Property values jump, impacted by new construction

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New York City’s tentative assessment roll for Fiscal Year 2021 shows an increase in property values and reflects a continued increase in new construction activity across the city.

Statistics released by Department of Finance Commissioner Jacques Jiha shows the total market value of all New York City properties for FY21 is about
$1.378 trillion – an increase of $62 billion, or 4.7 percent, from Fiscal Year 2020.

Seventy six percent of the increase reflects market force while the rest reflects new construction, the news release says. Citywide assessed values rose by 6.7 percent, to $273.8 billion in FY21.

New construction boosted the market value of city property by $14 billion, more than 20% of the increase in market value. Rental apartments account for $4.4 billion, or about 32%, of citywide construction activity.

“New York City continues growing and this year’s roll confirms that construction activity
remains strong across the five boroughs,” Jiha said.

Collectively, Manhattan, Brooklyn and Queens make up the vast majority of all construction activity for rental apartments, at 92.7 percent.

The General Motors Building on Fifth Avenue isthe city’s single most expensive property, valued at more than $1.8 billion. Hudson Yards, a 28-acre development in Manhattan – the largest mixed-use private real estate project in the country – was valued at $3.7 billion. The World Trade Center complex was valued at $4.4 billion.

Market and assessed values of cooperatives, condominiums and rental apartment buildings rose the most in Brooklyn, increasing 10.4% and 12.5% respectively. Bronx had the biggest increase in market value of 1-, 2- and 3-family homes, rising 9.1%, while Queens residents had the greatest increase in assessed value at 5.7%

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