These Are NYC's Most Expensive Neighborhoods, Study Finds

NEW YORK CITY — Have an extra $5.7 million to spend?

That's what wealthy New Yorkers typically shelled out for a residence in Hudson Yards — the most expensive neighborhood in the city, according to a new PropertyShark study.

Real estate sales rebounded 88 percent from April to June compared to the same span last year, when the coronavirus pandemic hit its height in the city, the study found.

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

The pandemic ground New York City's real estate sector down to a halt.

The slowdown did have some happy side effects for renters, who saw leases come with more concessions and, ultimately, lower prices.

But landlords worried about a complete financial washout, as did their counterparts in real estate, and headlines about a "dead" New York grew and grew.

The city's rollout of the COVID-19 vaccine and ensuing reopening appears to have allayed some of those fears. A recent UrbanDigs study found 600 percent more contracts were signed in Manhattan from April to June than during the same time in 2020 — the busiest quarter since at least 2004.

The PropertyShark study dovetails with those findings, and shows many already-wealthy neighborhoods getting more expensive. Median prices rose by double digits in 40 of the city's 55 most expensive neighborhoods, the study found.

And what are the city's most expensive neighborhoods? The top 10, with their median sales prices, according to PropertyShark, are:

• Hudson Yards — $5,714,000
• TriBeCa — $3,250,000
• SoHo — $2,619,000
• Little Italy — $2,000,000
• Flatiron District — $1,925,000
• Hudson Square — $1,848,000
• West Village — $1,776,000
• Theatre District - Times Square — $1,731,000
• DUMBO — $1,490,000
• Chelsea — $1,480,000

Nine of those 10 neighborhoods are in Manhattan, which remains the most expensive borough.

But prices overall grew in Brooklyn more — 18 percent above last year, with median prices at $828,000, the study found.

The most expensive Brooklyn neighborhoods after DUMBO were Cobble Hill and Downtown Brooklyn, the study found.

Read the whole PropertyShark study here.