Hudson Yards Is NYC's Most Expensive Neighborhood: Study

HUDSON YARDS, NY — Less than one year after officially "opening" Hudson Yards has dethroned TriBeCa as New York City's most expensive neighborhood, according to a study published Wednesday by real estate publication PropertyShark.

Hudson Yards surged past its Lower Manhattan competition with a median sales price of nearly $5 million in the third quarter of 2019, according to the PropertyShark report. The impressive figure was based off 26 real estate sales in Hudson Yards that closed between April 1 and June 30.

TriBeCa saw much more activity that Hudson Yards (72 sales), but its median sales price paled in comparison at just $2.4 million. Rounding out New York City's top five most expensive neighborhoods are: Hudson Square ($2.3 million), Little Italy ($2.1 million) and SoHo ($2 million).

The only two outer-borough neighborhoods included in the list were Cobble Hill and Carroll Gardens, according to the PropertyShark study. Cobble Hill came in at sixth with a median sales price of $1.8 million and Carroll Gardens placed tenth with a median sales price of $1.4 million thanks to a 28% increase in year-over-year median sales price.

Manhattan and Brooklyn made up the vast majority of PropertShark's list of New York's 50 most expensive neighborhoods — which actually lists 56 neighborhoods due to ties. Manhattan had 24 neighborhoods on the list, Brooklyn had 22 and Queens had 10. The Bronx and Staten Island did not manage a single placement, according to the study.

With the study's new findings, Hudson Yards has lived up to its billing as one of 2019's "neighborhoods to watch." The brand-new neighborhood, which opened to the public March 15, is also home to a high-end shops, restaurants, a large office tower, a performing arts venue called The Shed and a shawarma-shaped sculpture known as The Vessel.

PropertyShark's study used sales data for single-family homes, condos and co-ops that closed between April 1 and June 30, according to the real estate publication. Only neighborhoods with more than 5 residential sales were included in the study.

See how your neighborhood fared by checking out PropertyShark's study.

PropertyShark also released an interactive map of NYC's most expensive neighborhoods for Q3, 2019: