NYC's assessment for real estate properties are released annually. Many investors see how some of the companies have grown its market value each year. For this year, the city assessments have been released already. There are 15 real estate properties that have been assessed over $1 billion.
The Real Deal reports that there are "15 city properties crossed the $1 billion threshold this year." The list contains the following properties: "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."
CNBC says that the US owns economy is one of the hottest real estate markets. It is also noted that the US economy has already overshadowed some of the Group of 20 (G20) countries.
One of the hottest real estate markets in the U.S. could be its own economy-and in fact now dwarfs the size of a few Group of 20 (G20) countries.
According to the statement that was released by New York City's Department of Finance, it mentioned that "New York's tentative property assessment for fiscal year 2017 had crossed $1 trillion for the first time ever." It has explained that amount has increased to "$102.5 billion, or 10.6 percent, from the FY 2016 assessment."
Jacques Jiha, NYC's finance commissioner, said "This year's tax roll is simply a reflection of New York City's growing real estate market." The commissioner explained further that the tax roll reveals considerable "construction activity, particularly in rental apartments, which accounts for 36 percent of the construction activity in the city."
In comparison, NYC's property worth is just about the size of Mexico's nominal gross domestic product. It's been reported that Mexico has reached over $1.2 trillion in 2014. In the same context that property values of NYC is already greater than South Africa, Saudi Arabia, and Indonesia's economies.
