The city’s commercial properties have retained almost all their pre-pandemic value despite going through nearly two full years of unprecedented struggles, according to Mayor Eric Adams’ preliminary budget.
New York’s latest estimated value for commercial buildings is about $301 billion for fiscal year 2022/2023—which is about 92.3% of their estimated $326 billion value for FY20/21, which was based on January 2020 values, before the pandemic hit. The latest estimate is also up 11.7% compared with FY21/22, when the city valued its commercial properties at about $269 billion.
The Covid-19 pandemic has been devastating for office, retail and hotel buildings in particular, thanks to factors including widespread working from
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