New York City’s upper tier of co-ops, condos and houses is worth more than $65 billion.
A new analysis from the city’s Independent Budget Office found 7,279 homes that are valued at more than $5 million, the Wall Street Journal reported. The same report found that 128 of those were valued at more than $25 million each, based on 2014 sales prices. The $65.2 billion total doesn’t include apartments in new condominium projects that are still under construction.
The study indicates that a pied-à-terre tax would generate less money than what advocates for the measure have suggested, the newspaper reported.
“Manhattan is obviously becoming the abode of wealth, and the trend will continue,” Kirk Henckels, director of Stribling Private Brokerage, told the Journal. “The pattern is for New York to become wealthier, not poorer.”
The new study also shows that the city’s wealth is concentrated. Inside William Zeckendorf’s 15 Central Park West, for example, the analysis found 206 high-value condos with a total market value of $3.1 billion. [WSJ] — Claire Moses