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

Photo: Andrés Correa Guatarasma / Courtesy

While the pandemic has accelerated a drop in New York’s population – state and city – that has been felt since at least 2016, NYC remains one of the most expensive cities to live in in the world.

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 50 most expensive neighborhoods are in Manhattan, including the top 15, while Brooklyn is home to 19 on the total list, Queens 5 and Staten Island one, according to property sales in 2020. the report are:

• The average selling price between the five counties of the city is $ 700 thousand dollars. Manhattan has the most expensive properties, with an average sale of $ 1,160,000; followed by Brooklyn. The Bronx is the most affordable district in New York ($ 519,000).
• NoHo is the most expensive neighborhood in New York, with an average sale price of $ 3,250,000.
• 19 Brooklyn residents entered the list; the most expensive was Cobble Hill, with an average sale value just over $ 1,640,000; that is, above the Manhattan average.
• 5 Queens neighborhoods are among the most expensive in NYC, led by Ditmars Steinway, Malba and Hunters Point.
• Todt Hill is the only neighborhood on Staten Island listed as the 50 most expensive, with an average selling price of $ 1,150,000.

While 2020 was a difficult year for real estate in Manhattan, both residential and commercial premises for rent and sale, in Brooklyn the market remained active. In this township the average sale price was $ 900 thousand dollars.

As a methodology, the study analyzed all recorded closed sales of residential properties in NYC 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, in the face of the pandemic and the rise of online shopping and remote work, also the vacancy of commercial premises and offices has increased dramatically in a city full of skyscrapers, mostly workspaces.