NYC's Second-Priciest Neighborhood Might Surprise You

NEW YORK — Tribeca is still the top dog for high-end real estate, but a neighborhood known for fashion is on the rise, a recent PropertyShark report shows. The Garment District jumped to number two on the real estate blog's ranking of the city's priciest neighborhoods with a 61 percent year-over-year price increase for the third quarter.

PropertyShark published a list Thursday of the city's most expensive neighborhoods using median prices based on residential property sales closed between July 1 and Sept. 30. The "top 50" ranking actually included 58 neighborhoods, as some areas tied for the same spot.

The Garment District jumped two spots from No. 4 in the second quarter despite the neighborhood being predominantly composed of commercial buildings, according to PropertyShark. Eight sales were closed there in the third quarter at a median price of nearly $3.1 million, the report says, with five of them coming from the brand-new development The Bryant.

The report showing the neighborhood's recent price climb comes as the city seeks a nonprofit to help protect the fashion manufacturing industry in the area.

Tribeca maintained its crown as the city's most expensive neighborhood in the third quarter with a median price of $3.45 million, a 16 percent drop from the third quarter of last year, PropertyShark found. SoHo slipped one spot from the second quarter to No. 3 with a median price of $3.075 million.

DUMBO was once again Brooklyn's most expensive neighborhood, coming in at No. 5 overall with a median price of $1.65 million, up 4 percent from last year, according to PropertyShark. Boerum Hill and Fort Greene claimed the bottom two spots in the top 10.

Queens' Hollis Hills saw its median price jump a massive 228 percent from last year to $955,000, PropertyShark says, enough to land it at No. 27 overall. The neighborhood saw eight home sales last quarter, seven of which were for "expensive single-family assets," PropertyShark's report says.

See PropertyShark's top 10 priciest New York City neighborhoods below, and see where your neighborhood stacks up on the map. Read PropertyShark's full report here.

1. Tribeca
2. Garment District
3. SoHo
4. Hudson Square
5. DUMBO
6. Chelsea
7. Flatiron District
8. Greenwich Village
9. Boerum Hill
10. Fort Greene

(Lead image: Photo by Kevin Foy/Shutterstock)