Astounding Numbers from New York City

The sources of the figures in this index (except where noted) are the annual assessment and sales figures published by the NYC Department of Finance, which are incorporated into a database application by the Henry George Institute. Copies of this user-friendly app (for PCs) are available, with full instructions, on a DVD. We’ll send you one if you ask (and if you wanted to send us a tax-deductible donation, we’d appreciate that, too).

Property tax revenue from buildings as a percentage of total tax revenue: 24%

Personal income taxes as a percentage of total tax revenue: 19.4%

General sales taxes as a percentage of total tax revenue: 13.3%

Property tax revenue from land as a percentage of total tax revenue: 18.2%

Total assessed value of New York City land: $434.1 billion

Average “full market value” of 2,843 vacant lots that have sold since 2005, according to the assessment rolls: $620,946

Average sale price of those 2,843 lots: $2,139,704

Number of those lots that are still vacant: 1,671

Average sale price of a Class 1 (small residential) parcel in Manhattan: $4,533,375

Average sale price of a Class 1 parcel in the Outer Boroughs: $558,903

Percentage of Class 1 parcels that are in Manhattan: 0.9%

Average “full market value” of a Class 2 (apartments, not condominiums) parcel in Manhattan: $7.89 million

Average sale price: $5.69 million

Percentage of of all NYC housing units that are rentals: 68%

Average sale price of a residential condo unit in Manhattan: $1,556,296

Average “full market value” of a residential condo unit in Manhattan: $278,246

Percentage of residential condo units that are in Manhattan: 49.5%

Ratio of effective property tax rate on Class 2 apartment buildings to that for Class 1 residences: 5/1

Median income of renters in NYC: $38,000*

Median income of homeowners in NYC: $79,250*

Number of non-city-owned parcels in Manhattan with an assessed building value of 20% or less of their assessed land value: 4,750

Number in the Outer Boroughs: 57,843

Total area of non-city-owned vacant lots in NYC, in acres: 9,406

In square miles: 15.2

Current “full market value” of the Gansevoort Park Hotel’s lot (103×142 ft.) $8 million.

ues2Price paid in 2005-06 for the four parcels combined to build the Gansevoort Park Hotel: $31 million

Combined “full market value” (2008) of the buildings that were demolished on those four parcels: $4.7 million

Approximate cost of demolishing a 5-story building in NYC: $80,000

Average “full market” land value per square foot, in 2004, of 5 parcels (pictured above) bundled together to build “The Brompton”: $422

bromptonSale price of these five parcels in 2006, per square foot: $4,944

Average sale price of a unit in this building: $2.4 million

 

Leave a Reply

Your email address will not be published.