The Value of New York Real Estate Increases More Than 9%

New York City is still reaping the benefits of the real estate boom.

The city set a value of $1.26 trillion for its more than one million properties for the fiscal year beginning in July, an increase of 9.4 percent over the previous period that promises to boost the government’s tax collections.

Residential and commercial property value in Brooklyn rose 12 percent, the most of New York’s five boroughs, to $335.5 billion, according to the city’s finance department. Manhattan property rose 7.3 percent to $483.6 billion, the slowest growth.

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