Any impact of office vacancies on the overall value of NYC properties has been offset by the surge in single-family home prices last year—based on the city's latest assessment, which projects a 6.1% increase in NYC property values for the fiscal year beginning in July.

According to a projection released this week by NYC's Department of Finance, the city is setting a market value of $1.48 trillion for the estimated 1.1M properties in NYC. The citywide assessed values—the value of property for tax purposes—have been set at $287B, a 4.4% increase.

"The decline in office occupancy continues to impact retail stores and hotels in the city, contributing to the sector's slow recovery. At the same time, single-family homes, which constitute a majority of residential properties, have exhibited a robust recovery and continued growth," said Preston Niblack, commissioner of the Department of Finance, in a statement.