Flatiron – NoMad – Real Estate Market Snapshot

The Flatiron District and neighboring NoMad were fashionable areas of Manhattan as far back as the mid-19th century. Their leafy parks, wealth of restaurants and shops, and convenient location have since made the neighborhoods even more popular with buyers and renters. During 2023 and the first month of 2024, 304 residential properties were sold here, despite the neighborhoods being relatively compact.

 

Of those units, 58% sold for $1 million-$3 million. Nineteen percent sold for less, the same percentage that sold for $3 million-$8 million. As of early February, 136 residential properties were for sale. While 13% had an asking price of less than $1 million, 14% were priced at more than $8 million. Another 38% were selling for $1 million-$3 million, with the remaining 36% priced at $3 million-$8 million.

At $10.8 million, the median asking price for townhouses in the Flatiron District/NoMad was more than five times the $1.88 million median asking price for co-ops. The median asking price for condos was $3.75 million.

 

Of the 90 residential rentals available in early February 2024, the plurality (43%) had a monthly rent of $5,000-$9,000. Another 32% rented for more than $9,000 a month, while only 8% were available for less than $3,500 a month.

 

  At $4,700, even the median monthly rent for studios exceeded that $3,500 threshold. One-bedroom units in the Flatiron District/NoMad rented for a median $5,500 a month, while two-bedroom rentals were asking for a median $9,695 a month. For residences with three or more bedrooms, the median asking price was $17,500 a month.

  

Source: Perchwell