Gramercy and East Village Among NYC’s New “Million Dollar” Neighborhoods

Posted October 6th, 2019 by Leslie Garfield Team

Despite a market slowdown across the city, NYC’s “million dollar” neighborhood club is growing, a recent report shows. According to a Street Easy report that tracked median sales prices by neighborhood over the past decade, the number of neighborhoods boasting prices of $1 million or more skyrocketed from just 4 neighborhoods in 2010 to 17 in 2015.

That number has held steady over the past five years, but neighborhoods have seen some shuffling. Manhattan additions since 2015 include Gramercy, the East Village, and the Lower East Side, where prices have doubled over the past five years, Curbed reported. Brooklyn Heights, Prospect Heights and Williamsburg debuted this year.

Tribeca continues to lead, with a median recorded sales price of $4.1 million. Soho, Flatiron and Midtown are the only other neighborhoods to top $2 million. Notably, these numbers include all property types, not just townhouses. So while the report offers a snapshot of overall neighborhood growth, the rankings don’t necessarily parallel townhouse sales.

The starkest instance is the Upper East Side, which ranks eleventh by overall median sales, but habitually dominates the townhouse market. The neighborhood boasted an average sales price of $14.15 million over the first two quarters of 2019, according to our Mid-Year Townhouse Report.

The average sales price for Gramercy townhouses over the first two quarters of 2019 was $8.43 million, while the East Village showed an average sales price of $8.65 million, up 25% year-over-year.

Watch for our Q3 Townhouse Report this week to see the latest numbers for sales volume, average price and transaction volume, broken down by neighborhood.

Featured photo: The view from 65 East 2nd Street, a 25’-wide turnkey townhouse steps from the Bowery. Listed for $4,950,000.