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NYC’s Top 50 Most Expensive Neighborhoods In Q1 2025: Brooklyn Takes The Lead

By Columbus International,

The New York City real estate market began 2025 with strong momentum, as the median sale price across the city rose 10% year-over-year to $768,000 in the first quarter. This price growth coincided with a 10% increase in transaction volume, with 7,154 sales of condos, co-ops, and single-family homes recorded between January and March 2025, according to Property Shark’s latest market report.

Hudson Yards Remains King Despite Price Drop

Hudson Yards maintained its position as NYC’s most expensive neighborhood with a median sale price of $5.36 million, despite an 11% year-over-year decrease. The neighborhood also recorded the second-sharpest increase in sales activity among NYC’s 50 most expensive areas, with transactions surging 160% compared to Q1 2024. However, this impressive percentage actually translated to just eight additional transactions compared to the previous year.

Little Italy Resurfaces At #2

After a three-quarter absence from the top rankings due to low sales activity, Little Italy claimed the #2 spot with a median sale price of $4.59 million. Six of the seven condos sold in this neighborhood during Q1 were pricey NoLiTa units, including a nearly 3,700-square-foot unit at The Residences at Prince that sold for $8 million and a nearly 3,200-square-foot unit at the Puck Building that traded for $7.85 million.

SoHo and TriBeCa Round Out Top 4

SoHo followed at #3 with a median sale price of $3.85 million, representing a 9% year-over-year increase, while TriBeCa landed at #4 with a median of $3.3 million. Both neighborhoods saw increased transaction activity, with sales growing 25% and 23% year-over-year, respectively.

Hudson Square Makes Dramatic Rise

Hudson Square rose to the #5 position with a $2.6 million median sale price, representing a dramatic 61% year-over-year price increase — one of the sharpest among NYC’s top 50 neighborhoods. This million-dollar price jump was influenced by a shift in property types sold, with only one co-op sale (worth $1.27 million) among the neighborhood’s 13 transactions in Q1 2025, compared to four out of seven sales being co-op units last year.

Hudson Square also experienced one of the sharpest increases in sales activity, with an 86% year-over-year jump — though this translated to just six additional transactions, two of which were signed at the exclusive Spice Warehouse at 481 Washington St.

Brooklyn Claims Three Spots in Top 10

Brooklyn secured three positions in the top 10, with Cobble Hill at #6 ($1.91 million, up 22% year-over-year), DUMBO at #7 ($1.88 million, up 7%), and Boerum Hill at #9 ($1.7 million). While Cobble Hill and Boerum Hill saw increased transaction activity (up 12% and 15% year-over-year respectively), DUMBO experienced a more than one-third decline in sales volume.

Manhattan’s West Village and Theatre District-Times Square area rounded out the top 10 at #8 and #10 with median sale prices of $1.77 million (up 36% year-over-year) and $1.67 million (up 37%), respectively.

Notable Absences From The Top 10

Several traditionally high-ranking neighborhoods fell out of the top 10 due to significant price decreases. Carroll Gardens, which ranked #4 in Q1 2024 with a $2.79 million median, saw its median sale price halved to $1.38 million as the average size of homes sold decreased by more than 600 square feet compared to the previous year.

The Flatiron District and Chelsea also dropped from their year-ago #5 and #6 positions to tie at #19 with a $1.38 million median sale price. Both neighborhoods experienced price declines exceeding 30% due to changing property mixes — more co-op sales in Flatiron and smaller units in Chelsea compared to early 2024.

Similarly, Battery Park City (#43) and Central Midtown (#32) fell in the rankings as their median prices were cut by nearly one-third, with Battery Park City dropping below the $1 million threshold.

Brooklyn Edges Out Manhattan In Neighborhood Count

Brooklyn placed 22 neighborhoods among NYC’s 50 most expensive in Q1 2025, slightly surpassing Manhattan’s 20 neighborhoods. This represents the second consecutive quarter that Brooklyn has outranked Manhattan in this metric, after first achieving this milestone in Q3 2024.

Brooklyn was home to three of the sharpest price increases among the city’s most expensive neighborhoods. Madison experienced a staggering 145% price surge, jumping from #104 in Q1 2024 to #25 currently, with its median sale price rising from $510,000 to $1.25 million. This dramatic increase resulted from a significant shift in property types sold — 11 of the 15 transactions were houses and only one was a co-op, whereas co-ops accounted for nearly half of all Madison sales in Q1 2024.

Mill Basin recorded the second-sharpest increase among NYC’s most expensive neighborhoods with a 62% year-over-year jump to $1.43 million. Similarly, Bedford-Stuyvesant saw a 38% price increase, driven by higher-priced condo sales.

Queens Just Misses Top 10

Queens nearly secured a top 10 position with Malba’s $1.55 million median sale price, just $115,000 short of the Theatre District-Times Square area at #10. Queens contributed 11 neighborhoods to the top 50 list, with Neponsit following Malba as the borough’s second most expensive area at #24 with a $1.27 million median.

Overall, Queens experienced a more modest 6% year-over-year price growth to close Q1 2025 at $581,000, with sales increasing 8% compared to the same period last year.

Market Expansion Above $1 Million

Notably, 41 neighborhoods surpassed the $1 million median sale price threshold in Q1 2025, representing an increase of 10 neighborhoods compared to Q1 2024. Of these, five neighborhoods achieved median sale prices above $2.5 million.

Auburndale in Queens claimed the final spot in the top 50 with a $900,000 median, 13% higher than the $795,000 median that placed Bushwick at #50 in Q1 2024, further demonstrating the market’s upward trajectory.

Source: Property Shark Q1 2025 Report

The Frick Collection Returns: Inside The Iconic Art Institution’s Elegant Transformation

By Columbus International,

One of New York’s most distinguished cultural landmarks is poised to reclaim its position in Manhattan’s competitive museum landscape. After a five-year closure for an ambitious renovation and expansion project, the Frick Collection will officially welcome visitors back to its historic Beaux Arts mansion on April 17, according to a recent report by Vogue.

The strategic renovation, executed by Selldorf Architects under Annabelle Selldorf’s direction with collaboration from Beyer Blinder Belle, represents a significant investment in cultural infrastructure. The project has increased the museum’s footprint by a precise 10%, bringing its total area to 196,000 square feet and substantially expanding its exhibition capabilities.

In an interview with Vogue contributing editor Dodie Kazanjian, former Frick director Ian Wardropper outlined the guiding philosophy behind the renovation: “to create a beautiful space that would harmonize with what was there before. We genuinely hope that you need to pause and ask yourself what’s new and what’s old.”

This meticulous approach to architectural integration maintains the Frick’s competitive advantage in the cultural sector – its intimate atmosphere and unique residential character. The institution has preserved its most celebrated gallery spaces intact, including the Garden Court, the West Gallery, and the Oval Room, while updating practical elements such as wall coverings and skylights.

During the renovation period, the collection maintained market presence through a temporary installation at the Marcel Breuer building on 75th Street and Madison Avenue. Operating as the Frick Madison from March 2021 through March 2024, this interim arrangement allowed the institution to maintain visitor engagement while exploring alternative presentation models for its collection.

The reopening strategy includes a phased approach to audience reintroduction. Members will receive prioritized access during exclusive preview days from April 9 to April 13, delivering enhanced value for the museum’s most loyal supporters before public admission begins.

Among the operational enhancements, the renovation introduces a new connecting passageway linking the James S. and Barbara N. Reibe Reception Hall with the library facilities, improving visitor circulation throughout the complex – a practical upgrade that addresses previous logistical challenges.

The Frick’s reopening positions the institution for sustainable growth in a competitive cultural market, demonstrating how historic institutions can successfully modernize their infrastructure while preserving the distinctive character that underpins their brand equity and visitor appeal.

Mercato immobiliare New York

Real Estate’s Pre-Election Surge Meets Housing Crisis: Analyzing Market Trends and Campaign Solutions

By Columbus International,

As the presidential election approaches, real estate markets are defying historical patterns while confronting a deepening housing affordability crisis. This unusual convergence is forcing both candidates to address immediate market dynamics and long-term housing challenges.

Market Shows Unexpected Resilience

While presidential elections typically trigger real estate hesitancy, major metropolitan areas are experiencing what industry leaders call a “pre-election bump.” The Witkoff Group and Naftali Group report combined sales exceeding $503 million this year in Manhattan alone, with flagship projects like One High Line doubling October sales compared to summer figures.

“The strong sales momentum wasn’t something we necessarily expected,” notes The Witkoff Group co-CEO Alex Witkoff. “It suggests growing sentiment among buyers who recognize the opportunity to secure prime real estate assets amid potential regulatory changes.”

Housing Crisis Demands Solutions

This market vitality, however, masks a broader housing affordability crisis. Home prices have surged approximately 50% in the last five years, significantly outpacing wage growth. Both candidates acknowledge the severity of the situation, though their proposed solutions differ markedly.

Harris’s Comprehensive Approach

Vice President Harris’s strategy combines market intervention with consumer protection:

  • Supply Expansion: Plans to construct three million new housing units through:
    • Enhanced tax credits for affordable rental housing
    • New incentives for starter home construction
    • $40 billion fund for innovative construction methods
  • Buyer Support: Proposes $25,000 in down payment assistance for first-time buyers
    • Supporters view it as crucial for homeownership access
    • Critics, including AEI economist Michael Strain, warn of potential price inflation
  • Market Regulation: Legislation targeting corporate landlords and algorithmic pricing

Trump’s Market-Driven Solutions

Former President Trump, leveraging his real estate background, emphasizes deregulation and broader economic factors:

  • Expanded housing development on federal lands
  • Streamlined construction regulations
  • Focus on reducing mortgage rates through economic policy
  • Immigration reform to address housing demand pressures

Market Implications and Industry Response

“The real estate landscape prioritizes long-term stability over electoral outcomes,” explains Naftali Group Chairman Miki Naftali. “Buyers in top markets are sophisticated and focus on fundamentals.”

The current surge in luxury real estate activity suggests investors are looking beyond immediate political uncertainty. However, industry experts note that addressing the broader housing crisis requires balancing market dynamics with accessibility:

  • Local factors continue driving luxury market decisions
  • Supply constraints remain a critical challenge
  • Mortgage rates, currently at 6.72%, influence buyer behavior
  • Construction financing availability affects development pipelines

Looking Beyond Election Day

While markets may appear neutral, the industry recognizes distinct implications from each candidate’s approach. Harris’s interventionist strategy promises more direct support for affordable housing but raises questions about market efficiency. Trump’s deregulatory focus appeals to developers but faces challenges in addressing immediate affordability concerns.

“Either candidate will need to focus on getting the economy better,” notes Naftali. “The winner’s ability to implement their housing agenda while maintaining market stability will be crucial for the industry’s long-term health.”

As election day approaches, the real estate sector’s unusual resilience, combined with pressing affordability challenges, suggests that housing policy will remain a critical focus regardless of the outcome. The industry’s ability to adapt to new regulatory frameworks while addressing accessibility concerns will likely define its trajectory in the coming years.

Trump’s Lavish NYC Real Estate Portfolio Shines Despite Temporary CEO Ban

By Columbus International,

For decades, Donald Trump has been a part of the majestic skyline of New York City. His name is emblazoned on some of its most iconic buildings. However, a recent ruling by a Manhattan judge threatens his real estate empire. After facing financial turbulence in the early 1990s, Trump decided to license his name as a strategy to strengthen his global presence and finances without bearing the typical risks associated with real estate development.

This tactic allowed him to enjoy substantial profits while avoiding potential liabilities. His licensing agreements have led to a vast portfolio of luxury hotels and golf courses worldwide, each bearing the Trump brand, contributing to his substantial income. However, most of these investments are concentrated in the United States, with 14 Trump-branded properties generating revenue through licensing or management agreements, as reported by The Washington Post and The New York Post.

Now, with the recent court ruling temporarily banning Trump from his role as CEO of the Trump Organization (found guilty of fraud, the New York judge revoked his business licenses – “a punishment decided after establishing that Trump defrauded banks and insurance companies by inflating the value of his assets to obtain economic advantages and better loans” writes Corriere della Sera), his grip on the real estate world faces a delicate moment, threatening to “deflate” his longstanding influence in the industry he once dominated.

Il caso Madison Avenue

It’s a Good Time to Make a Deal in New York Real Estate, Forbes Reports

By Columbus International,

New York City’s real estate market has responded robustly to the economic uncertainties of the first half of 2023. Many potential buyers in our market initially postponed their plans following the 50 basis point increase in the Federal Reserve rate in December (which came after several 75 basis point increases). As mortgage rates continued to rise and the stock market declined, transaction volume, which had been steadily declining throughout the second half of 2022, remained sluggish in January.

Surprisingly, February saw a turnaround, and March brought further improvements. However, the successful deals were strongly linked to price reductions or setting highly realistic listing prices. There is no room for overly optimistic pricing in 2023. The high-end market (homes priced at $10 million and above) has borne the brunt of this correction year.

During the first two months of the year, few high-end listings found buyers, and the ones that did either possessed unique features or were fortunate to connect with that one buyer whose needs aligned perfectly with the property. Owners who purchased their properties since 2014 or 2015 have had to accept significant losses to make a sale. In the $4 million to $10 million market, the Olshan Luxury Market Report, which tracks contract activity at $4 million and above, saw a notable increase from just over 16 deals per week in January to an average of 25 deals per week in February, and nearly 32 deals per week for the first three weeks of March. Nevertheless, many luxury properties with seven, eight, or nine rooms can still linger on the market for extended periods, primarily due to pricing.

Since January, half of the emails received by New York agents have announced price reductions! Arguably, the most active market in the city is for lower-priced units, especially those priced at $2,500,000 and below. The rental market remains exceedingly strong, currently at its highest point in recent memory (though somewhat weaker than six months ago). Properties in the $2 million and below range tend to favor buying over renting, especially on an after-tax basis. Inventory remains limited at this level. Despite disruptions caused by the collapses of Silicon Valley Bank and Signature Bank, the New York market has experienced increased activity as spring approaches.

The Federal Reserve’s decision to raise its target rate by only 25 basis points, a repeat of its late January decision, suggests a halt to the more substantial increases that took the Fed rate from 0.25% to just under 5% within a year. Although the correlation between the Fed rate and mortgage rates is not perfect (mortgage rates are more influenced by the bond market), it’s clear that the considerable increase in the Fed rates has driven mortgage rates upward, impacting buyer confidence as monthly purchase costs rise.

Especially for younger buyers who’ve grown accustomed to the artificially low rates prevailing since the 2008 recession, a mortgage rate of 5% or 6% remains low by historical standards. The gradual acceptance of this reality by buyers has played a role in the real estate market’s gradual recovery. Several factors make it challenging to predict the second quarter accurately. The stability of regional banks remains uncertain, and the Credit Suisse merger with UBS signals that the banking crisis is not confined to the United States. Meanwhile, inventory remains tight in various segments of the New York market, and even cautious buyers often struggle to find suitable listings. Stock market volatility and inflation may continue, but the worst of the significant price declines seems to be behind us, and property costs have stabilized. Forbes reports that it’s an opportune time to strike a deal!

New York Real Estate Market: Co-ops Struggle, New Developments Forced, Brooklyn Triumphs

By Columbus International,

The decline in New York home sales has left virtually no one in the real estate industry unscathed, with particular areas of the city’s market experiencing the most acute pain. Despite the seasonal increase in property listings this fall, the market won’t escape the grip of the low-supply environment that has kept prices high, even as mortgage rates have surged, further dissuading potential buyers. For instance, on Staten Island, new property listings in August saw a 17 percent drop, and inventory plummeted by 37 percent compared to the previous year. Simultaneously, the median price rose by 3 percent, and the days a property spent on the market increased by a staggering 50 percent, as reported by the Staten Island Board of Realtors. “These are challenging times for the real estate market,” stated Sandy Krueger, CEO of the organization. “But challenges also create opportunities for those who remain attentive to the market’s signals.”

Here are three key signals to watch as the fall selling season gets underway:

Co-ops: The Losers
Co-op properties were already facing difficulties before the increase in mortgage rates impacted sales. Cheaper co-ops have been particularly affected by the rising rates. Buyers in recent years had become increasingly discouraged by the antiquated rules and bureaucracy of co-op boards. Now, with higher mortgage rates, homebuyers on the lower end of the income spectrum find themselves priced out due to co-ops’ stringent debt-to-income and post-close liquidity requirements. Just a year earlier, a couple earning $240,000 annually could borrow $600,000 for a co-op valued at $750,000 and successfully pass a board application. However, in today’s market, this is no longer possible. This situation is striking, considering that $240,000 is roughly three times the area’s median income in New York City, and $750,000 often represents the starting point for homes in many neighborhoods. Monthly charges are also rising in many co-op buildings due to Local Law 97, which caps greenhouse gas emissions in larger buildings, and Local Law 11, which mandates facade inspections and repairs for buildings taller than six stories every five years. This, in addition to rising rents, makes it increasingly challenging for lower-end and first-time buyers to enter the market.

New Development: The Losers
Developers who had been waiting for a more favorable economic climate before launching their projects may now be compelled by their loan terms to list properties this fall. Projects with units lingering on the market may be forced to offer price reductions. Developers have pre-payment milestones with their lenders and can no longer delay their projects. While some units were overpriced for the current rate environment, others missed the post-lockdown market boom due to supply and labor shortages. For instance, the last available penthouse at One Clinton Street in Brooklyn Heights recently sold for $8 million, down from the original asking price of $10.2 million. An opportunistic buyer’s broker can search for older properties that may have been overlooked, presenting an excellent investment opportunity in the city.

Brooklyn: The Winner
Brooklyn’s real estate market has remained strong throughout the year, a trend that is expected to continue into the fall. Brooklyn has been outperforming Manhattan in terms of market expediency, primarily due to the demand for more space and outdoor living. Brooklyn has been growing into a primary market for years, a trend that accelerated during the lockdown period of the pandemic. Buyers sought to avoid high-rise elevators, subways, and crowded streets. Although transit use has mostly recovered, the shift towards Brooklyn shows no signs of slowing down. “The trend for Brooklyn has been on fire,” remarked UrbanDigs founder John Walkup.

Source: TRD

Mercato immobiliare New York

Repurposing Office Buildings: American Universities’ Novel Approach to Campus Expansion

By Columbus International,

In an unexpected trend, colleges and universities across the United States have found a unique solution to their campus expansion needs by repurposing vacant office buildings. This innovative approach allows educational institutions to acquire office spaces at attractive prices in a sluggish real estate market and subsequently adapt them for academic use. However, while it effectively addresses their need for additional facilities, it doesn’t alleviate the broader problem of empty office spaces, which has been exacerbated by the shift to remote work during the pandemic.

A New Approach to Campus Expansion
For colleges and universities in the United States, acquiring office buildings has become an increasingly popular means of expanding their campuses. The availability of such spaces at bargain prices, attributed to a sluggish office market, makes this approach particularly appealing. The renovations required to adapt these structures for academic use are typically less costly and time-consuming than constructing new buildings from the ground up.

A Sluggish Office Market
While this creative approach serves the purpose of academic expansion, it doesn’t mitigate the underlying issue of a sluggish office market. The COVID-19 pandemic has drastically reduced the demand for office spaces, with the nationwide office availability rate exceeding 24%. This increase from 17% before the pandemic reflects the reduced demand for leased office space, forcing property owners to grapple with this surplus. Some office buildings have lost so much value that mortgage-holding banks have taken control of them.

Government Initiatives
In light of the current environment, there is growing interest in converting office buildings into residential spaces to address the national housing shortage. However, this transition involves overcoming various regulatory and architectural hurdles, such as rezoning for residential use, kitchen and bathroom installations, and ensuring access to natural light.

College Diversification
Colleges and universities have explored a range of real estate diversification options. In response to the increasing demand for on-campus accommodation and the limited availability of dorm space, some institutions have even ventured into acquiring hotels. However, the low costs of office buildings have proven particularly attractive to many institutions, even when they do not have an immediate use for the space.

Various Case Studies
Several institutions have embarked on this novel approach to acquiring office buildings. For instance, the University of Southern California purchased an office building in Washington, D.C., to serve as an immediate satellite campus. The University of Louisville was even offered an office building for free by Humana, a health insurance company. While these acquisitions benefit the institutions, they can also have implications for towns and cities, as colleges and universities typically do not pay taxes on their academic buildings and dorms, effectively removing these properties from tax rolls.

Overcoming Challenges
Repurposing office buildings for academic use comes with its own set of challenges. For example, buildings designed for office work may not have sufficient ceiling height to accommodate the ductwork required for improved ventilation, and large floor plans can make ensuring natural light in every classroom a challenge. This transformative approach to campus expansion showcases the ability of educational institutions to adapt and evolve within a changing real estate landscape. These creative solutions help universities grow while providing opportunities for towns and cities to revitalize downtown areas and bring life to quiet districts that have suffered due to remote work trends.

Please note that the information provided is based on The New York Times article.


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