The Real Deal New York

Soho? More like $$$oho: Survey finds it’s the priciest NYC neighborhood for resi sales

Median sales price for single-family homes hit $5.9M

April 11, 2016 04:51PM
By Kathryn Brenzel

Rendering of 27 Wooster Street in Soho

Rendering of 27 Wooster Street in Soho

As one of the biggest shopping districts in the city, Soho is no stranger to high price tags. But a new report shows that the neighborhood is also the most expensive to call home.

Soho was the priciest in the city by median sales price in the first quarter of 2016, according to data provided by listing service Property Shark. The median price for single-family homes, condos and co-op units was $5.9 million, a whopping 143 percent year-over-year increase. Noho was the second most expensive with a median price of $4 million. The Garment District, which was the third-most expensive neighborhood, saw a 193 percent increase compared to the first quarter of 2015 with a median price of $3.5 million.

Soho saw such a dramatic spike primarily because several new condos in the neighborhood closed at very high prices, according to Property Shark. Last month, a seven-bedroom condo at 27 Wooster Street sold for $16.8 million, sale records show. The increase was also due to the small number of transactions — the median was based on 39 sales. Noho’s jump can also be attributed to a small sample size of only six sales.

In its analysis, Property Shark only included neighborhoods that saw at least four transactions during the first quarter of 2016.

The priciest neighborhood in Brooklyn was the Columbia Street Waterfront District (between Cobble Hill and Red Hook) with a median price of $1.4 million in the first quarter of 2016 — a 48 percent increase from last year. In Queens, Malba topped the list with a median price of $975,000.

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