“…While Yorkville remains lower priced than much of Manhattan, those prices are rising at a far faster rate than the rest of the island,” according to a recent report by the Financial Times. “Yorkville’s bargain status is clearly eroding.”
Data from appraisal firm Miller Samuel states that the median sale price in Yorkville (E. 79-96th streets between Third Ave. and the East River) increased almost 18% to $985,000 between the fourth quarters of 2022 and 2023, compared to an increase of only 5.1% throughout all of Manhattan. That aside, Yorkville still comes in below the Manhattan median price of $1.156 million, according to the report.
Last year, Yorkville’s rental prices also increased 15.7% – and in the last three years, they’ve gone up 47.4% (compared to 34.2% throughout Manhattan).
The report attributes these increases to a number of things: the Q-line extension, providing faster commutes to Midtown and the Financial District; new luxury condos attracting young wealth, citing The Harper at 310 East 86th Street as one example; and the aftereffect of real estate trading during the pandemic, when Yorkville saw an increase in sales volume “far above the Manhattan average.”
This, and the fact that more people are discovering what FT describes as “a park-rich, family-friendly environment with little tourist traffic.”
