The Tell: New York City’s office buildings lost 17% of their value in the pandemic


New York City’s office buildings saw their first decline in property values in over two decades as the pandemic shuttered businesses and sent thousands of workers home, raising serious questions about the health of the city’s finances.

The full market value of New York City office buildings was estimated at $172 billion in fiscal year 2021, according to a report out Thursday from New York State Comptroller Thomas DiNapoli. That was down 16.6% in the fiscal 2022 final assessment roll, which the report calls the first such…

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