NYC has housed some of the most expensive zip codes in the country for a while now. It’s no news that home prices here are rising higher and higher each year, and luxury residential towers keep popping up on the city skyline for a reason - there are more than a few people ready to buy into them. Zooming in to look at each borough, it’s clear that Manhattan is unbeatable when it comes to both home prices and excellent amenities. Real estate for sale in Brooklyn is catching up, as well, and home prices here are climbing pretty fast. Queens might have lost Amazon, but it’s gained the interest of investors. A handful of big projects are in the works there and prices on apartments for sale in Queens have already picked up steam as well, as shown see in this analysis.
We decided to zoom in even further and look at the 100 most expensive zip codes in NYC for the first half of the year, from January 1st through June 30th. We based our analysis on residential sales closed during these six months, and ranked the zip codes based on their median sale price.
As expected, real estate in Manhattan is still king when it comes to median sale prices, with 40 zip codes in the ranking: the island is home to 17 of the 20 most expensive zip codes in the city. A total of 3,277 home sales closed here throughout the first half of 2019, for a combined dollar volume of over $10 billion. Based on these sales, the median sale price for a home in Manhattan costs $1,685,000, making it the priciest borough in the city by far.
Brooklyn is the second-priciest borough, with 2,783 home sales closing across 30 zip codes during H1 2019. These sales amassed a combined dollar volume of over $3 billion and a median sale price of $950,000. Queens is next, with 1,487 home sales closing for a total of $1.2 billion across 28 zip codes. The median home sale price for the first half of the year in the borough was $780,000.
The Bronx also landed two zip codes in our top 100. Some 27 home sales closed across these two zip codes during H1, for a total of $28 million and a $825,000 median sale price.
Check out below the full list of NYC’s 100 priciest zip codes for the first half of 2019, and read on for some highlights.
Based on the home sales closed in New York City during the first six months of the year, Manhattan's 10007 zip code is currently the most expensive in the city, beating out 10013, which usually leads the pack. The top zip code of H1 comprises parts of Tribeca and the Civic Center submarket and was home to 121 sales worth $681 million, which results in a median sale price of $4.1 million.
A big chunk of the sales finalized in this zip code through June closed at 111 Murray Street in Tribeca, where 53 units found owners. The luxury residential tower developed by Fisher Brothers, Witkoff Group and New Valley was one of the best-selling buildings of 2019 so far, closing sales worth a combined total of nearly $350 million.
A significant number of sales also closed at the landmark NYC tower at 49-51 Chambers Street, also known as the Emigrant Bank Building. Chetrit Group managed to sell 14 units within the iconic Beaux-Arts building for a combined total of nearly $46 million.
However, the biggest sale to close in the 10007 zip code during the first two quarters of 2019 was the sale of unit 40A at 2 Park Place for $18 million. The 6,095-square-foot apartment was one of four units to sell at the building known as the Woolworth Tower Residences through June, and it was acquired by an undisclosed buyer via an LLC.
Eleven residential units also sold in H1 at the Verizon Building at 140 West Street. The building’s top 22 floors were converted to condominiums a few years back, by developer Ben Shaoul of the Magnum Real Estate Group. Throughout the first half of the year, 12 units sold for a combined total of $48.5 million, the priciest unit being apartment 19C, which fetched a little over $7 million.
Another notable property to close sales during H1 in the 10007 zip code was 30 Park Place. Eight units sold at the hotel and residential building known as the Four Seasons Hotel New York Downtown, for a combined total of $63 million. The most expensive unit to change hands was a $13.8 million penthouse that was acquired by Perry Youngwall, the CEO and President of Transaero Inc.
Long Island City will not be housing Amazon’s HQ2, as initially planned, but the whole deal sparked significant investor interest in the area, and several commercial and residential developments are moving forward. Skyline Tower, the tallest building in the borough, is already rising at 3 Court Square in LIC, and upon completion in 2021, it will offer 800 luxury apartments for sale. The 67-story ‘Sven’ tower is also currently under construction in Long Island City, at 29-37 41st Avenue; it will feature 958 rental units when complete.
This influx of new developments and the emergence of Long Island City as a desirable place to live is pushing home prices higher, as revealed by our H1 analysis. LIC’s 11109 zip code landed at #11 on our list, making it the most expensive zip code in NYC outside of Manhattan. A total of 5 home sales closed in the 11109 zip code during the first half of the year, for a combined dollar volume of $11 million. Based on these sales, the median sale price for LIC was $2.1 million in H1 2019.
All of the five sales that closed in the 11109 zip code were of units at 46-30 Center Boulevard, also known as The View at East Coast. The 18-story building was completed in 2008 by TF Cornerstone and features 184 luxury condominiums. The tower was designed by renowned architecture and design firm Handel Architects and offers residents unobstructed views of the Manhattan skyline and of the East River. The priciest unit to sell during H1 within the luxury tower was apartment #512, with a $3 million price tag.
Queens might be home to the most expensive zip code outside Manhattan, but Brooklyn boasts no less than 30 zip codes on our top 100 list. The median sale price for the entire borough was $950,000 based on 2,783 sales closed during the first two quarters.
The most expensive zip code in Brooklyn lands at #18 on our list; the 11231 zip code was home to 71 sales during H1, with a median sale price of $1.65 million. This zip code covers parts of Cobble Hill, Carroll Gardens, Red Hook, and Gowanus. The biggest sale of the first two quarters within 11231 was a $6.7 million townhouse at 48 Tompkins Place in Cobble Hill.
Another busy zip code in Brooklyn was 11215, where a total of 199 units sold during H1. The highlight of this zip code in H1 was the sale of 554 4th Avenue, an 11-story condo tower in Gowanus. Brookland Capital sold all of the building’s 40 condo units to Spruce Capital Partners, for a price tag of nearly $30 million.
While no zip codes covering Staten Island made the top 100 list, the Bronx managed to sneak in two zip codes, namely 10471 at #55 and 10474 at #85.
The 10471 zip code, covering Fieldston and Riverdale, was home to 21 sales worth a combined $24 million during the first two quarters. The median sale price based on these sales was $900,000, landing the zip code at #55 in our ranking. The priciest transaction to close in the 10471 zip code was the $2.7 million sale of a single-family home at 4612 Grosvenor Avenue in the Fieldston Historic District.
The other Bronx zip code to make the cut was 10474, covering the Hunts Point neighborhood. Six home sales closed here during the first half of 2019, for a total of $4.1 million, and a median sale price of $740,268. The priciest deal to close in the zip code, which landed at #85 on our list, was the $775,000 sale of the two-family, semi-detached home at 882 Irvine Street. Another property that fetched the same price of $775,000 was a 2-unit, 10-bedroom townhome at 817 Bryant Avenue.
We analyzed all residential sales to close from January through June 2019, taking into account condominiums, co-ops, single- and two-family homes. We used NYC’s official building classification codes to filter the properties.
We also considered a minimum sale price of $1,000 and excluded all sales with no dollar values disclosed.