Hudson Yards is now officially New York City's most expensive neighborhood.

A recent report by real-estate agency PropertyShark shows that in Q3, the median sales price in Hudson Yards hit $4.94 million. The new $25 billion neighborhood kicked Tribeca out of the No. 1 spot for the first time in seven quarters .

Read more : I was one of the first people to view New York City from 1,250 feet in the third phase of the Empire State Building's $165 million renovation. Here's what it was like.

Tribeca which saw 72 transactions in the same time period fell to the second spot with a median sales price of $2.4 million . According to PropertyShark, that number represents a decline of nearly 45% quarter-over-quarter and 30% year-over-year.

But Tribeca wasn't the only area that saw a decline in its median sales price. In fact, for Manhattan as a whole, the median sales price fell below $1 million for the first time in nearly three years to $999,000 . This decline came after the borough hit an all-time high in Q2 with a median sales price of $1,340,362 .

To gather the data, PropertyShark looked at the sales of family homes, condos, and co-ops in each neighborhood.

Hudson Yards leads by the millions

With a total of 26 transactions , Hudson Yards hit a median sales price that was nearly four times as high as NYC's tenth-most expensive neighborhood in Q3: Carroll Gardens which hit a median sales price of just $1.43 million and saw a total of 29 transactions.

The number of total transactions varies by neighborhood. In Hudson Yards, prices of current homes on the market range from $2.6 million to $59 million. Though the neighborhood saw only 26 transactions in Q3, transaction prices were substantially higher than those in neighborhoods that saw high transaction volumes but lower median sales prices. The Lower East Side, for comparison, saw 119 transactions but only had a median sales price of $1.49 million.

Hudson Yards opened to the public in March of 2019 . The $25 billion project is the most expensive real estate development in US history .

The neighborhood features shops, restaurants, offices, private residences, an open public square, and gardens . The first residential tower to open on the site was 15 Hudson Yards, which is known for its expensive price tags and 40,000 square feet worth of amenities .

NOW WATCH: 7 lesser-known benefits of Amazon Prime

See Also:

SEE ALSO: 3 more Brooklyn neighborhoods just joined NYC's million-dollar neighborhood club and it shows just how rapidly the city is pricing residents out

DON'T MISS: Multibillionaire Ken Griffin just dropped another $4 million on 2 more units in the same building where he shattered the US real-estate record with a $238 million purchase in January