Ranking NYC’s most expensive neighborhoods

Real estate is famously all about “location, location, location,” so The Real Deal crunched the numbers to determine which New York City locations were home to the most expensive real estate last year.

Nolita dethroned Times Square North — home to two of the priciest Billionaires’ Row towers — for the city’s highest average sale price in 2022, according to a TRD analysis of closed transactions filed in the city register between Jan. 1 and Dec. 14.

The enclave north of Little Italy saw an average sale price of $6.01 million last year, enough to comfortably top the list. It’s worth noting that only 28 homes sold in the neighborhood for $100,000 or more last year, so that average was likely skewed by outlier deals such as John Legend and Chrissy Teigen’s sale of their two adjoining penthouses atop 374 Broome Street for nearly $17 million in June. 

Times Square North, which led this ranking in 2021, came in second last year with an average sale price of $5.44 million across 123 deals. The neighborhood generated the city’s priciest sale of the year — Alibaba co-founder Joe Tsai’s $188 million purchase of a four-bedroom apartment at Vornado’s 220 Central Park South from Och-Ziff Capital founder Daniel Och.

The celebrity haven of Tribeca placed third with an average price of $4.73 million across 199 sales last year. Hudson Yards was just behind it in the No. 4 spot with an average price of $4.71 million, and Noho rounded out the top five with $4.2 million.

Outside of Manhattan, Cobble Hill led the outer boroughs with an average price of $2.57 million across 120 deals, followed by Carroll Gardens with an average price of nearly $2.3 million across 151 sales.

The waterfront enclave of Malba led Queens with $1.53 million across another small sample of just 26 deals, mostly single-family homes. The borough’s new-development hotspot of Hunters Point placed second with an average price of nearly $1.14 million across 314 sales.

Lighthouse Hill and Todt Hill were the priciest neighborhoods on Staten Island, with an average price of $1.13 million, and Morris Heights led the Bronx with an average price of $893,000.