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NYC drops out of top 20 most expensive ZIP codes despite ‘skyrocketing’ rents

New York City has dropped out of the top 20 most expensive ZIP codes in the United States, despite skyrocketing rents in the resurgent, post-COVID Big Apple. 

New York City failed to crack the top 20 in Property Shark’s ranking of 2021’s most expensive ZIP codes as the borough continue to struggle post-pandemic despite it’s recent resurgence in the real estate market over the last few months. 

Manhattan’s swanky 10013 ZIP code – which covers parts of the Tribeca, Soho, Little Italy and Hudson Square neighborhoods- was the highest ranking NYC ZIP code at number 22 with the median sale price of $3,212,000.

Property Shark’s top 25 most expensive ZIP codes in 2021

Despite NYC's famously steep property prices, its most expensive zip code is now only the 22nd most expensive in the US. A Manhattan street is pictured

Despite NYC’s famously steep property prices, its most expensive zip code is now only the 22nd most expensive in the US. A Manhattan street is pictured 

The California town of Atherton, (pictured) in San Mateo County (94027) took the top spot this year, where the median sale price in 2021 came in at a whopping $7,475,000

The California town of Atherton, (pictured) in San Mateo County (94027) took the top spot this year, where the median sale price in 2021 came in at a whopping $7,475,000

Coming in second was Boston, (pictured) with the ZIP code 02199, where the median sale was $5.5 million

Coming in second was Boston, (pictured) with the ZIP code 02199, where the median sale was $5.5 million

New York state ZIP codes fared better with Sagaponack and Water Mill – both in Suffolk County in Long Island’s famed Hamptons enclave – ranking in the top 15.

And in 25th place was the Downtown Manhattan 10007 ZIP code- which covers parts of Tribeca- where the median sale price was $3,125,000.

The California town of Atherton, in San Mateo County (94027) took the top spot this year, where the median sale price in 2021 came in at a whopping $7,475,000.  

Coming in second was Boston, with the ZIP code 02199, where the median sale was $5.5 million.

Rounding out the top five was Miami Beach (33109) in Florida where the median sale was $4,475,000 in 2021

Rounding out the top five was Miami Beach (33109) in Florida where the median sale was $4,475,000 in 2021

That was followed by Sagaponack (11962) in Suffolk County, New York, where the median sale is $5,000,000, followed by the California town of Ross (94957) in Marin County where the median sale was $4,583,000 and rounding out the top five was Miami Beach (33109) in Florida where the median sale was $4,475,000 in 2021.  

Although New York City ZIP codes did not make it to the top 20 this year, this summer Manhattan real estate prices experienced a sudden surge, as buyers return to the city and boost demand for extravagant and costly properties. 

The median resale prices for Manhattan apartments hit $999,000 in the second quarter of 2021 – an all-time high since before the COVID-19 pandemic hit – according to the report from Douglas Elliman and Miller Samuel.

Average sale prices in the area rose 12% in the quarter, surpassing $1.9 million.

The buying frenzy comes despite a net 70,000 New Yorkers fleeing the city at the height of the pandemic – costing the city roughly $34 billion in lost income, according to estimates from Unacast.

Wealthy neighborhoods, like Hell’s Kitchen and the Upper East Side, saw the biggest exodus with nearly 11% of its residents fleeing, according to research from CRBE. Most of those are young professionals who work in financial hubs of Midtown and the Financial District, as well as creatives working in Broadway Theaters.

But rents have since soared again, with last year’s famous bargains now a thing of the past. 

Net effective rents in Manhattan jumped 10.1 per cent between January and July – the biggest leap in over 30 years.

That has sparked concern that tenants who bagged a bargain last year will be in for a nasty shock when their rent jumps at their latest lease renewal, as professionals flood the city again.  

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Read more at DailyMail.co.uk