Condo Sales Make Hudson Yards City’s Second Priciest Neighborhood

Condo sales at Hudson Yards have sent the new neighborhood soaring to second place on the list of New York City’s priciest neighborhoods, PropertyShark reports. Tribeca remained atop the list, while Little Italy in Manhattan and Cobble Hill and Prospect Park South in Brooklyn jumped multiple spots as their prices more than doubled in the second quarter, compared to a year ago.

The flurry of high-dollar sales in the second quarter was driven in part by the city’s new mansion tax, which went into effect July 1. 

Hudson Yards, the gleaming new $25 billion mega-development on Manhattan's West Side, saw 56 home sales from April through June with a staggering median price of more than $3.8 million. Downtown in Tribeca, meanwhile, there were 100 transactions with a median price of more than $4.3 million in the second quarter, up 14 percent from the same period in 2018, the report shows. 

PropertyShark attributed Hudson Yards's impressive debut on its ranking to sales at the project's first completed residential building, 15 Hudson Yards. The glass-sheathed edifice has a total of 285 units, with available condos ranging in price from $4.3 million for a four-bedroom space to $32 million for a seven-bedroom penthouse, according to the listing website StreetEasy. 

The brand-new neighborhood, which opened to the public March 15, is also home to a high-end shops, restaurants, a large office tower, a performing arts venue called The Shed, and a sculpture known as The Vessel that doubles as a stairmaster for tourists. 

Rounding out the Top 10 on the Manhattan-centric list were Soho, the Garment District, Hudson Square, Cobble Hill, the Flatiron District, Greenwich Village, and Gramercy Park. 

The largest decline was DUMBO in Brooklyn, which fell 40 percent to a low of $1.5 million with just 12 transactions. Malba, a section of Whitestone, was Queens's priciest spot, with a median of roughly $1.1 million, landing at No. 27.