The market value of the World Trade Center complex fell over 23% as NYC’s office buildings saw their first decline in property values in over two decades.
New York City’s office buildings saw their first decline in property values in over two decades as the pandemic shuttered businesses and sent thousands of workers home, raising serious questions about the health of the city’s finances.
The pandemic “wiped out years of growth in New York City’s office sector,” the report says. It erased nearly $28.6 billion in market value from the city’s 463 million square feet of inventory, and cost more than $850 million in property taxes in the city’s fiscal 2022 budget. That’s city-wide, however. As the report points out, “some of the city’s most expensive office properties dropped significantly. For example, the market price of the World Trade Center complex dropped by 23.1%.”
The comptroller’s office estimates that in 2021 the city’s office sector will provide at least $6.9 billion in direct revenue in property taxes, real estate transaction taxes, mortgage taxes and commercial rent taxes – and that’s only direct costs, not including any multiplier effects. Property tax collections are expected to fall 5.4%, or $1.7 billion, in fiscal 2022, “more than half of which is due to drops in office billable values,” the report notes.
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