N.Y.C. Property Values Rose 19% in 2006
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The New York City real estate market might not be white hot, but new data shows it’s still plenty warm.
Property values rose 19% last year, doubling the gain recorded in 2005, according to the city’s finance department. The value hikes defied a national housing slump.
The biggest increases took place in the Bronx and Brooklyn, where property values soared nearly 28%. Manhattan registered a 16.9% gain.
The figures are based on the annual assessment roll that includes market and assessed values for all residential, commercial, and other property.
The most expensive building in the city was the Time Warner Center in Columbus Circle, with an estimated market value of $1.1 billion, up almost 10% from the previous year.
City officials said the total value of New York City real estate was $802.4 billion, up from $674.1 billion in 2005. The city has 980,911 taxable properties.
