Manhattan prices show no sign of slowdown
By Al Barbarino
The latest data from real estate data provider PropertyShark shows that a majority of the most expensive neighborhoods in the city are only getting more expensive.
“Even though there are some slightly negative trends, the majority are either stable or positive, which is a good thing,” said Andrew Mcelhone, who oversees sales and marketing at PropertyShark.
The data suggests that SoHo is the most expensive residential neighborhood in New York City, with median prices at $1,382 psf (despite just two percent year-over-year growth).
Next in line are the Flatiron District, at $1,261; MidTown, at $1,217; Chelsea, at $1,195; and Tribeca, at $1,165.
The greatest year-over-year increase, however, was seen Gramercy Park, where median psf jumped 29 percent to $1,050.
Median sales prices were highest in Tribeca, at $2.25 million, suggesting a greater number of sales at higher dollar amounts, but at greater discounts on a psf basis. The next highest median prices were in SoHo, at roughly $1.9 million; followed by the Flatiron District, at roughly $1.3 million.
The largest residential sale occurred at 50 Central Park South #30/31 in Midtown, which sold for $70 million.
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