Taking the top spot from Tribeca for the first time in a long time, the Flatiron District now ranks as the most expensive neighborhood in New York City, according to data compiled by Property Shark. In its latest report looking at the residential market during the third quarter of 2017, the group lists the 50 priciest neighborhoods in the city, with the usual upscale ‘hoods like TriBeCa, Central Park South and Hudson Square rounding out the top tier (h/t Time Out NY). In another plot twist, Red Hook has become Brooklyn’s most expensive neighborhood this quarter–overthrowing DUMBO–with a median sale price of $1.92 million in Q3.
After coming in second in Q2, the Flatiron District became the priciest neighborhood with a median sale price of $4,399,375, a 220 percent increase from this time last year. According to the report, the big jump in growth can be linked to the 39 pricey condos sold at 41-43 East 22nd Street, where prices of units ranged from $2.6 million to $9.4 million. Median sale prices in Tribeca dropped by 9 percent and saw only 70 total transactions closed.
Central Park South comes in third thanks to just four transactions that took place at ONE57at 157 West 57th Street. In quarter three, it’s median sale price grew by 103 percent to $3,395,000. In Brooklyn, Red Hook ranks eighth on the list, becoming the priciest neighborhood in the borough for Q3. Including DUMBO, which comes in 10th, the borough accounts for 21 of the top 50 areas on the list. Neighborhoods like Brooklyn Heights, Cobble Hill, Columbia Street Waterfront District, Gowanus and Carroll Gardens made the top 20.
While no Queens neighborhoods ranked in the top ten, the borough’s nine ‘hoods on the list all witnessed an annual increase in median sale prices. These include Belle Harbor at #27, Hunters Point at #32 and Ditmars-Steinway at #42. In Douglaston, prices impressively rose by 45 percent year-over-year.
The data was calculated by looking at the median sale prices on residential property sales between July 1 and Sept. 30 of this year. These properties include single-family homes, condos and co-ops.