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. 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 GlobeSt.com 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).