NYC Real Estate Values Rise Almost 6% With Apartments Leading The Charge
Despite reports of foreclosures and distress, the New York City Department of Finance has determined that the value of the city's real estate adds up to 5.7%.
The tentative assessment roll for fiscal year 2026 places the total market value of all properties at approximately $1.6T. The taxable billable assessed value, the market value to which tax rates are applied, increased by 3.9% to $311.2B, according to an announcement by the city.

In a statement, DOF Commissioner Preston Niblack said that the tentative tax roll marks a “robust rebound” for the city’s economic recovery. Last year, market value grew by just 0.7%.
The report attributes this year’s rise to office conversions, demand for premium office space, gains in market-rate rents and a bump in single-family home sales. Construction activity is also noted as having added $12.1B in new market value.
The market value of commercial properties increased by 3.8% to $339.5B. That was led by Brooklyn, where the value of commercial real estate jumped 6.3%.
For cooperatives, condominiums and rental buildings, combined market value rose by 7.3% to $396.6B, a $27.1B jump from the previous fiscal year, according to the city’s report.
That breaks down to a 9.9% increase for rentals. 4.6% for co-ops and 5.1% for condos. Values soared the most in Brooklyn at 9.4%.
Retail buildings and hotels recorded an increase of 2.5% and 5.9%, respectively. Office values rose by 2.7%, but an analysis of assessed values by Benjamin Williams, who leads Rosenberg & Estis’ property tax department, shows a mixed performance within the Manhattan office sector.
The value of trophy and Class-A office buildings grew 1.4% and 1.5% respectively. Office condos in the borough climbed 2.3%. And though the value of Class-B did increase, it was just by 0.8%.
“It’s critical to see whether the tax assessments fairly reflect each building’s reality,” Williams said in a statement. “We’ve been watching how high vacancy rates in older offices have suppressed values. These modest increases mostly reflect premium assets, while many other offices still struggle.”
For one- to three-family homes, values escalated 5.8% to $781.7B, in part due to interest rate cuts causing more homebuyers to enter the market.
The New York Apartment Association blasted the city for the assessments of rent-stabilized buildings in particular. It estimates the average rent-stabilized landlord will pay $104 more annually in taxes based on the new assessments.
“Once again, DOF has increased the assessed value on rent-stabilized housing, despite mountains of data that suggest the actual values of these buildings continue to decline,” NYAA CEO Kenny Burgos said in a statement. “This is money that should be spent on maintaining or upgrading aging buildings. By increasing taxes, the city is continuing to defund the buildings that provide the majority of affordable housing in the city.”