Economists Jason Barr, Fred Smith, and Sayali Kulkarni of Rutgers University recently crunched the numbers for a paper titled What’s Manhattan Worth? A Land Values Index from 1950 to 2013 and came up with a staggering total.
By recording all the vacant sales and doing a little math, you can interpolate the value of all the land and conclude that in 2014 the island's land was worth about $1.4 trillion — almost 10 percent of the annual income of the entire United States.
Check out the full paper for more insights into Manhattan land value.
Something wrong with this post? Let us know!