Big spenders continue to look west when it comes to buying a home in the five boroughs.
Hudson Yards remained the most expensive city neighborhood in which to buy a residential property in the first quarter of 2025, with a median sale price of $5.4 million, according to the latest sales report from real estate data company PropertyShark. The Little Italy-Nolita area came in second, with a median sales price for the quarter of $4.6 million.
Hudson Yards has dominated the list in recent years, while prices for Lower Manhattan residential real estate stay high due to lower supply.
“One of the reasons Hudson Yards keeps beating out the other neighborhoods is there is a lot of new stock and a lot of really high-end stock,” said Eliza Theiss, who authored the PropertyShark report. “The sky was really the limit on how big you can make any kind of unit.”
The two priciest neighborhoods saw a relatively low number of sales last quarter, with 13 in Hudson Yards and seven in Little Italy. Both increased their sales, though, from the first quarter of 2024, which saw five sales for Hudson Yards and zero for Little Italy and Nolita.
“Little Italy has the disadvantage of not having too many developments,” Theiss said. “You don’t have that much stock to go on the market.”
Six out of the seven sales in that area were specifically in Nolita.
Hudson Yards, while remaining in the top spot, saw a decrease in its median sales price from the last quarter of 2024, to the tune of $645,000. The sales activity in the neighborhood was driven almost entirely by one building, 35 Hudson Yards, Theiss said, which was completed in 2019.
Madison, Brooklyn, a neighborhood in the southern part of the borough, saw the highest year-over-year jump in median sales price, at 145%, according to the report. The media was $1,250,000 in the first quarter of 2025, up from $510,000 in Q1 2024. That’s in part because of the number of single-family homes that were sold there in the first quarter, Theiss said; that kind of home brings in higher prices than apartments do.
Hudson Square in Manhattan, East Flushing in Queens and Bedford-Stuyvesant in Brooklyn were also among the top five neighborhoods with the highest jump in prices.
In Hudson Square, sales shifted from co-ops to condos, which also sell at a higher price point, Theiss said. East Flushing saw more single-family home sales, while Bedford-Stuyvesant had a number of closings on larger units.
The city overall saw a 10% growth in year-over-year sales prices, with a similar boost in the number of new sales, according to PropertyShark’s data. That was in part driven by growth in Manhattan, where the median price rose 15% and the number of sales jumped 18% year over year.
PropertyShark’s report looked at condo, co-op and single-family-home sales in each neighborhood of the city, excluding neighborhoods with fewer than five sales in the first quarter.
