The New York Post (citing the City’s Finance Department) reports that the total value of New York City’s commercial real estate is nearly $9 billion short of its most recent high. Tax revenue from commercial real estate transactions is expected to fall by approximately 43 percent this fiscal year and tax revenue from residential transfer taxes is expected to drop by 27.3 percent, according to the report. Revenue from real estate taxes make up about a third of New York City’s $106.7 billion budget.

Last Updated on February 2, 2023 by Ramin Seddiq