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

New York /
Apr.April 11, 2016 04:51 PM

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.


Related Articles

arrow_forward_ios
Pearl River Mart and 452 Broadway (Facebook/PearlRiverMart, Google Maps)
Pearl River Mart will move to 452 Broadway
Pearl River Mart will move to 452 Broadway
Valentino CEO Jacopo Venturini and 135 Spring Street (Nick Hunt/Patrick McMullan/Getty, Google Maps)
Valentino inks lease for first Soho store
Valentino inks lease for first Soho store
Celebrity broker Ryan Serhant and his firm's future office. (PopShop, Ryan Serhant)
Ryan Serhant leases 15K sf to open Soho HQ
Ryan Serhant leases 15K sf to open Soho HQ
(iStock/Illustration by Kevin Rebong for The Real Deal)
These NYC neighborhoods lost housing in the past decade
These NYC neighborhoods lost housing in the past decade
(iStock)
Manhattan asking retail rents continue downward spiral
Manhattan asking retail rents continue downward spiral
Cash App CEO Jack Dorsey with 13 Crosby. (Getty, Google Maps)
Cash App takes new Soho office
Cash App takes new Soho office
SK Development's Scott Shnay and Ironstate's Michael Barry (Google Maps, Scott Shnay via LinkedIn)
Noho offices move forward where city wants housing
Noho offices move forward where city wants housing
Open New York's Will Thomas and Kyle Dontoh (Photos via Getty; iStock: Open New York)
Outsiders for years, NYC yimbys move into mainstream
Outsiders for years, NYC yimbys move into mainstream
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...