Neighborhood

Hudson Yards is officially New York City’s most expensive neighborhood, according to a report this week from PropertyShark.

Residences in the sleek new area of skyscrapers—located on the far West Side of the Manhattan, north of Chelsea—had a median sale price of $5.729 million in the first quarter, the data showed. Prices have increased 6%, or $324,000, compared to the same time last year, while sales have dropped 67%. 

“In fact, Hudson Yards closed only eight sales in the first quarter of the year,” the report said. “But New York City’s newest neighborhood wasn’t alone in negative sales growth: All of the city’s 10 most expensive neighborhoods logged significant price drops between 30% and 67%.” 

Tribeca, which held its No. 2 on the list, saw a 65% annual fall in sales volume in the first three months of the year, the figures showed. The median price in the historic lower Manhattan neighborhood was $3.5 million, declining 6%, or $225,000, from the first quarter of 2022. 

Brooklyn broke into the top three priciest areas for the first time since PropertyShark started tracking data on the city’s most expensive neighborhoods in 2016. Vinegar Hill—a small area in North Brooklyn, next to Dumbo—ranked No. 3.

“Its record $2.6 million median was heavily influenced by three sales at 288 Water St., an eight-unit, ultra-boutique condominium project with high-end amenities,” the report said. 

Meanwhile, Dumbo itself and Carroll Gardens were the other two Brooklyn areas that made the top 10, ranking No. 8 and No. 9, respectively, according to PropertyShark. Both saw prices growth of about 11%, with Dumbo’s median reaching $1.796 million (a rise of $175,000), while Carroll Gardens’ registered a median price of $1.71 million (up $171,000).

Back in downtown Manhattan, SoHo grabbed the fourth spot on the ranking, with a median price of $2.2 million, down 35% year over year. 

“In this case, the decrease stemmed from the change in property types sold in Q1 2023 versus the same period last year,” the report said. “Namely, co-ops—a property type that is usually lower-priced than condo units—represented one-third of SoHo’s transactions last year but made up 68% of its first-quarter sales this year, thereby contributing significantly to the neighborhood’s $1.2 million median decrease.”

Rounding out the top 10 were the Flatiron District at No. 5 (with a median of $1.95 million); Hudson Square ($1.938 million) in the sixth spot; the Theater District and Times Square slotting in at No. 7 ($1.9 million); and central Midtown at No. 10 ($1.55 million).

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