Investment and residential sales across New York City totaled $6 billion in January 2021, a 38% increase compared to January 2020, the Real Estate Board of New York said Thursday. Last month’s sales tally also represented a 21% gain on December 2020.
The improvement in sales volume also meant a 31% increase in real estate transfer taxes. Since real estate is the fundamental driver of New York City’s economy, that bodes well for the city’s recovery, according to REBNY.
“As New York City continues to face significant challenges, tax revenue generated by the resurgence of real estate market activity will play a central role in driving the City’s economic recovery and funding basic government services that millions of New Yorkers rely on,” said REBNY president James Whelan.
However, with both sales volume and tax revenues down substantially since the pandemic began, the road to recovery will be long, said REBNY.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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