Three Lower Manhattan neighborhoods have posted the biggest price jumps for condominiums in the second quarter of 2017, and all three are among the most expensive communities in which to buy such property, according to a new report.
The most expensive neighborhood anywhere in the five boroughs remains Tribeca, according to PropertyShark, a real estate web site and search engine that tracks sales and price data. That community’s median sale price hit $5.17 million in the second quarter of this year, jumping by 24 percent from the same period last year.
The Financial District, which was ranked as New York’s 21st-most-expensive neighborhood last year, is now tied for sixth, with Central Midtown. In FiDi, the median home price is now $1.9 million, an increase of 88 percent over the same period in 2016, which followed a 78 percent leap from the year before that.
And PropertyShark finds that Battery Park City is now the ninth-priciest community anywhere in New York City, with median sales price of $1.6 million, following a 71 percent increase in prices. These leap moved Battery Park City up from the 27th-most-expensive community in the five boroughs in 2016.
Ranking these communities by percentage price increases, rather than simply by the dollar value of homes sold, means that home prices have skyrocketed in each more than any other neighborhood in Manhattan, save one. The top four rankings for Manhattan are the Financial District (with 88 percent), Battery Park City (71 percent), Roosevelt Island (where prices have increased by 69 percent since last year, to $1.05 million), and Tribeca (at 24 percent). The only neighborhood anywhere in the five boroughs to experience a greater appreciation in property values, in percentage terms, than these four communities was Fort Greene, where home prices have jumped 151 percent, to a media value of $1.13 million.
When PropertyShark announced its findings last week, the administration of Mayor Bill de Blasio also announced that it has either preserved or built more than 24,000 units of affordable housing across all five boroughs during the last 12 months. During this period, however, Lower Manhattan has suffered attrition in affordable housing. An April report by the City’s Independent Budget Office indicates that Battery Park City and the Financial District have the highest turnover of tenants in rent-stabilized apartment units of any community in the five boroughs, when tallying buildings built after 1974.
And a separate report by the Association for Neighborhood and Housing Development (ANHD), a leading housing advocacy organization, has found that Lower Manhattan ranks among the ten most at-risk neighborhoods, as measured by two key metrics: the per-square-foot change in residential sale prices, and the proportion of all property sales in which the buyer meets the definition of a low-income households.