New York City has some of the priciest real estate in the world. It costs an average of $1,371 per square foot (as of Jan. 31, 2020) to buy your piece of the Big Apple, and that's just in Manhattan. Of course, this is just a start when you begin to look at luxury residential homes in the city.
In January 2019, the city had the most expensive condo sale in history when a Central Park South property sold for $238 million. It is no surprise Manhattan tops the list with some of the most expensive neighborhoods in New York City. The following are the top 10 costly neighborhoods in Manhattan.
SoHo is known for its fancy shops and trendy coffee shops, and it is also home to the most expensive residential real estate in the entire city of New York. Many of the apartment buildings within the neighborhood have been converted from 19th-century warehouses, giving SoHo a unique appeal.
These warehouse-converted loft apartments have attracted celebrities such as Tyra Banks, Jonah Hill, and Kelly Ripa. Due to the larger, older structures, SoHo is home to many oversized penthouses. For example, condos within the historic Puck Building have gone for as high as $28 million. The median sale price for a home in this neighborhood is $2.8 million.
Tribeca is a neighborhood almost as glitzy as SoHo, and it has more celebrities per capita than any other neighborhood in the city. Celebrities such as Jon Stewart, Jay-Z, and Meryl Streep live in the neighborhood and are often seen frequenting the restaurants and coffee shops that line the streets.
In Soho, as with other neighborhoods, some developments come with extravagant amenities such as the building 10 Sullivan having a $45 million pool available for its residents.
Similar to Soho, Tribeca is known for its warehouses that have been renovated into large lofts with high ceilings, massive windows, and high-end finishes. For example, an apartment that sold for $5.425 million in the neighborhood was originally an olive oil and feta factory.
Luxury high-rises have been developed to the south of the neighborhood, providing lessees and residents with pricey but picturesque views of New York Harbor. The median sale price for a home in this neighborhood is also $2.8 million.
3. Flatiron District
The Flatiron District is named after the historic Flatiron Building that sits on the corner of Fifth Avenue and Broadway. With Madison Square Park to the north and Union Square to the south, this neighborhood is in the middle of Manhattan.
The neighborhood has given rise to new luxury hotels and critically acclaimed restaurants, enticing celebrities to live there. Jennifer Lopez, Chelsea Clinton, and Jeff Gordon all have boutique condos in this neighborhood, where certain penthouses have been listed for as much as $40 million. The median sale price for a home in this neighborhood is $1.8 million.
4. Midtown Manhattan
A neighborhood that once was a place for office buildings and office towers, Midtown Manhattan has given way to the top luxury residences in New York City. In 2015, a penthouse here sold for a price tag of $100.5 million at One57.
Additionally, the 432 Park Avenue building in Midtown Manhattan is the tallest residential building in the city and has a penthouse that sold for $95 million. The neighborhood has perks by being within walking distance to Central Park and Fifth Avenue. The median sale price for a home in this neighborhood is $1.2 million.
5. Hudson Square
Flanked by Greenwich Village, Tribeca, and SoHo, Hudson Square is another extremely desirable neighborhood. It has a median sale price of $2,264,000, and it was once known as the Printing District. Today, the area is still a hotbed of media-related activity, housing a variety of creative agencies.
6. West Village
Median sales prices in West Village, according to Property Shark, are slightly lower than other neighborhoods at $1.4 million. The area is historically known as a center for American bohemian culture. It contains a vibrant, artistic scene with quirky consignment shops, historic brownstones, and is a magnet for celebrity sightings.
7. Garment District
This area is also known as the Fashion District, and it's currently home to a growing number of fashion warehouses, showrooms, and designers like Cally Rieman, Ann Yee, and Daniel Vosovic. This district is one of the epicenters of the fashion industry, not just in New York, but for the entire world. The median sales price is $2.7 million, according to Property Shark.
8. Central Park South
Some of the best views in New York can be found in Central Park South, which surrounds the southern boundary of Central Park. The median sales price was $1.5 million, in 2019, according to an analysis by the Wall Street Journal. The area is within an easy walk to high-end shopping on Fifth and Madison Avenues, and as such, this neighborhood attracts a wide range of luxury real estate buyers and investors from all over the world.
9. East Village
East Village is home to New York University, and therefore, droves students, artists, and musicians populate this area. Despite the high prices, the area is known as the center of the counterculture in NYC and the birthplace of artistic movements like punk rock and the Nuyorican literary movement. The median sales price is over $1 and a half million.
Chelsea was once an industrial neighborhood, but now, it's primarily residential. In addition to luxury townhouses, renovated row houses, and popular restaurants like Txikito and Toro, Chelsea is famous for Chelsea Market and the High Line. This posh neighborhood has a median sales price of $1.9 million, as of 2019.