New York City is one of the most expensive cities in the country. Real estate trends and transactions can help determine which neighborhoods are more costly and affordable. Let’s look at the ten priciest neighborhoods in New York City.
1. Hudson Yards, Manhattan
Manhattan, of course, is home to some of the most expensive neighborhoods in New York City. Seven of the ten priciest neighborhoods in New York City are in Manhattan. Hudson Yards, a 28-acre real estate development between Chelsea and Hell’s Kitchen and along the Hudson River, is the priciest neighborhood in New York City. The median sale price is $8,150,000. Over one year, that number surged 39% from $5,852,000.
2. SoHo, Manhattan
The median sale price in SoHo is $4,200,000, making this neighborhood the second priciest neighborhood in New York City. SoHo attracts tourists because it is one of New York City’s prime shopping locations. You will find designer boutiques, high-end chain stores, and fancy art galleries here. It is a trendy shopping destination, especially for tourists. SoHo has charming cobblestone streets, elegant cast-iron facades, and luxury restaurants. SoHo provides an atmospheric backdrop for fashionable crowds. There are a lot of street vendors in this neighborhood selling everything from handmade jewelry to original artwork.
“SoHo” is an acronym that means “South of Houston Street.” Chester Rapkin, an urban planner, coined the nickname in 1962.
3. DUMBO, Brooklyn
Meanwhile, DUMBO stands for “down under the Manhattan Bridge overpass.” This is the third priciest neighborhood in New York City, with a median sale price of $2,833,000. It is known for its cobblestone streets, gorgeous views of Manhattan, converted Brooklyn warehouse buildings, independent boutiques, trendy cafes, and high-end restaurants.
4. Hudson Square, Manhattan
Hudson Square, located in lower Manhattan between SoHo, the West Village, and TriBeCa, has a median sale price of $2,695,000. Like many neighborhoods in lower Manhattan, Hudson Square offers trendy restaurants, high-end shopping, and expensive homes. It is home to Federal-style and Greek Revival townhouses from the 1820s.
5. TriBeCa, Manhattan
The acronym TriBeCa, which stands for “The Triangle Below Canal Street,” was coined in the early 1970s. It forms a triangle between Canal, Broadway, Church, and Lispenard Streets on New York City’s planning maps. This hip neighborhood is the fifth priciest neighborhood in New York City, with a median sale price of $2,523,000. It is known for its older industrial buildings, many of which have been turned into residential loft spaces. Trendy restaurants and boutiques line the cobblestone streets of TriBeCa. Parks in this neighborhood, including Washington Market Park and Hudson River Park, attract families on the weekends.
6. Flatiron District, Manhattan
The median sale price in Flatiron is $2,167,000. This neighborhood is in Midtown Manhattan, from 14th Street-Union Square in the south to 23rd Street-Madison Square Park in the north. Flatiron District was named after the iconic wedge-shaped Flatiron Building. Flatiron has many trendy bars, the Italian food emporium Eataly, and eclectic food trucks. Madison Square Park is a focal point of this neighborhood, known for the always-long line at the original Shake Shack.
7. Red Hook, Brooklyn
Red Hook is one of the only Brooklyn neighborhoods to make this list, with a median sale price of $2,150,000. It is the seventh priciest neighborhood in New York City. Young families and creative professionals enjoy living in this neighborhood. The backdrop of Red Hook includes shipping yards and pre-Civil War warehouses. You will find cozy eateries, eclectic boutiques, quirky bars, and edgy art galleries in Red Hook.
8. Little Italy, Manhattan
The median sale price in Little Italy is $1,763,000. It is located in lower Manhattan and has a vibrant and proud Italian population, perhaps evident by its name. Restaurants serving Italian staples line the streets of this neighborhood.
9. Theatre District – Times Square, Manhattan
If you have only visited New York City as a tourist, you have probably seen the Theater District in Times Square. This neighborhood has energetic crowds, costumed characters, and bright lights, whether you visit during the day or the night. Here, in the ninth priciest neighborhood in New York City, you will find busy chain stores and restaurants. The median sale price in the Theater District is $1,713,000.
10. Greenwood Heights, Brooklyn
Greenwood Heights is located in southwest Brooklyn. It is part of Community District 7, Sunset Park, South Slope, and Windsor Terrace. The median sale price in Greenwood Heights, $1,670,000, makes it the tenth priciest neighborhood in New York City.
The photo featured at the top of this post is © John Penney/iStock via Getty Images
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