This West Side Neighborhood Is NYC's Most Expensive, Study Finds

MIDTOWN MANHATTAN, NY — After slowing to a crawl last year during the worst of the pandemic, home sales have bounced back this year — including in Hell's Kitchen and Midtown, according to a new report.

The study by PropertyShark also crowned the city's most expensive neighborhood: Hudson Yards, whose median $5.7 million home sale price during the second quarter of 2021 made it the priciest in New York.

Across the city, 8,343 residential sales closed during the quarter, a staggering 88 percent increase compared to the same period last year, when COVID-19 was still raging.

Prices have risen too: of the 50 most expensive neighborhoods in New York City, nearly half saw their median sale prices increase by double digits this year.

Here's the full data for Hell's Kitchen and Midtown during Q2 2021:

• Central Midtown: $1,050,000 median sale price (2 percent year-over-year increase); 67 total sales (103 percent increase)
• Clinton/Hell's Kitchen: $908,000 median sale price (31 percent increase); 110 total sales (75 percent increase)
• Flatiron District: $1,925,000 median sale price (14 percent increase); 135 total sales (309 percent increase)
• Garment District: $940,000 median sale price; 10 total sales (not enough 2020 data to compare)
• Hudson Yards: $5,714,000 median sale price; 6 total sales (not enough 2020 data to compare)
• Theatre District/Times Square: $1,731,000 median sale price (66 percent increase); 64 total sales (129 percent increase)
• Sutton Place: $905,000 median sale price (19 percent decrease); 67 total sales (123 percent increase)

Manhattan remained the city's most expensive borough this quarter, with a $1,125,000 median sale price.

Notably, Manhattan's 112 percent increase in its number of sales didn't just made up for last year's drop. It even pushed the borough 7 percent above the number of sales it recorded during the second quarter of 2019, signaling "pent-up demand entering the market," according to PropertyShark.

Only a few neighborhoods, all in Brooklyn, saw their overall sales activity decline year-over-year: Gowanus, Flatbush, Prospect Heights and Greenwood Heights.

"Hit hard by the pandemic, New York City’s real estate market is proving its resilience once again," researchers wrote. "As the vaccine rollout increasingly allows life to approach normal, buyer appetite has returned with a vengeance."

Find a full list of neighborhoods and read the full report here.