NYC Property Values Surpass $1 Trillion

safe_image New York Read Estate,   Buildings

For the first time ever, the total assessed value of Big Apple properties has topped $1 trillion — spurred on by Brooklyn’s surging real-estate market.

The tentative assessment roll released Friday by the Finance Department shows that assessed property values jumped 10.6 percent to $1.072 trillion for the 2017 fiscal year, on top of a 9.1 percent bump last year.

“I would say it has to be the most valuable [city in the US], ” said veteran property-tax attorney Eric Weiss.

The change has been even more dramatic in Brooklyn, with properties climbing 16 percent, compared with a rise of 7.4 percent last year.

While the citywide numbers didn’t surprise Weiss, he saw the Brooklyn figures as noteworthy: “That reflects the fact that Brooklyn has become a very hot market, ” said Weiss.

 

Read the full story at New York Post, by Jennifer Gould Keil and Danika Fears

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