The Most Expensive Neighborhoods in NYC

As you probably expect, most rich New Yorkers live in Manhattan. Overall, over half of the 50 richest NYC neighborhoods are in Manhattan, including the top 15, while Brooklyn is home to 19 of the city's priciest nabes, and Queens and Staten Island are home to 5 and 1, respectively. 

Although the 15 most expensive NYC neighborhoods are all in Manhattan, many Brooklyn neighborhoods made our top-50 list, including Cobble Hill, the most expensive nabe in the borough, where prices averaged $1,640,000. Prices were also above $1.5 million in Carroll Gardens and Boerum Hill. Borough-wide, the median sales price in Brooklyn was $900,000.  

Most Expensive Neighborhoods in NYC

1. Noho
2. Hudson Yards
3. Tribeca
4. Central Park South
5. Nolita
6. Theatre District
7. Bowery
8. Soho
9. Civic Center
10. Hudson Square/West Soho

Noho

With a median sales price of $3.25 million, Noho in lower Manhattan is the most expensive neighborhood in NYC. Noho's prime location in the heart of Downtown has made it a popular destination with buyers. High demand combined with low inventory in the neighborhood, have helped make Noho NYC's most expensive neighborhood. 

Most apartments for sale in Noho feature lots of character, with high ceilings that are often beamed, and exposed brick. Some of the nicest condos and co-ops in the neighborhood are 21 Astor Place, 40 Bond, 50 Bond, the Silk Building at 14 East 4th Street, and the recently constructed 40 Bleecker Street.

Hudson Yards

The second most expensive neighborhood in New York City is Hudson Yards. With a median sales price just over $3.2 million, and numerous soaring luxury condominiums, this new and glamorous neighborhood is booming. If you're looking for a modern and edgy place to live in NYC and have the bankroll to afford it, buildings like 15 and 30 Hudson feature some of the most lavish residences anywhere in the world. Not to mention the million-dollar views. 

Hudson Yards has transformed Midtown Manhattan's west side so dramatically that if you’re walking through the neighborhood, you may find yourself feeling as though you’re in prime Chelsea. All in all that makes buying an apartment in the area an excellent investment for anyone looking to purchase a home in one of NYC’s hottest neighborhoods. 

Tribeca

Tribeca has long been known as an extremely expensive NYC neighborhood that is popular amongst celebrities and techies. In fact, the neighborhood had the highest real estate prices in 2018 as well as in 2019, with homes selling for an average price of over 4 million dollars. However, median home prices were only $3.15 million in Tribeca last year, making it NYC's third most expensive neighborhood. 

Tribeca lofts remain desirable, but the newest trend is uber-luxury condos, which include new high-rise towers such as 56 Leonard, which has been dubbed the Jenga Building by many. Other important condo buildings include 110 Murray Street and 30 Park Place as well as conversions like the Woolworth Tower Residences at 2 Park Place. Condos for sale in these buildings are expected to shatter price records for lower Manhattan.

Central Park South

Central Park South is home to billionaires row, so there's no surprise it ranks amongst New York City's wealthiest areas. Some of the most expensive and well-known buildings in the city are located here, including One57, 432 Park Avenue, and 111 West 57th. Penthouses with sweeping views of Central Park and the NYC skyline command the highest prices in Central Park South, often in the tens of millions of dollars. 

There are also some more affordable coops and condos in the neighborhood but don't expect the views, white-glove service, or lavish amenities of the towers you'll find on billionaires row. 

Nolita

Rounding out the 5 most expensive NYC neighborhoods is Nolita, which had a median sale price of just above $3 million. Although Nolita is short for North of Little Italy, in recent years, the area has been greatly influenced more by its western neighbor, Soho, and northern neighbor, Noho, helping create a diverse cultural and entertainment scene. Trendy new boutiques, chic art galleries, and hip bars have popped up on Nolita’s picturesque, tree-lined streets. This wonderful atmosphere has helped drive up real estate prices in Nolita. 

Theatre District

Another one of the most expensive places to live in NYC is the Theatre District. Located in the heart of Midtown, this neighborhood has had a median sales price of $2,970,000 over the past year. 

Although there is plenty of real estate for sale in the Theatre District, prices have been driven up in large part thanks to a boom in new development. Many luxury condos have been built in the neighborhood in the past decade, attracting buyers who want to live in the heart of the city. 

Bowery

The Bowery is a neighborhood that has flourished in recent years. Although it's historically been considered one of Manhattan's cheaper areas, an influx of new development has led to skyrocketing real estate prices. The median home in Bowery is $2,350,000, making it the seventh most expensive place to live in NYC. 

The neighborhood's real estate market is small yet vibrant. There's not much inventory, but you can find a bit of everything in the Bowery, from historical pre-war buildings to luxurious condominiums. 

Soho

The Soho real estate market has long been one of the most expensive in New York City with its trendy lofts and luxurious condos demanding extremely high prices thanks to their desirability. The neighborhood is one of the poshest in the city, known for its historic cast-iron architecture as well as its world-class shopping, dining, arts, and cultural scenes.

For buyers who prefer a more classic New York vibe, Soho lofts remain in high demand, fetching extremely high prices.

Civic Center

Civic Center is a small NYC neighborhood with sky-high real estate prices. Civic Center is located around the Mayor's Office and other municipal and court buildings, so you might expect it to be home to some of the most expensive real estate in the city. However, the area borders Tribeca, and is just a short walk from Soho, so it offers unparalleled access to some of the best areas in NYC. 

There has also been a lot of new residential development in Civic Center, with numerous luxury condos being constructed in recent years. Civic Center is a great place to live if you want to be near Tribeca and Soho for a somewhat lower cost. 

Hudson Square/West Soho

As Soho has become more expensive, the area to the West of it has also developed. Recent years have seen an influx of new development, particularly luxury condos in West Soho (also known as Hudson Square), an area that is popular due to its location near the Hudson River waterfront and its quieter streets compared to more central parts of the neighborhood.

Most real estate in West Soho is in buildings that typically feature top-of-the-line finishes and a bevy of amenities and facilities to help you relax and pamper yourself in the comfort of your home. 19 Brooklyn Neighborhoods Amongst NYC's Most Expensive 

The Most Expensive Neighborhoods in Queens are Ditmars Steinway, Malba, and Hunters Point

Queens' most expensive neighborhood was Ditmars Steinway, where the median price was $1,150,000. It was followed by Malba, a residential hamlet on the North Shore, where prices averaged $1,070,000. Rounding out the top 3 was Long Island City's Hunters Point neighborhood, which with a median selling price of $1,025,000 was the 43rd most expensive neighborhood in NYC. 

Todt Hill is the Most Expensive Neighborhood in Staten Island

Staten Island's richest neighborhood was Todt Hill, where the median price was $1,150,000. Todt Hill was the only Staten Island nabe to make our list, coming in tied for the 36th most expensive NYC neighborhood. Emerson Hill narrowly missed out on making the list as it was the 56th priciest neighborhood in the city with a median sales price of $965,000. 

NYC Most Expensive Neighborhoods 2022 Highlights

Below, you'll find our list of the most expensive neighborhoods in NYC, based on property sales from January 1, 2021, to January 1, 2022. Key Findings include the following:

• Noho is the most expensive neighborhood in NYC, with a median sales price of $3,250,000. 

• Over half of NYC's priciest neighborhoods are in Manhattan, including the 15 most expensive.

• 19 Brooklyn neighborhoods made our list, the most expensive of which was Cobble Hill, with a median sales price of $1,640,000. 

• 5 Queens neighborhoods are amongst the most expensive in NYC.

• Todt Hill is the only Staten Island neighborhood to make the list, coming in tied for 36th priciest, 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.

NYC Real Estate Median Sales Prices

The median sales price in New York City is $700,000. Manhattan has the most expensive real estate in the city and most of the richest areas, followed by Brooklyn. The Bronx is the most affordable borough in NYC. 

The 50 Most Expensive Neighborhoods in NYC 

The 10 most expensive NYC neighborhoods are all located in Manhattan, including Noho, the most expensive place to live in NYC. Prices in Noho were higher than usual thanks to a flurry of luxury new development sales at condos like 40 Bleecker Street.

The most expensive neighborhood outside Manhattan is Brooklyn's Cobble Hill, which comes in at number 16.

While it's only the 26th most expensive neighborhood in NYC and the 7th most expensive neighborhood in Brooklyn, Park Slope had over $750 million in sales volume, more than all other Brooklyn nabes.  

Tied for 36th with a median sales price of $1,150,000 are the most expensive neighborhoods in two boroughs. The most expensive neighborhood in Queens is Ditmars Steinway, while the most expensive neighborhood in Staten Island is Todt Hill. 

Methodology 

We looked at all recorded closed sales for residential property in NYC. Only neighborhoods with at least 10 sales were included on the list. A notable omission due to a lack of transactions is Little Italy.