A group of economists think they know what all the land in Manhattan is worth: $1.4 trillion.
Jason Barr, Fred Smith and Sayali of Rutgers University analyzed sales of vacant Manhattan properties that year, and extrapolated the figures to include all the parcels on the island.
The team analyzed data going back to 1950. It found that, adjusted for inflation, total Manhattan land prices have risen by about 15.8 percent since 1993, Vox reported.
The economists extrapolated all the way back to 1626, when Dutch settlers purchased the island from its native inhabitants. By the analysts’ calculations, the price of the island has grown at a 6.4 percent annual rate over the past 388 years. [Vox] – Ariel Stulberg