People are fleeing New York, but how much does it still cost to live in the most expensive neighborhoods?

Photo: Andrés Correa Guatarasma / Kindness

Although the pandemic has accelerated a decline in New York’s population – state and city – that has been perceived since at least 2016, NYC continues to be one of the most expensive cities to live in.

The most expensive neighborhoods in New York for 2021 are Noho, Hudson Yards, Tribeca, Central Park South and Nolita, and the average selling price between these areas exceeds $ 3 million, according to a study by Property club.

More than half of the city’s most expensive neighborhoods are in Manhattan, including the top 15, while Brooklyn hosts 19 on the total list, Queens 5 and Staten Island, based on 2020 property sales.

• The average selling price in the city’s five neighborhoods is $ 700,000. Manhattan has the most expensive real estate, with an average sale of $ 1,160,000; followed by Brooklyn. The Bronx is the most affordable neighborhood in New York ($ 519,000).
• NoHo is the most expensive neighborhood in New York, with an average sale price of $ 3,250,000.
• 19 neighborhoods in Brooklyn made the list; the most expensive was Cobble Hill, with an average sales value there alone of $ 1,640,000; that is, higher than the Manhattan average.
• 5 Queens neighborhoods are among the most expensive in New York, led by Ditmars Steinway, Malba and Hunters Point.
• Todt Hill is the only neighborhood on Staten Island It is on the list of the 50 most expensive, with an average sale price of $ 1,150,000.

While 2020 has been a difficult year for Manhattan real estate, both residential and commercial, for rent and sale, In Brooklyn the market was active. In that municipality, the average selling price was $ 900,000.

As a methodology, the study analyzed all closed sales of residential properties in New York in 2020. Only neighborhoods with at least 10 transactions last year were included. A notable omission due to lack of sales was Little Italy in Manhattan. The full list of the 50 most expensive neighborhoods can be found here.

Unsurprisingly, given the pandemic and the growing number of online and distance shopping, the vacancy for commercial and office space has also increased dramatically in a city full of skyscrapers, especially workspaces.