New York’s tax revenue surpasses pre-pandemic level due to boom in real estate sales – Business Observer

Tax revenues from New York City real estate transactions have even surpassed pre-pandemic levels as demand for residential properties in the Big Apple increases.

City tax revenues more than doubled to $ 468 million in July and August, the first two months of fiscal year 2022, according to a report based on recorded sales New York City Comptroller Scott stringer. This represents 18% more funds that in the same period before the pandemic in 2019, Bloomberg first reported.

The increase in income is partly due to the wealthy flock to Manhattan and grab expensive condominiums, co-ops and townhouses. The sales of these candle apartments priced at $ 4 million and above reached over $ 11.4 billion until the end of September, greater than any annual total since 2006, reports the Trade Observer.

Rising tax revenues are a sign that the city’s residential market as a whole is also recovering, although commercial real estate continues to suffer. Sales of condos, co-ops and homes at any cost reached $ 41 billion in the first eight months of 2021, 76% more than in 2020, according to the inspector’s report.

However, sales of commercial real estate – including multi-family rental properties and commercial buildings – are still well below pre-pandemic levels. Both totaled $ 12.5 billion in sales in the first eight months of 2021, 50% less than the same period in 2019. The report notes that his sales calculation is missing Googlethe massive $ 2.1 billion purchase of St. John’s Terminal last month.

Tax revenues from sales of residential real estate and mortgages have rebounded sharply, Stringer found. More Manhattan apartments sold in the third quarter of this year than at any time in the past three decades, numbering 4,523 completed sales of cooperatives and condos, The New York Times reported. And sales volume reached $ 9.5 billion, the highest in any quarter on record.

After the residents fled for fear of coronavirus Last fall, this comeback is a major turnaround.

Celia Young can be reached at [email protected].

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