The tax roll increment is simply an indication that the real estate market in New York is experiencing tremendous growth. It is also a reflection of the construction of rental apartments accounting for about 37% of all the construction work within the city. This success is more pronounced in Brooklyn where higher market value is very noticeable, setting a new record since 2008. Instead of the 7.4% record of last year, Brooklyn properties have climbed by 16%. This is really amazing!
Brooklyn is the epitome of a hot market for real estate right now, and it is having an effect on market values in the entire city. A property purchased decades ago has suddenly jumped to a 14% increase. Other areas experiencing this surge include Manhattan, Queens, the Bronx and Staten Island with increased market values of 9.3%, 9.9%, 5.9% and 5.3% respectively.
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