New York, NY CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for New York, NY commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
NYC Department of Finance
File with NYC Tax Commission by March 1 (Class 4 commercial). RPIE filing required annually. Administrative review then Small Claims or full hearing.
~10.7% of assessed value (Class 4); effective rate ~2.5-4% of market value due to assessment ratio
Key Submarkets
CAM Billing Considerations
- Extremely complex escalation clauses with base-year stops
- RPIE compliance required for tax protest eligibility
- Highest CAM costs in nation due to union labor requirements
- NYC commercial rent tax applies below 96th Street in Manhattan
- Multiple assessment classes create valuation complexity
BOMA New York
Market Context
New York is the largest US CRE market by total value. CAM reconciliation is complex here. Base-year escalation structures, union labor requirements, and layered municipal taxes all add up. Office vacancy remains elevated post-COVID, so gross-up calculations are active on most leases.
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