Manhattan, Queens residential properties lead market value recovery: finance department

The cumulative market value for all New York City homes climbed to $823.5 billion for the upcoming fiscal year 2012, up 3.75 percent over the previous year, according to a report for fiscal year 2012 covering property value projections from the New York City Department of Finance. The data, which is based on market values determined by the finance department, showed a .86 percent increase among one- to three-family homes, up to $393.71 billion. This marks the first time this class of properties has seen its market value climb since fiscal year 2008, according to the report. Despite this overall good news, only Manhattan and Queens posted market value increases for one-to-three-family homes, climbing 11 percent and 1.33 percent, respectively. Brooklyn, the Bronx and Staten Island, meanwhile, stayed relatively flat. Brooklyn saw a .39 percent decline, while the Bronx’s property values dropped 1.35 percent and Staten Island’s dipped .37 percent. TRD

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