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New York City real estate values projected to increase 3.8pct

Posted on 20 January 2012

The value of New York City’s more than 1 million properties may rise 3.8 percent to $845.4 billion this fiscal year as the real estate market recovers, according to a projection by the city Finance Department.
Commercial properties, including Manhattan’s signature office towers, will gain the most, with a 7.9 percent increase to $222.7 billion, according to the tentative assessment for fiscal 2013. “Market forces” — changes in supply and demand - - accounted for more than half that increase, the Finance Department said………………………………………..Full Article: Source


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