New York Market Overview
- Total Manhattan Class A Office vacancies stayed at 8.9 % vacant
- Total New York City Office vacancy increased from 7.8 % vacant to 7.9 % vacant
New York City homeowners may see their property taxes increase sharply next year, and owners of condominium and co-op apartments will likely be hit hardest. Taxes on condos are expected to increase by 9.6 percent, or an average of $490, while co-op taxes would rise by 7.5 percent, or $384. Single-family homeowners will see a 2.8 percent, or $107, tax hike. In Manhattan, that means average tax increases of $970 to $11,348 for condos and $594 to $9,351 for co-ops.
The number of investment transactions that closed in New York City in 2010 totaled 33, at an average of $496 per square foot. The market value of the sales completed was more than triple the 2009 total of $1.9 billion, an increase fueled by a strong rebound in the leasing market, sustained growth in New York City's employment level and a recovery in credit availability.