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Bronx, Brooklyn lead in NYC real estate gains 2006

New York Real Estate, despite some setbacks, overall had rising real estate prices for 2006. Topping the list of realized gains was Bronx and Brooklyn Real Estate.

Bronx, Brooklyn lead in NYC real estate gains
By WIRE REPORTS

NEW YORK (AP) - The New York City real estate market might not be white hot, but new data shows it’s still plenty warm.

Property values rose 19 percent last year, doubling the gain recorded in 2005, according to the city’s finance department. The value hikes defied a national housing slump.

The biggest increases took place in the Bronx and Brooklyn, where property values soared nearly 28 percent. Manhattan registered a 16.9 percent gain.

The figures are based on the annual assessment roll that includes market and assessed values for all residential, commercial and other property.

The most expensive building in the city was the Time Warner Center in Columbus Circle, with an estimated market value of $1.1 billion, up almost 10 percent from the previous year.

City officials said the total value of New York City real estate was $802.4 billion, up from $674.1 billion in 2005. The city has 980,911 taxable properties.

In addition to the double-digit gains in the Bronx and Brooklyn, homeowners in Staten Island and Queens saw property value increases of 18 percent and 12.1 percent.

But rising property values also means more taxes. The assessment roll will help set taxes for the fiscal year beginning July 1.

“Taxes are likely to be up as a result of this,” said Finance Commissioner Martha Stark