New York Commercial Properties to Retain High Value Despite COVID-19 Lockdowns

Commercial property in New York has retained much of its value despite the economic turmoil of the past two years, according to an analysis of the city’s budget. For the fiscal year 2020/2021, the NYC administration estimated the value of its commercial buildings to be $326 billion based on January 2020 numbers. For the fiscal year 2022/2023, the administration estimates the value to be at $301 billion, a decline of just 7.67 percent. As such, commercial properties in the latest fiscal yea...