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New research highlights most expensive locations in New York City

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New York City (NYC) is home to some of the most expensive properties in North America, given that it's a hub of economic and cultural activity.

But while homes and apartments are extremely pricey on the whole, there are some neighbourhoods in the city with prices that climb above US$5 million.

Prices in the Big Apple

When author Edward Martin noted that the Big Apple gets a disproportionate share of the national sap - he was certainly right.

Research from the NYC Independent Budget Office, and reported on by Knight Frank, found that 7,279 homes within the city were valued at over $5 million. This isn't the price cap however, as 128 properties are valued above $25 million.

Neighbourhoods of note

According to the data from Knight Frank, Central Park remained a "key focal point", with Upper East Side homes accounting for 26 per cent of the city's properties worth over $5 million. This in-demand area was followed by Lincoln Square with 12 per cent of the properties, then West Village with 11 per cent and finally SoHo and Tribeca with 9 per cent.

The Upper West Side, West Village,Turtle Bay, and Chelsea followed. Outside of Manhattan Island, Brooklyn Heights remained the only borough with properties in a similar price bracket.

When looking at neighbourhoods with properties well above $5 million, only Lincoln Square and the Upper East Side made the list - with some valuations going above $20 million.

New York will certainly continue to remain a hotspot for property development and investment throughout the next few decades, especially as Chinese investments in the country show no sign of slowing down.

It's set to be an exciting future for the New York City property market, and prices will likely keep climbing.

Date Published: 20 Feb 2015
Category: General News

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