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Property Values Up 4.7% Across NYC to $1.4T
Citywide property values increased by $62 billion, or 4.7%, to $1.38 trillion in the New York City Department of Finance’s tentative assessment roll for fiscal year 2021. Seventy-six percent of the increase reflects market forces, while the rest reflects new construction and apportionments. Citywide assessed values rose by 6.7% to $273.8 billion in FY21.
The roll reflects total citywide construction activity surpassing a record $14 billion in new market value, the highest level in the past 10 years, according to the Finance Department. Rental apartments account for $4.4 billion, or 31.6%, of citywide construction activity. Collectively, Manhattan, Brooklyn and Queens make up the vast majority of all construction activity for rental apartments, at 92.7%.
“New York City continues growing, and this year’s roll confirms that construction activity remains strong across the five boroughs,” said Department of Finance Commissioner Jacques Jiha.
The final roll of assessments for FY21 will be published in May.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Development
