TRD Pro: Manhattan’s most expensive neighborhoods by average sale price
Powered by $18M townhouse, West Village beats out Tribeca and Carnegie Hill for top spot in Q2
The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need.
Spiking interest rates, stubbornly high home prices and a volatile economic environment helped plunge housing affordability to a 15-month low in May, but did little to deter home buyers in Manhattan, where both prices and sales volume continued to rise in the second quarter.
The median sales price for Manhattan condominiums and co-ops climbed 5.5 percent from the previous quarter and 10.6 percent year-over-year to $1.25 million, breaking the previous record set in 2019, according to data compiled by appraiser Miller Samuel for Douglas Elliman.
Sales activity also remained strong. More than 3,800 condo and co-op deals closed in April, May and June — the most for a second quarter in the last 15 years and the fourth-most in any quarter in history, according to the report.
But the bounceback has not been consistent across the borough. Price increases in the West Village and Upper East Side have far outpaced those in Manhattan at large. In other areas, average prices are lower than they were a year ago.
To gain a sense of Manhattan’s 10 most expensive neighborhoods, The Real Deal analyzed all transactions for residential properties, including condos, co-ops and townhouses, recorded in the city register in the second quarter. Only neighborhoods with 10 or more recorded sales were considered for this study.
The West Village topped the list with an average sale price of $3.79 million in the second quarter. The downtown neighborhood’s priciest deal was for a townhouse at 26 Bank Street, which hit records in April for $18.4 million. The 4,600-square-foot home belonged to Connie Milstein of the Milstein real estate dynasty, who bought the property with her brother Philip in 2017 for just under $18 million and listed it for $20 million in February 2021.
The average sales price in West Village skyrocketed 72 percent from the same period a year earlier, though across a smaller sample of 47 deals — 29 percent fewer than in the second quarter of last year.
Nearby Tribeca placed second on the list with an average sales price of $3.16 million across 10 deals. The top deal in Tribeca in the second quarter was a townhouse at 27 Harrison Street that sold for $6.8 million.
Third on the list was Carnegie Hill, where the average sale price was $2.94 million across 65 deals. The top sale in the neighborhood was $26.5 million for a six-story townhouse at 15 East 88th Street
The Saint David’s School, a private pre-K through eighth grade boys’ academy, purchased the home in May, expanding from its main building at nearby 12 East 89th Street with an additional 12,000 square feet.
Greenwich Village came in fourth with an average price of $2.53 million across 58 deals, including the largest individual sale across the top five neighborhoods.
In June, Chipotle founder Steve Ells flipped his townhouse at 27 East 11th Street for $35 million, just months after purchasing the property for $29.5 million.
Rounding out the top five was Soho, with an average sale price of $2.53 million across 18 deals, down about 20 percent from last year. The top deal in the neighborhood was $6.7 million for a co-op at 75 Grand Street in May.