New York City takes luxury to a whole new level. It is a city with many aspects. One interesting face of NYC is its expensive lifestyle.
If you are looking for somewhere luxurious to live expensively, NYC is the place. It has several expensive neighborhoods you’re bound to love.
New York has some of the most expensive neighborhoods and best shopping areas in NYC that you can find. Top-quality real estate, rent, and some of the wealthiest residents in the world.
In this article, you will be learning about NYC’s most expensive neighborhoods. These are the most expensive places to live across the boroughs of New York.
- 1 Where to Find the Most Expensive Neighborhoods in New York City
- 2 How is the Value of a Neighborhood Determined?
- 3 What are the Richest Neighborhoods in New York City?
- 4 New York’s Most Expensive Neighborhoods are Determined by their Median Sale Price
Where to Find the Most Expensive Neighborhoods in New York City
Over half of the most expensive neighborhoods in NYC can be found in Manhattan. Other expensive neighborhoods in NYC could be in Brooklyn.
As of when this article was written, some of the notable most expensive neighborhoods in NYC are:
● Central Park South
● Hudson Yards
But these expensive NYC neighborhoods form only the tip of the iceberg. As you well know, NYC is quite big with five boroughs. Please sit back and prepare as we take you through some of the best places to live across new York.
How is the Value of a Neighborhood Determined?
Ever heard of a median sales price? This is what we use to estimate the value of neighborhoods. The median price is a common term in real estate. In the middle of a data set with exactly half of the houses priced for less and half-priced for more.
To break this down, you should think of the median sales price of a neighborhood to be the average sales price of real estate in that neighborhood.
The 2021 market saw a dramatic decrease in residential sales in NYC as a result of the Covid-19 pandemic. In 2020 market activities were down, and there were 32% fewer sales of properties across Brooklyn, the Bronx, Manhattan, Queens, and the other boroughs of NYC. However, the most expensive NYC neighborhoods saw an uptick in sales.
Overall, the median sales prices of real estate in the city increased only by 1% year-over-year, resting at $660,000.
What are the Richest Neighborhoods in New York City?
If you were going to guess that most of them are in Manhattan, you would be correct.
Here are the top 10 most expensive neighborhoods in NYC.
- Upper East Side /Carnegie Hill: $322,432.
- Soho / Tribeca /Civic Center/Little Italy: $258,531
- Turtle Bay/ East Midtown: $220,079
- Lincoln Square: $212,844
- West Village: $207,649
- Brooklyn Heights / Cobble Hill: $205,275
- Battery Park City /Lower Manhattan: $203,548
- Upper West Side: $190,281
- Hudson Yards / Chelsea / Flatiron District /Union Square: $185,556
- Gramercy: $185,536
Many people move to the Upper East Side, and it’s No. 1 as it come with a median sales price of $1,150,000. The median sales price in NYC is $700,000, with Manhattan being the most expensive borough at $1,160,000 and Bronx being the most affordable at $519,000.
NoHo (North of Houston Street) is the Most Expensive Neighborhood in NYC with a median sales price of $3.25 million, NoHo in lower Manhattan is the most expensive neighborhood in NYC. Prices in NoHo were higher than usual thanks to a flurry of luxury new development sales at condos like 40 Bleecker Street.
It was closely followed by Hudson Yards and Tribeca, which have consistently been among the most expensive neighborhoods in the city of Little Italy, and even in the East Village.
These three neighborhoods are on the lower average and residents can get one-bedrooms at average prices around $2,950, $3,000, and $3,350, respectively. If you prefer living in in upper Manhattan but you don’t wish to live too far north, you should consider Morningside Heights.
This charming neighborhood is home to Columbia University and the Cathedral of St. John the Divine, the fifth largest Christian Cathedral in the world. This neighborhood has great real estate, cast iron architecture, cobblestone streets and great neighbors, are the great schools for kids nearby such as P.S. 235, Washington Market, and Jewish Community Project,” Saez-Fromm says.
There’s also great shopping at Oculus and Brookfield Place as well as nearby Soho and Lower Manhattan. Even better: “Tribeca preserves that local downtown neighborhood vibe without becoming too touristy,” Fromm says. Soho Median sales price: $2,750,000.
This historically chic (and expensive) neighborhood saw a negligible decrease in the number of transactions, but an 8 percent drop in median sale Bedroom Three-Bedroom Average Monthly Rent $1,810 $2,140 $2,505 Average Yearly Income Needed $72,400 $85,600 $100,200 Honorable Mentions.
If you were to name neighborhoods that just missed to top 5 picks, you could be there for a while listing all the expensive areas of the borough.
If living in lower Manhattan is preferable, you’ll be able to find some deals in Chinatown , Little Italy, and even in the East Village . These three neighborhoods have held onto lower averages with one-bedrooms averaging $2,950, $3,000, and $3,350, respectively.
New York’s Most Expensive Neighborhoods are Determined by their Median Sale Price
Hudson Yards has ranked the most expensive neighborhood in NYC two years in a row. The median sales price grew from under $4 million to roughly $4,994,792 this year.
Every New Yorker knows that although Hudson Yards is a new neighborhood, it sure has a lot to offer, especially when you’re looking to spend some money. It is a $25 Billion Twenty-Eight acre development that is on the far small side of Manhattan.
This is an island that was built to impress, and it does just that. Its massive five glass towers serve as both offices and residential homes. This city has all the luxury you could think of. Its buffed metals, polished stones and Apple store-square glass facades further decorate the interior of its mall. It has dishes of the star chef variety, and of course, it is overpriced and quite fancy.
At the end of the day, Hudson Yards is arguably one of the most private places in NYC. It is the neighborhood of the future.
Tribeca is another neighborhood in Manhattan to make it on our list with a median sales price of roughly $2,408,255.
At the close of Q1 2019, Tribeca became one of the most expensive districts in NY. this one-time industrial area is now being defined by its beautiful loft-style apartments and its thriving art scenes.
The rise of Tribeca can be attributed in part to its top quality and available real estate. Ever since 9/11, many financial institutions have chosen to relocate uptown. This meant a decline for lower Manhattan’s residential population. Creative industries, start-ups, and more organizations also saw this opportunity and set up shop in Tribeca.
As one of NYC’s oldest neighborhoods, Tribeca still contains some of the tallest and newest buildings around. Its boutique-lined streets are also the perfect spot to practice shopping therapy. You will find jewelry shops, tailors, and some notable designer brands all on display.
Besides its amazing pizza and restaurants, Little Italy is also one of the most expensive neighborhoods in NYC. with a median sales price of $2,100,000.
Little Italy truly is a place to visit. It has a romantic old New York Atmosphere and pasta.
Today, Little Italy has some of the top fashion brands and some of the best bars in NY.
It also has art, especially its impressive Italian murals. On a sunny day, you could take a walk and learn more about its history. You could also go wine tasting if you like.
With a median sales price of $1,795,000, Cobble Hills is the only Brooklyn neighborhood to make it on the list of the most expensive neighborhoods.
With a 102% year-over-year increase in its median sale price, it’s kind of hard to ignore.
If you’re looking for a neighborhood that offers affordable luxury, Cobble Hills is the place to be.
This enveloped neighborhood is stylish and cozy. It is home to many young professionals as well as wonderful neighbors who share similar interests.
Amongst its treelined brownstone blocks and dreamy appeal, you’ll find some of NYC’s best attractions. One of its most notable tourist attractions is Cobble Hill Park. Several sources have described it as “one of the gorgeous parks in New York by several sources.
Other interesting places to visit include Fawkner, Collyer’s Mansion, the Cinemas, and more.
Its neighborhoods are filled with diverse shops, restaurants, and houses for a good price. The 40-block neighborhood is filled with 19th-century row houses that are simply stunning.
The building regulations here limit sublets to two years, which makes it the perfect place if you plan on moving around to enjoy all of what NYC’s neighborhoods have to offer.
The Lower East Side
In the Q3 of 2020, the lower east side enjoyed the most transactions. Its median sale price also grew by a stunning 87% year-over-year.
The history of this neighborhood is quite interesting. In the late 80’s and early 90’s, the lower east side was considered as one of the most dangerous neighborhoods in NYC. Today, however, it is one of the most expensive and beautiful neighborhoods to live in.
Currently, the median sale price of the lower east side is $1,497,863. Today, there is an increasing amount of NYC’s rich, famous and powerful that want to be associated with this neighborhood.
There are several luxury living quarters that are built to match your exact needs. New restaurants, bars, and other nightspots are also on the increase, so you never have a boring moment. Its trendy glass buildings are flanked by pre-war tenements that allow for contrast, which improves the area’s unique aura and identity.
Its old and new bars and restaurants have been a magnet for many visitors over the years. It has a vibrant nightlife with many options available for its guests.
With all these elements carefully put in place, the LES combines all its history and vibe to create this perfectly safe and electric neighborhood fit for any family. It isn’t too loud or too boring.
The flatiron district was named after the iconic triangular Flatiron building of 1902. This small neighborhood had the second-highest number of transactions in Q3, with a median sale price of $1,440,000.
One of the reasons why this district is in high demand is its blend of real estate. It has a vibrant mix of office buildings, popular restaurants, elegant brownstone homes, new residential towers, department stores, boutiques, and more.
Flairton is your stop if you’re in need of a place to shop, dine and enjoy the good nightlife. For its size, it sure has a wealth of juice bars, antiques, off-Broadway theaters, and nightclubs.
The Flatiron building itself takes center stage as one of the first New York scrappers to go up in midtown Manhattan. High-end retailers, day spas, and other top restaurants all compliment this neighborhood.
Planning to move to an expensive neighborhood in the Big Apple, you can hire a local based NYC mover to help you transport your stuff and home furniture. If you need to move in a hurry, check our guide on last minute movers.