Hudson Yards has solidified its position as New York City’s most expensive neighborhood for the — not first, not second, not third — but sixth year running, with a median sale price of $5.36 million in the first quarter of 2025, according to a new PropertyShark report.
Despite a $645,000 year-over-year price drop, the Far West Side enclave outpaced all competitors, driven by high-end condominium sales and a surge in transactional activity.
The report, which analyzed sales of condos, co-ops and single-family homes across the city, highlights a robust start to the year for the city’s luxury real estate market.
The citywide median sale price climbed 10% from last year to $1.15 million. Among the city’s 50 priciest neighborhoods, 41 boasted median sale prices above $1 million — 10 more than in Q1 2024 — with five Manhattan locales exceeding $2.5 million.
“Hudson Yards has been consistently at the top of rankings since mid-2019,” said Eliza Theiss, the report’s author, in an interview with The Post. Around that time in 2019 is when the Hudson Yards megadevelopment — which also includes shopping, dining and a theater — made its highly anticipated debut.
“Since Hudson Yards residential developments started selling, the neighborhood has entrenched itself as the [No. 1] most expensive neighborhood because of the high-end stock that dominates this submarket of Manhattan.”
The neighborhood’s dominance is underscored by its sales figures: six of the 13 transactions in Q1 2025 exceeded $6 million, including two eight-figure deals at 35 Hudson Yards, where an 8,901-square-foot unit sold for $13.99 million and an 8,601-square-foot unit fetched $12.5 million.
“The next ‘cheapest’ two sales were a 2,249-square-foot unit that went for $4.99 million and a 2,749-square-foot unit that sold for $4.99 million,” Theiss noted. Ten of the 13 deals were inked at 35 Hudson Yards, with the remaining three at 15 Hudson Yards.
Even the lowest-priced sale — a 1,907-square-foot condo — commanded $4.1 million.
Hudson Yards also saw a 160% year-over-year surge in sales, though this translated to just eight additional transactions.
“Looking ahead, Hudson Yards will likely continue to dominate NYC rankings as it has over the past nearly six years,” Theiss said. She noted that the neighborhood only slipped from the top spot in quarters with fewer than five sales, such as Q3 2024, when Soho claimed first place, or Q2 2020, when Tribeca took the lead.
Manhattan dominated the top 10 priciest neighborhoods, securing six spots.
Little Italy, absent from recent rankings due to low sales volume, roared back to second place with a $4.59 million median, driven by high-end Nolita condo sales, including an $8 million unit at The Residences at Prince. Soho ($3.85 million) and Tribeca ($3.3 million) followed, while the Soho sub-district Hudson Square ($2.6 million) rounded out the top five after a 61% price jump. The Theatre District-Times Square area ($1.67 million) closed the top 10.
Brooklyn, however, edged out Manhattan overall, placing 22 neighborhoods in the top 50 compared to Manhattan’s 20.
“Brooklyn edging Manhattan out is a fairly recent and still sporadic development of the NYC market,” Theiss added. “While 15 years ago Brooklyn outpacing Manhattan seemed still far-fetched, Brooklyn’s presence in the top 50 has been increasing steadily.”
She attributed this to Manhattan’s soaring prices pushing buyers to Brooklyn, fueling demand for high-end properties. Cobble Hill led Brooklyn at $1.91 million, followed by Dumbo ($1.88 million) and Boerum Hill ($1.7 million).
Queens trailed with 11 neighborhoods in the top 50, led by Malba at $1.6 million — just $115,000 shy of the top 10.
“Queens always falls behind because it doesn’t have the pricing levels of the other two boroughs,” Theiss said.
“Buyers priced out of Manhattan have tended to choose Brooklyn as their next market as opposed to Queens, due to a number of factors, including its more convenient proximity to Manhattan.”
Still, Queens has shown steady growth, with neighborhoods like Auburndale — which is close to Nassau County — rising from a $719,500 median in 2016 to $960,000 in 2024.
Some traditional heavyweights stumbled.
Carroll Gardens, Brooklyn’s former No. 4, saw its median sale price plummet from $2.79 million to $1.38 million, driven by smaller homes averaging 1,035 square feet. The Flatiron District and Chelsea also fell, landing at No. 19 with $1.38 million medians after 30% price drops tied to a shift toward co-ops and smaller units.
As the city’s luxury market heats up, Hudson Yards’ enduring reign signals Manhattan’s grip on the ultra-high-end, even as Brooklyn gains ground.
“Manhattan still remains the dominant power,” Theiss emphasized, citing its concentration of top-tier neighborhoods and significant price gaps with Brooklyn’s priciest areas.