From the NYTimes:
TriBeCa Is Priciest Neighborhood. A ZIP-code by ZIP-code analysis of the New York real estate market shows that TriBeCa was the highest priced residential neighborhood in Manhattan last year.
This will probably not be true next year, given that the World Trade Center was in TriBeCa. As it turns out, “priciest” is not entirely accurate. At about 2,400 square feet (fairly roomy, actually), the average apartment in TriBeCa is roughly twice the size of the average place on the Upper East Side. On the Upper East, the average apartment costs $856 per square foot — and that’s assuming that the listed square footage is accurate, which it isn’t.
The bottom line: the real estate market in Manhattan is nucking futs.