"High neighborhood medians built on very few deals are a familiar quirk of New York's luxury market, where a single blockbuster condo closing can shove an area to the top of the rankings."
"That pattern means neighborhoods with relatively few closings can look extremely expensive on paper, even when the overall level of activity is limited, a nuance buyers and agents tend to scrutinize."
Central Park South recorded a median home sale price of $7.5 million last year, with only three deals contributing to this figure. Hudson Yards followed with a median just under $5 million from 77 deals, while the Upper West Side had 1,451 sales at a median of around $1.3 million. Brooklyn's Cobble Hill and DUMBO had medians of $2.5 million and $2 million, respectively. The luxury market in New York often sees high medians from few transactions, affecting perceived neighborhood values.
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