NYC Property Value at $1 Trillion for First Time
It’s been a long way since Manhattan was sold for $24.
The value of New York City property tops $1 trillion for the first time in history, according to documents released on Friday by the city Department of Finance.
Underscoring the city’s booming real estate market, the total market value as estimated for the 2017 fiscal year beginning on July 1 equals $1.072 trillion, a 10.6 percent increase from the current fiscal year.
The total was also bolstered by a skyrocketing rental market in Brooklyn. Brooklyn’s red-hot real estate market is estimated for 2016 to be the fastest in the nation.
All this means that property taxes will rise in the next assessment. Mayor Bill de Blasio has said he wants to reform housing assessments. He delivers his State of the City address on Thursday, Feb. 4.
The sale of Manhattan by Canarsie Indians — ditto the purchase of Queens for $30 — has long been a matter of dispute. But the $24 price reflects the 1801 worth of money, which has far greater value than today. The land on which the buyers stood is now worth dozens of times that amount.
This article appeared in print on page 26 of edition of Hamodia.
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