New York City has some of the priciest real estate in the world. The average price of a home in the city is roughly $2 million, with lower-priced homes going for around $1 million in places such as Williamsburg, Brooklyn. Of course, these are just median prices, and the sky is the limit for the most expensive pieces of property in New York City. In January 2015, the city had the most expensive condo sale in history when a midtown property sold for $100.5 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 four most expensive 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. However, new developments are being built with more extravagant amenities and equally extravagant prices, with places such as 10 Sullivan having a $45 million pool available for its residents. The median sale price for a home in this neighborhood is $2.71 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.
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. For example, the tower at 56 Leonard Street is under construction but almost sold out, with apartments going for as much as $45 million. The median sale price for a home in this neighborhood is $2.57 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. Additionally, a new tower is being built at 45 East 22nd Street, with the penthouse listed at $40 million. The median sale price for a home in this neighborhood is $1.45 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. The penthouse mentioned above that sold for a price tag of $100.5 million is located in this neighborhood at One57. Additionally, the 432 Park Avenue building in Midtown Manhattan is the tallest residential building in the city and has a penthouse that has already been 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 $1.22 million.