Key Takeaways: Hudson Yards reclaims top spot with $5.71 million median, TriBeCa stays strong at #2 with $3.25MAcross NYC, sales are up 88% Y-o-Y and 7% over Q2 2019; city median climbs 13% Y-o-Y & 10% over 201931 neighborhoods surpass the $1 million mark, four go north of $2 millionManhattan claims nine of 10 most expensive NYC neighborhoodsBrooklyn logs sharpest Y-o-Y price gain with Downtown Brooklyn’s +79% & steepest Y-o-Y decline with Carroll Gardens’ -35%Hunters Point, Malba & Neponsit remain most expensive in Queens, but stay below $1 million Hit hard by the pandemic, New York City’s real estate market is proving its resilience once again. As the vaccine rollout increasingly allows life to approach normal, buyer appetite has …
The New York City Ultra-Luxury Residential Report
Key Takeaways: June sales activity surged 185% month-over-month, inking 262 deals above $5 million.H2 2019 recorded lower transactional activity than the single month of June, as the new mansion tax took hold.TriBeCa was the #1 neighborhood for ultra-luxury sales, claiming 14% of all NYC deals.Central Park South was the most expensive neighborhood for ultra-luxury deals with a $23.7M median. New York City’s luxury residential market was defined by legislative changes in 2019. In particular, the new progressive mansion tax and the new transfer tax on million-dollar home sales that went into effect on July 1 had a profound impact on the local residential market overall – and especially on the highest-priced segments of the market. Moreover, the effect …
Pandemic Causes Sales to Plunge 85% in Hudson Yards, NYC’s Priciest Neighborhood & Prices to Dip 8% in Manhattan
Key Takeaways: Residential sales across NYC dropped 32% year-over-year in 2020Median sale price in New York City (all four boroughs) rose to $660,000, a 1% uptick from last yearOnly 9 NYC neighborhoods recorded an increase in sales activity in 2020Hudson Yards had the highest median sale price in NYC at $4,504,000TriBeCa was #2 priciest for second year in a row; Little Italy was #3 priciestSales activity in Gowanus surged 113% & Malba and Neponsit’s medians exceeded $1,000,000 As the COVID-19 pandemic swept across New York City, 2020 was marked by dramatic decreases…