Hudson Yards is officially NYC's most expensive neighborhood with a median sales price of nearly $5 million, new report shows
- According to a new report by real-estate agency PropertyShark, Hudson Yards is the most expensive neighborhood in NYC as of Q3.
- The median sales price in the neighborhood, according to the report, is nearly $5 million.
- The multibillion-dollar neighborhood took the No. 1 spot from Tribeca, which hit a median sales price of $2.4 million in the same quarter.
- The report also revealed that for Manhattan as a whole, the median sales price in Q3 fell below $1 million for the first time in nearly three years to $999,000.
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Hudson Yards is now officially New York City's most expensive neighborhood.
A recent report by real-estate agency PropertyShark shows that in Q3, the median sales price in Hudson Yards hit $4.94 million. The new $25 billion neighborhood kicked Tribeca out of the No. 1 spot for the first time in seven quarters.
Tribeca - which saw 72 transactions in the same time period - fell to the second spot with a median sales price of $2.4 million. According to PropertyShark, that number represents a decline of nearly 45% quarter-over-quarter and 30% year-over-year.
But Tribeca wasn't the only area that saw a decline in its median sales price. In fact, for Manhattan as a whole, the median sales price fell below $1 million for the first time in nearly three years to $999,000. This decline came after the borough hit an all-time high in Q2 with a median sales price of $1,340,362.
To gather the data, PropertyShark looked at the sales of family homes, condos, and co-ops in each neighborhood.
Hudson Yards leads by the millions
With a total of 26 transactions, Hudson Yards hit a median sales price that was nearly four times as high as NYC's tenth-most expensive neighborhood in Q3: Carroll Gardens which hit a median sales price of just $1.43 million and saw a total of 29 transactions.
The number of total transactions varies by neighborhood. In Hudson Yards, prices of current homes on the market range from $2.6 million to $59 million. Though the neighborhood saw only 26 transactions in Q3, transaction prices were substantially higher than those in neighborhoods that saw high transaction volumes but lower median sales prices. The Lower East Side, for comparison, saw 119 transactions but only had a median sales price of $1.49 million.
Hudson Yards opened to the public in March of 2019. The $25 billion project is the most expensive real estate development in US history.
The neighborhood features shops, restaurants, offices, private residences, an open public square, and gardens. The first residential tower to open on the site was 15 Hudson Yards, which is known for its expensive price tags and 40,000 square feet worth of amenities.
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- Hudson Yards is now NYC's most expensive neighborhood. I toured the first residential building to open in the $25 billion neighborhood - and it was clear it's selling much more than just real estate.
- Hudson Yards, NYC's $25 billion neighborhood, was financed with more than $1 billion that was meant for 'distressed' urban areas. Here's a look inside the glitzy development