The 8 Most Expensive Neighborhoods in New York City


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November 3, 2015
The 8 Most Expensive Neighborhoods in New York City

It’s hard to shock a New Yorker with dollar signs. They crunched the numbers, looking at all media sales in 2014 for one- to three-family homes, condos, and co-ops, to find out just what “expensive” looks like in one of the most expensive cities on the planet. The answer? Very. The average prices in the poshest neighborhoods hover around $2 million, dipping to just below $1 million in Williamsburg, Brooklyn. With this in mind, The Most Expensive Homes‘ team wants to show the 8 most expensive neighborhoods in New York City. Check this out!

SEE ALSO – NYC Condo with Private Swimming Pool Selling for $15.4 Million

Most Expensive Neighborhoods in New York City – SoHo

The 8 Most Expensive Neighborhoods in New York CitySoHo residences with handsome cast-iron facades and large windows (Photo: La Citta Vita/Flickr CC)

SoHo is best known for its fancy shops and quaint cafés, but it’s also home to the city’s most expensive residential real estate. Many of the apartment buildings were originally warehouses built in the 19th century, distinguished by their cast-iron facades, soaring ceilings and a solid bone structure that you don’t see any more in new constructions. The penthouses that were developed within the historic Puck Building, one of which has already brought in$28 million. But, this being New York, there is still plenty of glitzy new construction, like the 16-story tower at 10 Sullivan, which will house a $45 million private pool.

Median sales price: $2,717,500

Most Expensive Neighborhoods in New York City – Tribeca

The 8 Most Expensive Neighborhoods in New York CityA rendering of the new Tribeca condo building at 56 Leonard Street

Coming in at a close second on the list is the glitzy neighborhood of Tribeca, which has more celebrities per capita than any other neighborhood in the city. Walk the restaurant- and boutique-lined streets and you may spy everyone from Jon Stewart to Jay-Z to Meryl Streep, all of whom live in the area. As for architecture, like SoHo, this neighborhood is known for its historic, cast-iron warehouses that have been transformed into sprawling lofts with high ceilings, massive windows and luxury finishes, from gleaming marble bathrooms to rooftop decks with fire pits. Among Tribeca’s posh pads is an Australian rock producer’s gigantic loft on Franklin Street, housed in a former olive oil and feta factory, which sold in January 2015 for $5.425 million. The new, Jenga-like tower at 56 Leonard Street is still under construction but is nearly sold out, with prices on apartments ranging up to $45 million.

Median sales price: $2,573,041

SEE ALSO – 5 Most Expensive Homes in New York Upper East Side

Most Expensive Neighborhoods in New York City – Flatiron District

The 8 Most Expensive Neighborhoods in New York CityThe Flatiron building is flanked by desirable living spaces and restaurants (Photo: Kevin Loria/CUNY Journalism)

The Flatiron District — named for the historic Flatiron Building that graces the corner of 5th Avenue and Broadway — is bordered by two city icons, Madison Square Park to the north and Union Square to the south. This lively neighborhood (which adjoins the NoMad area, named after “North of Madison Park”) is pretty much in the center of it all, equidistant to the west and east sides of Manhattan. Celebrities like Jennifer Lopez, Chelsea Clinton, and Jeff Gorder have all bought in the boutique condo conversion The Whitman. And a flashy, skinny condo tower is now rising at 45 East 22nd Street, where there’s word that the building’s penthouse will go for $40 million.

Median sales price: $1,450,000

Most Expensive Neighborhoods in New York City – Dumbo

The 8 Most Expensive Neighborhoods in New York CityRendering of the Dock Street building at 30 Water Street in Dumbo, Brooklyn (Photo: Two Trees NY)

The highest real estate sales in New York don’t just belong to Manhattan anymore — Brooklyn is in the game now too. After a year of booming real estate across the Brooklyn Bridge, it’s hardly a surprise that Dumbo comes in at number four with a whopping median sales price of $1,399,500. This waterfront neighborhood is dominated by converted warehouse buildings, most of which have excellent views of the Manhattan skyline and the Brooklyn and Manhattan Bridges. Classic dining establishments like Grimaldi’s Pizza and the River Cafe also lure both buyers and tourists to the area. Dumbo real estate mostly consists of high-end warehouse conversions, but there has been a rash of new construction in recent years. Dumbo also borders the hugely popular Brooklyn Bridge Park, which has a long list of coveted amenities including playgrounds, athletic courts, boating, a roller rink, pop-up pool and the picturesque Jane’s Carousel.

Median sales price: $1,399,500

SEE ALSO – 10 The Most Expensive Penthouses in the World

Most Expensive Neighborhoods in New York City – Midtown Manhattan

The 8 Most Expensive Neighborhoods in New York CityThe One57 building offers stellar views (Photo: Evan Joseph/Extell Development)

Midtown Manhattan: It’s not just a neighborhood for office towers and suits much more. In fact, Midtown is shaping up to be one of the top luxury neighborhoods in New York. That’s because zoning in the area allows for super-tall skinny condo towers, which are filled with apartments that have record-setting price tags. The penthouse unit at One57 closed in January 2015 for $100.5 million, making it the most expensive condo sale in NYC history. And then there’s the soaring 432 Park Avenue, which is the tallest residential building in the city, and home to a $95 million penthouse that also sold successfully. Plus, as Midtown sheds its staid office-block image, its appeal as a residential neighborhood is skyrocketing — after all, it has some phenomenal parks within walking distance, like Central Park and 5th Avenue shopping.

Median sales price: $1,228,500

Most Expensive Neighborhoods in New York City – West Village

The 8 Most Expensive Neighborhoods in New York CityA charming home in the West Village (Photo: Armstrong/CUNY)

While new condo units bring in the biggest bucks, buyers still pay — a lot — for the classic charm of the West Village. Though its famous bohemian past has long since faded, the West Village continues to be one of New York’s most beloved neighborhoods, and it’s easy to see why. Celebrities flock to the neighborhood too, including Robert De Niro, Sarah Jessica Parker and Keifer Sutherland, who all have homes here. And if you had the millions, wouldn’t you want a home like the elegant 29 Downing Street? Dating back to 1829, it’s the oldest in New York City and goes for a cool $12 million.

Median sales price: $1,100,000

Most Expensive Neighborhoods in New York City – Chelsea

The 8 Most Expensive Neighborhoods in New York CityThe view of Chelsea from the High Line (Photo: Ksher55/Flickr CC)

While Chelsea has plenty of attributes — lively restaurants, well-groomed, shaded streets — the one that tops the list is the High Line. This elevated park, which finished construction in late 2014, transformed the neighborhood into a New York City hotspot. Real estate has boomed all along the park’s route, and prices continue to rise. The highly acclaimed Walker Tower, a former Art Deco office tower converted to condos, set a downtown record after a penthouse sold for $50.9 million. Chelsea residents also luck out with amenities like the Chelsea Market, Chelsea Piers, and a thriving art gallery district.

Median sales price: $1,067,054

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8 years ago

Madonna,Ellen,Tim Cook,Anderson Cooper and Lord Brown don’t wear frowns around town NYC” where paid cash admire them only NYC city of affluent. Yes, gentrified realty neighborhoods bought
profits to investor…antics only Manhattan where buildings are taller! Madonna owns 2 homes wow!

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