The first three months of 2025 brought a bit of a shakeup to New York City’s most expensive neighborhoods.
While Hudson Yards held on to the crown, Little Italy — absent from the top 50 list for nearly a year — reappeared to claim the No. 2 title on Property Shark’s quarterly report on closed sales during the period. The neighborhood nabbed a median sale price of $4.6 million across just seven deals.
Little Italy, which the report defines as including Nolita, previously fell off the list due to few deals closing in the area, though it was a fixture in the data platform’s report throughout much of the 2010s. Its comeback was fueled by pricey condo deals, including $8 million sales at 32 Prince Street and the Puck Building.
Hudson Square ranked fifth on the list with a median sale price of $2.6 million, up 61 percent from the same period last year thanks to a shift toward condos in the mix of property types sold.
The neighborhood is in the midst of a transformation as corporate giants like Google and Disney set up shop in the area, and it’s bound to see more growth once sales start at Zeckendorf Development and Atlas Capital Group’s 80 Clarkson Street.
While some Downtown Manhattan neighborhoods logged gains, other mainstays dipped in the rankings. Flatiron and Chelsea fell from the No. 5 and 6 spots to tie in 19th place with a $1.4 million median sale price. Carroll Gardens fell out of the top 10 into 18th place, while its median sale price also dropped by about half to around $1.4 million.
The report comes after both Manhattan and Brooklyn logged a banner first quarter, as Manhattan’s luxury market boosted sales in the borough and stiff competition for homes in Brooklyn drove prices to record highs.
The median sale price across the five boroughs was $768,000, up 10 percent from the first quarter in 2024. Deals also rose in the first quarter from roughly 6,500 last year to 7,200.
Not so fast…
Speaking of pricey deals, everyone’s vying to set a new record below 34th Street.
On the heels of a $60 million deal at Witkoff Group’s 150 Charles — the most expensive in Downtown Manhattan history — developers and sellers alike are shooting for the moon with their latest listings and competing with top-dollar prices on Billionaires’ Row and the Upper East Side.
Earlier this week, the former CEO of Howard Hughes, David Weinreb, put his West Chelsea penthouse on the market for $75 million, which, if it closes for that price, would replace Harsh and Purvi Padia’s West Village abode as the record holder.
The condo’s asking price is nearly double what he paid for it in 2017 and $25 million more expensive than when he last listed it in 2021.
News of Hughes’ apartment comes after Aurora Capital Associates announced its plans to list the crown jewel penthouse at 140 Jane Street for $88 million. The duplex is one of 15 units at the development, where other condos asking more than $40 million have already found buyers.
Zeckendorf and Atlas Capital’s 80 Clarkson is also expected to bring its fair share of pricey listings to the market, if its units don’t sell out before an official sales launch. The developers early filings price one five-bedroom penthouse at $63 million.
Despite lofty asks on the southern end of Manhattan, the city’s priciest listing is still on Billionaires’ Row. A penthouse at 111 West 57th Street hit the market earlier this month for $110 million.
NYC Deal of the Week
The most expensive deal to close this week was a penthouse at 688 Broadway, also known as 1 Great Jones Alley. The 5,600-square-foot duplex in Noho traded for $24 million, up from its $21 million sale price in 2018.
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