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NYC commercial properties kept 92% of value despite pandemic: city

Commercial real estate in New York City kept 92% of its value despite economic turbulence caused by the COVID-19 pandemic, according to the mayor’s office.  Mayor Eric Adams presented a preliminary budget for fiscal year 2022-2023 which estimated that the value of commercial properties in the city is around $301 billion.

Before the COVID-19 pandemic hit in March 2020, the city assessed the estimated value of commercial properties at around $326 billion, according to Crain’s New York Business.  That means the latest assessment represents 92.3% of the estimate from January 2020 — weeks before the onset of the pandemic.

NY Post

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