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New York & Tri-State  + Finance  | 
Macklowe Properties is seeking at least $1.1 billion in financing for One Wall Street, according to Bloomberg News

NY State, City Face Shortfalls in Tax Revenues

The news on the tax revenue front from New York State Comptroller Thomas DiNapoli is sobering at both the statewide and New York City levels. DiNapoli said statewide tax revenues for April were down 68.4% year-over-year to $3.7 billion, as the full impact of the coronavirus pandemic hit home.

The nation’s largest city is facing 12.9% shrinkage in its economy this year, DiNapoli said. Tax collections in New York City are projected to fall next fiscal year for the first time since the Great Recession.

“The city faces a number of significant budget risks, including additional revenue losses, and without additional federal assistance, another round of state budget cuts,” said DiNapoli. “With so many uncertainties, and a recovery that may be slower than anticipated in the city’s latest plan, the city must be prepared to revise forecasts as new information becomes available. Difficult budget choices loom.”

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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).