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New York Lost $755 Million in Tax Revenue from Real Estate Deals

Oct. 15, 2020, 7:18 PM

Real estate sales in New York City are plummeting, and so is the tax revenue that’s generated with every transaction.

Sales of commercial and residential properties -- everything from office buildings to hotels and individual condos -- are down 45% this year through September, according to a report Thursday by the Real Estate Board of New York.

That’s resulted in $755 million less in city and state tax revenue compared with the first nine months of last year, the trade group said. The lost revenue stems from transfer and mansion taxes that are levied on real estate trades. The tally ...