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NYC Commercial-Property Sales Fall 54%, Crush Tax Receipts (1)

Aug. 28, 2020, 8:52 PM

Commercial real estate deals in New York City have taken a major hit as the pandemic continues to roil the local economy.

Investment sales totaled $10.5 billion in the first half of 2020, down 54% from a year earlier and a record low since the Real Estate Board of New York began reporting the data in 2015.

“We continue to see the devastating and long-lasting impacts the pandemic has had on the health and stability of the New York economy,” James Whelan, the trade group’s president, said in a statement Friday. “Real estate is a fundamental driver of the ...

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