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 year are expected to retain over 92 percent of their fiscal 2020/2021 value, according to a budget analysis by business publication Crain’s New York. “It’s hard for me to believe with where occupancy rates are for office and hotels and retail that 92 percent is the correct number, but it’s also a question of where you’re looking at it,” Eli Weiss, principal of Joy Construction, told Crain’s as he expressed …
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