BROOKLYN, NY — DUMBO has officially reclaimed its throne as the priciest place to live in Brooklyn.

Despite steep drops in the real estate market amid the coronavirus pandemic, the Brooklyn neighborhood repositioned itself in the top spot in the borough in Property Shark’s annual ranking NYC’s Most Expensive Neighborhoods, released this week.

Cobble Hill, which fell second in Brooklyn in 2020, had out-priced DUMBO in 2019, bringing an end to the waterfront neighborhood’s streak as the costliest in the borough.

DUMBO was one of only five of the top 10 most expensive neighborhoods this year that saw a jump in its median home sale price. Seven Manhattan neighborhoods landed above DUMBO on the list.

“As the COVID-19 pandemic swept across New York City, 2020 was marked by dramatic decreases in residential sales,” the researchers wrote. “So, this year, our annual report of NYC’s most expensive neighborhoods examines how sales and prices fared in this volatile environment.”

In DUMBO, the number of transactions in the real estate fell 31 percent compared to last year, but prices jumped 8 percent. Cobble Hill saw 53 percent fewer transactions and a decline in its median price tag by 9 percent, according to the study.

The median price in DUMBO in 2020 was around $1.63 million.

The priciest neighborhood across the five boroughs was, for the second year, newcomer Hudson Yards, which saw a 15 percent jump in prices.

Here’s a look at the top 10, along with their median price-points:

  1. Hudson Yards: $4,504,000
  2. TriBeCa: $3,157,000
  3. Little Italy: $2,750,000
  4. SoHo: $2,463,000
  5. Hudson Square: $2,100,000
  6. Theatre District-Times Square: $1,807,000
  7. Central Midtown: $1,790,000
  8. DUMBO: $1,625,000
  9. Flatiron District: $1,593,000
  10. Cobble Hill $1,491,000

Read Property Shark’s full report here.

Source Google News