The rich still love vast lofts and cobblestone streets, but this year Tribeca has failed to reclaim the title of New York’s most expensive neighborhood.
The honor goes to Soho, where tourists come to shop, sidewalk vendors clog the streets and the median residential sales price in 2012 was $2.2 million, according to a new report released by PropertyShark.
Could Sandy have hurt Tribeca’s sales? Perhaps, but Tribeca’s popularity with the moneyed crowd has fallen ever so slightly between now and 2008—the median sales price was $2.13 million this year, down slightly from last year’s $2.16 million and considerably from 2008’s $2.35 million—while Soho’s star has continued to rise. In fact, today’s prices almost make 2008’s $1.9 million median look like a bargain. We guess.
Midtown, despite its lack of either lofts or cobblestones, came in at a distant third, with median sales prices at just over a million dollars ($1.02 million). We anticipate that next year the neighborhood might edge up, however, with One57 sales yanking up the median considerably.
In Brooklyn, Dumbo has also lost its crown. Boerum Hill edged it out the waterfront neighborhood (they are ranked 6 and 10, respectively), with Boerum Hill hovering slightly beneath the million dollar mark—median price $950,000. We’d attribute the shift to the appetite for Brooklyn townhouses; after all, if you’re paying Manhattan prices for a loft in an old factory building, why not live in Manhattan? (We know, we know, all the cool kids live in Brooklyn these days, making artisanal pickles and whipping eggs into gourmet mayonnaise to sell to the financiers who live in Dumbo.)
The Upper East Side, meanwhile, ranks just above Dumbo with a median of $910,000. Demonstrating, all sloppy Forbes data crunching to the contrary, the Upper East Side is definitely not the most expensive neighborhood in the city.
If you were looking to get rid of a wad of cash burning a whole in your pocket (as many of you no doubt are) and wanted to pinpoint the area where it would buy the least, you’d do a better job of house hunting on the once blue collar streets of the Upper West Side, Chelsea, the Flatiron or the West Village. By contrast, we hear, you can actually get a pretty good deal on an Upper East Side rental. At least, it’s cheaper than Williamsburg.