NYC’s Plummeting Real Estate Sales Cost City $1.2 Billion
Photographer: Craig Warga/Bloomberg
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The pandemic’s slowdown in real estate deals has cost New York City $1.2 billion in lost revenue so far this year.
Sales of commercial and residential properties -- everything from office buildings to hotels and condo units -- are down 49% this year through November, according to a report Thursday by the Real Estate Board of New York.