Lifestyle

5 Most Expensive Neighborhoods in NYC

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New York City boasts many luxurious neighborhoods, from Tribeca’s celebrity hot spots to Upper East Side high-rises and brownstones – so which are among the most costly?

These five areas dominated the top spots in 2018 for median sales price based on transactions.

1. NoHo North of Houston Street

NoHo, which stands for North of Houston Street, is an intimate area located between Greenwich Village and the East Village. It boasts charming streets lined with cobblestone throwbacks as well as modern and classic architecture; and attracts shoppers, artists, and celebrities alike with its vibrant artistic heritage and trendy charm.

Real estate in this area may be expensive, but there is a range of choices from luxury buildings near Bowery to classic old-New York style lofts and walk-ups. Additionally, this neighborhood features numerous dining establishments from cozy cafes to upscale restaurants.

Living in these NYC neighborhoods is an opportunity. Though they come with higher costs of living, it’s certainly worth it for residents who appreciate luxury and access to some of the city’s premier lifestyle offerings.

2. Hudson Yards

Hudson Yards has transformed from an underused parking lot and warehouse district into a $25 billion neighborhood with shops, restaurants, offices, apartments for thousands of new residents, performance hall, and acres of public space – quickly becoming New York City’s most expensive neighborhood.

Living in New York’s newest neighborhood may be costly, but there are options. One such building is 455W37 by Rockrose Development and Handel Architects at Tenth Avenue and West 37th Street; its 23-story tower serves as the edge of The Yards where new skyscrapers vie with prewar structures for residents’ consideration.

This upscale building provides doorman-serviced apartments with 10-foot ceilings and Manhattan views; these may eventually become obscured by future towers. Residents also benefit from a fitness center, meditation room, roof decks with wood and plant elements as well as two outdoor dog runs.

3. TriBeCa Triangle Below Canal

Billionaires Row, with its picturesque setting along Central Park in Manhattan, and luxury high-rise condos is an opulent neighborhood known for real estate prices that exceed $250 million for penthouses with breathtaking views of Manhattan skyline.

TriBeCa (short for Triangle Below Canal Street) has gone from an industrial area to one renowned for sophisticated style and urban elegance in recent years. Historic warehouses have been transformed into luxury loft apartments while cobblestone streets now host chic boutiques and eateries.

Cormac Fingeret, an undergraduate Film and Television major at New York University who grew up in Tribeca and lives there now as an adult, recognizes its ideal combination of culture, history and luxury living; but concedes its higher cost of living is one downside of its appeal.

4. Central Park South

Central Park South, known as Billionaires’ Row, is an epicenter for high-end shopping and luxury living. This neighborhood’s co-ops and condos combine historic charm with modern allure – from 220 Central Park South’s beaux-Arts elegance to One 57’s towering height, each building offers incredible views and unrivaled amenities.

Property Shark reports that apartments located in front of Central Park tend to command higher median sale prices than average across Manhattan neighborhoods, which includes those on the first block.

Residents in this neighborhood enjoy access to top-tier restaurants and hotels such as the Plaza and Ritz-Carlton hotels, cultural attractions at Columbus Circle and top independent schools like Ethical Culture Fieldston School and York Preparatory School.

5. Nolita North of Little Italy

Nolita (short for North of Little Italy) is an up-and-coming neighborhood filled with trendy boutiques and delicious eateries. Bound by Houston Street on the north, Broome Street on the south, Lafayette Street to the west and Bowery to the east, Nolita has everything a cosmopolitan city dweller could ever desire!

This cozy neighborhood exudes European charm while remaining free of the bustle of Soho. It draws in local business owners, fashionistas and young families; in recent years Millennials have also contributed significantly to its culture and economy by opening trendy shops, eateries and bars in this neighborhood.

Nolita offers higher living costs than Manhattan overall but lower than some areas in the city, such as rental prices which typically range from approximately $3,000 a month for smaller apartments up to over $4,500 for larger ones.