15 NYC real estate properties assessed at over $1B

Related, Oxford’s 10 Hudson Yards saw the largest increase

TRD New York /
Jan.January 19, 2016 08:33 AM

UPDATED: 3:25 p.m., Jan 20. 2016: Related Companies and Oxford Properties saw 10 Hudson Yards’ “market value” – assessed for tax purposes – grow by nearly $250 million year-over-year according to city assessments released Friday, the largest increase of any property in the city.

The city valued the property at $332.8 million, up from $84 million the previous year.

Vornado Realty Trust’s 1.8 million-square-foot hotel and retail building at 1535 Broadway saw its city-assessed market value climb by just over $200 million, to just over $1 billion.

In total, 15 city properties crossed the $1 billion threshold this year, including the Bank of America Tower at One Bryant Park; Boston Properties, Safra Group and Zhang Xin’s GM Building; and Stuyvesant Town, recently purchased for $5.3 billion by the Blackstone Group and Ivanhoe Cambridge, along with city landmarks like John F. Kennedy and LaGuardia airports, Yankee Stadium and Citi Field.

The city’s figures – despite measuring what’s known as “market value” – are not in fact meant to estimate the price of properties were they to be sold on the market.

For commercial properties, the estimates are often as little as 50 percent or less of the true market value. In addition, these figures are based on income and expense figures filed with the city for the calendar year 2014, so the values lag the current market by a few years.

As an example, the assessed “market value” of the GM Building – which was valued at $3.4 billion when Zhang Xin and Safra bought their stakes – was pegged by the city at $1.7 billion.

All together, the city valued New York real estate at just over $1 trillion, a 10.6 percent increase from the previous year.

Correction: A previous version of this article identified 1375 Broadway as the Vornado property whose assessed market value grew by over $200 million. It was actually 1535 Broadway.  


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Consumers are using streaming services more than ever, and data center real estate is booming (iStock)

Real estate for data centers is having a moment

Real estate for data centers is having a moment
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
220 Central Park South (Getty)

Duplex sells at Vornado’s 220 CPS for $65M

Duplex sells at Vornado’s 220 CPS for $65M
Blackstone’s Stephen Schwarzman, Roku CEO Anthony Wood and Coleman Highline in San Jose (Blackstone; Wikipedia Commons; Coleman Highline)

Blackstone buys Roku’s Silicon Valley office buildings

Blackstone buys Roku’s Silicon Valley office buildings
Gov. Andrew Cuomo (Getty, iStock)

New York lost $755M in real estate tax revenue this year: REBNY

New York lost $755M in real estate tax revenue this year: REBNY
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...