T H E C I T Y OF N E W Y O R K
D E P A R T M E N T O F F I N A N C E
D I V I S I O N O F T A X P O L I C Y & D A T A A N A L Y T I C S
STATISTICAL PROFILE OF THE
NEW YORK CITY
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
BILL DE BLASIO, MAYOR SHERIF SOLIMAN, COMMISSIONER
STATISTICAL PROFILE OF THE
NEW YORK CITY
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
BILL DE BLASIO
MAYOR
SHERIF SOLIMAN
COMMISSIONER
REPORT PREPARED BY THE
DIVISION OF TAX POLICY & DATA ANALYTICS
JULY 2021
Table of Contents
Introduction ......................................................................................................................................... 1
Mortgage Recording Tax
Table 1: Distribution of Liability by Revenue Source .......................................................................... 4
Table 2: Distribution by Transaction Type ........................................................................................... 5
Figure 1: Distribution of Transactions and Liability by Property Type ............................................... 5
Table 3: Distribution by Taxable Mortgage Amount and Property Type ............................................ 6
Table 4: Distribution by Borough and Property Type .......................................................................... 8
Mortgage Recording Tax on Residential Mortgages by Entities
(Excluding Staten Island)
Table 5: Distribution by Taxable Mortgage Amount and Property Type ............................................ 9
Figure 2: Residential Mortgages by Mortgage Amount, Individuals v. Entities ................................ 10
Table 6: Distribution by Borough and Property Type ........................................................................ 11
Figure 3: Residential Mortgages by Borough, Individuals v. Entities ................................................ 12
Mortgage Recording Tax on Commercial Mortgages Year-Over-Year Comparison
(Excluding Staten Island)
Table 7: Distribution by Property Type, 2020 v. 2019 ....................................................................... 13
Mortgage Recording Tax on Residential Mortgages by Neighborhood
(Excluding Staten Island and Timeshare Transactions)
Figure 4: Median Taxable Mortgage Amount by Neighborhood ....................................................... 14
Figure 5: Year-Over-Year Percent Change in Median Taxable Mortgage Amount by
Neighborhood, 2020 v. 2019 ............................................................................................... 15
Figure 6: Number of Mortgages by Neighborhood ............................................................................ 16
Figure 7: Year-Over-Year Percent Change in Number of Mortgage by Neighborhood,
2020 v. 2019 ......................................................................................................................... 17
Mortgage Recording Tax Top Taxpayers (Excluding Staten Island)
Table 8: Top Residential and Commercial Transactions by Taxable Mortgage Amount ................. 18
Historical Mortgage Recording Tax (Excluding Staten Island)
Figure 8: Commercial MRT Liability and Gross City Product Growth Rates, 2005 - 2020 ............. 19
Table 9: Distribution by Transaction Type, 2011 - 2020 .................................................................... 20
1
Introduction
Applicability
The New York City Mortgage Recording Tax (MRT) is an excise tax imposed on the recording of a
mortgage on real property located in New York City, and is payable when the mortgage is recorded at
the City Register’s Office or, for properties located in Staten Island, the Richmond County Clerk’s
Office. In most cases, the refinancing of an existing mortgage is also subject to the tax. Mortgages on
individual cooperative apartments do not incur liability under the mortgage recording tax.
The tax is authorized by the New York Tax Law, Section 253-a, and is imposed by Title 11, Chapter 26,
of the NYC Administrative Code. The City tax is in addition to the statewide mortgage recording tax
imposed by New York State.
The tax law provides credits or exemptions from the mortgage recording tax in certain cases:
• Exemptions for non-profits and ambulance and fire companies;
• Credit line mortgages,
1
i.e., mortgages that secure indebtedness under a financing agreement that
allows the borrower to receive a series of advances or readvances up to a stated amount; and
• Credit for individual condominium unit mortgage. The credit, which applies in connection with the
first sale of a condominium unit, is for part of the tax that was paid on recording a construction
mortgage or another form of blanket mortgage on the property. To qualify, the proceeds of the
mortgage must have been used for either construction of the condominium, for capital expenses for
the development or operation of the condominium, or for the purchase of the land or buildings,
provided that the purchase occurred no more than two years prior to the recording of the Declaration.
In addition, to obtain the credit, a unit must be sold within two years following recording of the
construction or blanket mortgage.
Tax Base and Rates
New York City Tax. The MRT is based on the principal debt or obligation that is secured at the date of
its execution or at any time thereafter by a mortgage on real property located in the city. Residential and
commercial mortgages are taxed differently.
Residential mortgages are mortgages on one-, two, or three-family homes, individual residential
condominiums, and residential vacant land.
• The tax rate is 1.0 percent for residential mortgages of less than $500,000.
• The tax rate is 1.125 percent for residential mortgages of $500,000 or more.
All other mortgages, including those on apartment buildings, are considered commercial mortgages.
• The tax rate is 1.0 percent for commercial mortgages of less than $500,000.
• The tax rate is 1.750 percent for commercial mortgages of $500,000 or more. The 1.750 percent rate
consists of the following components:
o 1.125 percent is payable into the City’s general fund.
1
Further details on credit line mortgages are available in the Department of Finance’s Annual Report of Tax Expenditures
at http://www1.nyc.gov/site/finance/taxes/annual-report-on-tax-expenditures.page.
2
o 0.625 percent is payable to the New York City Transit Authority and to certain paratransit and
franchised bus operators.
New York State Tax. In addition to the City tax, New York State imposes a statewide Mortgage
Recording Tax, which consists of the following components:
• A basic tax rate of 0.500 percent for all mortgages. Revenues from the basic tax are payable to the
county in which the real property is located, or, in New York City, into the City’s general fund.
• An additional tax rate of 0.300 percent for all mortgages within the Metropolitan Commuter
Transportation District (which includes New York City), or 0.250 percent elsewhere in the State.
Revenues from the additional tax collected in the Metropolitan Commuter Transportation District
are payable to the Metropolitan Transportation Authority (MTA); in other parts of the State the
revenues are earmarked for regional transportation and certain other purposes. For one- and two-
family homes, the first $10,000 of the mortgage is not subject to the MTA tax.
• A special additional tax rate of 0.250 percent. Revenues from the special additional tax are payable
to the State of New York Mortgage Agency (SONYMA) or, in certain cases, to the MTA or an
upstate transportation authority.
The table below summarizes the rates of City and State tax levies on mortgages covering real property
located in the City and shows how the levies are distributed.
All Mortgages
Under $500,000 Residential Commercial
State-Levied Taxes 1.050% 1.050% 1.050%
NYC General Fund 0.500% 0.500% 0.500%
Dedicated to MTA/SONYMA 0.550% 0.550% 0.550%
City-Levied Taxes 1.000% 1.125% 1.750%
NYC General Fund 1.000% 1.125% 1.125%
Dedicated to NYC Transity Authority
1
0.625%
Total 2.050% 2.175% 2.800%
NYC General Fund 1.500% 1.625% 1.625%
Dedicated to MTA/SONYMA/NYC Transit Authority
1
0.550% 0.550% 1.175%
1. Dedicated to New York City Transit Authority and certain paratransit and franchised bus operators.
Mortgages of $500,000 or More
3
2020 Summary
Total 2020 liability was $1,216.5 million, including $790.9 million dedicated to the NYC general fund
and $425.6 million dedicated to the MTA, SONYMA, and the NYC Transit Authority.
2
This report includes mortgages executed between January 1 and December 31, 2020, regardless of when
the mortgages were recorded. MRT liability throughout this report reflects the total tax imposed by the
State and the City. Due to data limitations for mortgages recorded in Staten Island, only Tables 1 through
4 include Staten Island.
Dollar values in this report other than medians are generally expressed in millions, rounded to one or
two decimal positions. Sums of these rounded values may not precisely total the individual components
because they are computed using the full values.
History
The New York City Mortgage Recording Tax was first imposed in 1971 at the rate of 0.5 percent. The
tax was increased in 1982 in two steps, with part of the increase earmarked for the New York City Transit
Authority. In 1985, certain advances and readvances under qualifying credit line mortgages were
exempted from additional mortgage recording taxes; certain additional credit line mortgages were made
eligible for this benefit in 1996. In 1990, the City MRT rates were increased to their current levels. The
tax was extended to certain transactions involving wraparound mortgages and spreader agreements in
2005.
2
Dedicated to New York City Transit Authority and certain paratransit and franchised bus operators.
4
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 1
DISTRIBUTION OF LIABILITY BY REVENUE SOURCE
($ MILLIONS)
Revenue Source and Destination Liability
State-levied Taxes
NYC General Fund $247.1 20 %
Dedicated to MTA/SONYMA 269.3 22
Subtotal $516.4 42 %
City-levied Taxes
NYC General Fund $543.8 45 %
Dedicated to NYC Transit Authority
1
156.3 13
Subtotal $700.1 58 %
Total
NYC General Fund $790.9 65 %
Dedicated to MTA/SONYMA/NYC Transit Authority
1
425.6 35
Total $1,216.5 100 %
1. Dedicated to New York City Transit Authority and certain paratransit and franchised bus operators.
Mortgage Recording Tax
Percent of Total
5
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 2
DISTRIBUTION BY TRANSACTION TYPE
Figure 1
DISTRIBUTION OF TRANSACTIONS AND LIABILITY BY PROPERTY TYPE
CALENDAR YEAR 2020
Commercial mortgage transactions account for 13 percent of total transactions and 59 percent of total MRT
liability.
Total Total
Property Type
Transactions ($ millions) Median ($ millions) Median
Commercial 8,895 $25,797.4 $700,000 $715.4 $19,600
Residential 61,623 23,917.7 305,500 501.1 6,120
TOTAL 70,518 $49,715.0 $340,386 $1,216.5 $6,858
MRT Liability
Taxable Mortgage
6
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 3
DISTRIBUTION BY TAXABLE MORTGAGE AMOUNT AND PROPERTY TYPE
1. Due to data limitations, residential mortgages in Staten Island are all classified as 1-3 family.
Transactions
Total
($ millions)
Median
Total
($ millions)
Median
1-3 Family
1
$50K or Less 12,804 $204.5 $12,919 $3.9 $237
$50K-$100K 3,013 238.7 80,000 4.8 1,594
$100K-$250K 6,296 1,128.7 180,000 22.8 3,619
$250K-$500K 13,973 5,433.3 395,000 110.9 8,027
$500K-$1M 11,537 7,627.5 632,000 165.3 13,690
$1M-$5M 1,205 1,917.8 1,320,000 41.6 28,599
$5M-$15M 33 237.0 6,500,000 5.2 141,345
$15M-$20M 1 18.9 18,880,000 0.4 410,610
More than $20M 3 98.3 31,930,000 2.1 694,428
TOTAL 48,865 $16,904.7 $303,200 $356.9 $6,161
Condos
$50K or Less 3,848 $50.3 $10,687 $0.9 $187
$50K-$100K 432 34.5 80,683 0.7 1,610
$100K-$250K 1,443 267.0 190,000 5.4 3,859
$250K-$500K 2,778 1,064.9 386,100 21.2 7,663
$500K-$1M 2,737 1,888.9 667,774 38.3 13,836
$1M-$5M 1,427 2,670.2 1,505,000 55.5 32,023
$5M-$15M 80 658.2 7,250,000 14.0 156,975
$15M-$20M 4 71.2 17,720,000 1.5 385,458
More than $20M 9 307.8 30,530,000 6.7 663,889
TOTAL 12,758 $7,013.0 $315,000 $144.2 $6,104
Taxable Mortgage
Taxable
Mortgage
MRT Liability
Residential
(Continued)
7
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 3 (continued)
DISTRIBUTION BY TAXABLE MORTGAGE AMOUNT AND PROPERTY TYPE
Transactions
Total
($ millions)
Median
Total
($ millions)
Median
$50K or Less 635 $14.2 $19,890 $0.3 $408
$50K-$100K 349 27.7 80,000 0.6 1,650
$100K-$250K 1,017 182.2 181,214 3.9 3,762
$250K-$500K 1,574 608.0 387,015 13.1 8,052
$500K-$1M 1,945 1,440.9 730,000 40.3 20,440
$1M-$5M 2,603 5,699.2 1,850,000 159.3 51,800
$5M-$15M 496 4,141.1 7,550,000 115.9 211,400
$15M-$20M 80 1,410.2 17,750,000 39.5 496,930
More than $20M 196 12,274.0 38,890,000 342.6 1,076,145
TOTAL 8,895 $25,797.4 $700,000 $715.4 $19,600
Transactions
Total
($ millions)
Median
Total
($ millions)
Median
$50K or Less 17,287 269.0 $12,576 $5.1 $230
$50K-$100K 3,794 300.9 80,000 6.0 1,604
$100K-$250K 8,756 1,577.9 182,321 32.0 3,660
$250K-$500K 18,325 7,106.2 392,755 145.2 7,965
$500K-$1M 16,219 10,957.2 647,600 243.8 14,173
$1M-$5M 5,235 10,287.2 1,591,000 256.5 39,206
$5M-$15M 609 5,036.3 7,500,000 135.0 197,515
$15M-$20M 85 1,500.2 17,800,000 41.4 490,238
More than $20M 208 12,680.1 37,950,000 351.4 1,043,071
TOTAL 70,518 $49,715.0 $340,386 $1,216.5 $6,858
Taxable
Mortgage
All Property Types
MRT Liability
Commercial
MRT Liability
Taxable Mortgage
Taxable Mortgage
Taxable
Mortgage
8
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 4
DISTRIBUTION BY BOROUGH AND PROPERTY TYPE
Borough Transactions
Total
($ millions)
Median
Total
($ millions)
Median
1-3 Family
Manhattan 401 $610.1 $470,000 $13.2 $9,605
Bronx 5,222 1,729.6 353,800 36.4 7,200
Brooklyn 13,926 5,517.3 300,000 117.5 6,120
Queens 18,974 6,358.8 336,000 134.0 6,806
Staten Island
1
10,342 2,688.9 250,000 55.8 5,095
TOTAL 48,865 $16,904.7 $303,200 $356.9 $6,161
Condos
Manhattan 4,857 $4,088.9 $391,300 $86.2 $7,600
Bronx 428 119.0 200,000 2.4 4,010
Brooklyn 5,510 2,138.7 300,000 42.5 5,505
Queens 1,963 666.4 316,000 13.1 6,182
Staten Island
1
TOTAL 12,758 $7,013.0 $315,000 $144.2 $6,104
Borough Transactions
Total
($ millions)
Median
Total
($ millions)
Median
Manhattan 2,017 $11,593.8 $1,000,000 $323.7 $28,000
Bronx 1,226 2,202.7 702,971 59.7 19,600
Brooklyn 3,803 6,966.8 650,000 192.5 18,200
Queens 1,661 4,701.2 642,500 130.3 17,965
Staten Island 188 332.9 585,700 9.2 16,400
TOTAL 8,895 $25,797.4 $700,000 $715.4 $19,600
Borough Transactions
Total
($ millions)
Median
Total
($ millions)
Median
Manhattan 7,275 $16,292.8 $500,000 $423.0 $10,218
Bronx 6,876 4,051.2 370,900 98.5 7,568
Brooklyn 23,239 14,622.8 350,000 352.5 6,940
Queens 22,598 11,726.4 350,000 277.4 7,073
Staten Island 10,530 3,021.8 252,000 65.0 5,132
TOTAL 70,518 $49,715.0 $340,386 $1,216.5 $6,858
1. Due to data limitations, residential mortgages in Staten Island are all classified as 1-3 family.
Residential
Commercial
MRT Liability
Taxable Mortgage
Taxable Mortgage
All Property Types
MRT Liability
MRT Liability
Taxable Mortgage
9
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 5
MORTGAGE RECORDING TAX ON RESIDENTIAL MORTGAGES
EXECUTED BY ENTITIES
1
DISTRIBUTION BY TAXABLE MORTGAGE AMOUNT AND PROPERTY TYPE
(Excluding Staten Island)
1. Most residential mortgages involve individuals, but a significant number involve legal entities. This table includes only transactions where
the mortgagor (borrower) was identified as an entity, such as a trust, limited liability company, limited liability partnership or corporation.
2. Percent of all transactions and all mortgages are calculated based on all transactions and their related taxable mortgage amounts,
excluding Staten Island.
Number
Total
($ millions)
Median
Total
($ millions)
Median
1-3 Family
$50K or Less 192 2 % $4.6 3 % $20,919 $0.1 $408
$50K-$100K 167 8 13.7 8 80,000 0.3 1,631
$100K-$250K 396 8 71.1 8 176,788 1.4 3,605
$250K-$500K 907 9 348.2 9 390,000 7.1 7,954
$500K-$1M 791 8 554.9 8 675,000 12.0 14,559
$1M-$5M 308 26 574.7 30 1,509,412 12.5 33,032
$5M-$15M 29 88 214.4 90 6,875,000 4.7 149,501
$15M-$20M 1 100 18.9 100 18,880,000 0.4 410,610
More than $20M 3 100 98.3 100 31,930,000 2.1 694,428
TOTAL 2,794 7 % $1,898.9 13 % $430,000 $40.7 $8,785
Condos
$50K or Less 167 4 % $3.1 6 % $15,500 $0.1 $288
$50K-$100K 25 6 1.8 5 71,643 0.0 1,438
$100K-$250K 97 7 18.4 7 200,000 0.4 4,070
$250K-$500K 141 5 53.2 5 350,000 1.1 7,148
$500K-$1M 195 7 141.9 8 725,000 3.0 15,630
$1M-$5M 290 20 684.1 26 2,001,854 14.5 43,470
$5M-$15M 57 71 490.8 75 7,945,000 10.4 169,620
$15M-$20M 4 100 71.2 100 17,720,000 1.5 385,458
More than $20M 9 100 307.8 100 30,530,000 6.7 663,889
TOTAL 985 8 % $1,772.3 25 % $636,788 $37.7 $13,020
All Residential
$50K or Less 359 3 % $7.8 4 % $18,445 $0.2 $359
$50K-$100K 192 7 15.5 7 80,000 0.3 1,610
$100K-$250K 493 8 89.4 8 180,000 1.8 3,660
$250K-$500K 1,048 8 401.4 8 385,079 8.2 7,795
$500K-$1M 986 8 696.8 8 680,000 15.1 14,684
$1M-$5M 598 23 1,258.9 28 1,720,850 27.0 36,836
$5M-$15M 86 76 705.2 79 7,370,000 15.1 156,975
$15M-$20M 5 100 90.0 100 18,750,000 2.0 407,783
More than $20M 12 100 406.1 100 31,230,000 8.8 679,158
TOTAL 3,779 7 % $3,671.2 17 % $460,000 $78.4 $9,421
Taxable
Mortgage
MRT Liability
Transactions
Taxable Mortgage
Percent of All
Mortgages
2
Percent of All
Transactions
2
10
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Figure 2
RESIDENTIAL MORTGAGES BY MORTGAGE AMOUNT
INDIVIDUALS V. ENTITIES
1
(Excluding Staten Island)
Over 79 percent of all residential transactions with taxable mortgages greater than $5 million were executed by
entities.
1. Most residential mortgages involve individuals, but a significant number involve legal entities. This figure includes only
transactions where the mortgagor (borrower) was identified as an entity, such as a trust, limited liability company, limited
liability partnership or corporation.
11
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 6
MORTGAGE RECORDING TAX ON RESIDENTIAL MORTGAGES
EXECUTED BY ENTITIES
1
DISTRIBUTION BY BOROUGH AND PROPERTY TYPE
(Excluding Staten Island)
1. Most residential mortgages involve individuals, but a significant number involve legal entities. This table includes only
transactions where the mortgagor (borrower) was identified as an entity, such as a trust, limited liability company, limited
liability partnership or corporation.
2. Percent of all transactions and all mortgages are calculated based on all transactions and their related taxable mortgage
amounts, excluding Staten Island.
Taxable
Mortgage
Number
Total
($ millions)
Median
Total
($ millions)
Median
1-3 Family
Manhattan 121 30 % $411.5 67 % $1,700,000 $8.9 $36,945
Bronx 425 8 176.3 10 375,000 3.7 7,658
Brooklyn 1,222 9 838.0 15 501,417 18.0 10,875
Queens 1,026 5 473.1 7 400,000 10.0 8,170
TOTAL 2,794 7 % $1,898.9 13 % $430,000 $40.7 $8,785
Condos
Manhattan 645 13 % $1,488.8 36 % $900,000 $31.7 $19,001
Bronx 34 8 35.8 30 312,000 0.8 6,366
Brooklyn 235 4 213.0 10 499,990 4.5 9,840
Queens 71 4 34.7 5 345,000 0.7 6,499
TOTAL 985 8 % $1,772.3 25 % $636,788 $37.7 $13,020
All Residential
Manhattan 766 15 % $1,900.3 40 % $1,000,000 $40.6 $20,660
Bronx 459 8 212.2 11 375,000 4.5 7,658
Brooklyn 1,457 7 1,050.9 14 500,000 22.6 10,845
Queens 1,097 5 507.8 7 400,000 10.7 8,170
TOTAL 3,779 7 % $3,671.2 17 % $460,000 $78.4 $9,421
Percent of All
Mortgages
2
Percent of All
Transactions
2
MRT Liability
Transactions
Taxable Mortgage
12
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Figure 3
RESIDENTIAL MORTGAGES BY BOROUGH
INDIVIDUAL V. ENTITIES
1
(Excluding Staten Island)
Manhattan had the highest percentage of all residential transactions executed by entities.
1. Most residential mortgages involve individuals, but a significant number involve legal entities. This figure includes only
transactions where the mortgagor (borrower) was identified as an entity, such as a trust, limited liability company, limited
liability partnership or corporation.
13
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 7
MORTGAGE RECORDING TAX ON COMMERCIAL MORTGAGES
YEAR-OVER-YEAR COMPARISON
DISTRIBUTION BY PROPERTY TYPE
(Excluding Staten Island)
Property Type
Transactions
Total
($ millions)
Median
Total
($ millions)
Median
Mixed-use 1-3 Family Homes 828 $650.5 $499,048 $17.5 $11,522
Commercial Coops 426 820.1 884,862 22.7 24,776
Commercial Condo 697 2,535.2 442,000 70.5 9,364
4-10 Family Rentals 2,759 2,008.4 500,000 54.1 14,000
Rentals 2,026 6,209.0 952,169 172.7 26,660
Office Buildings 328 5,080.0 2,100,000 142.2 58,800
Store Buildings 569 1,176.6 800,000 32.6 22,400
Industrial building 315 1,544.1 1,643,922 43.1 46,029
Culture/Health/Hotel/Recreation 207 2,127.9 3,578,296 58.4 93,825
Parking/Garages/Gas Station 177 616.1 1,400,000 17.2 39,200
Vacant Land 261 2,014.5 2,565,350 56.3 71,828
Other commercial 114 681.9 1,497,770 19.0 41,237
TOTAL 8,707 $25,464.5 $704,609 $706.3 $19,600
Property Type
Transactions
Total
($ millions)
Median
Total
($ millions)
Median
Mixed-use 1-3 Family Homes 1,187 $965.9 $520,000 $26.0 $14,560
Commercial Coops 306 467.1 626,505 12.9 17,542
Commercial Condo 1,145 3,923.4 224,000 108.5 4,592
4-10 Family Rentals 3,404 3,054.8 593,525 82.7 16,496
Rentals 2,652 10,299.5 1,119,140 287.1 31,259
Office Buildings 542 10,257.5 3,579,678 285.3 98,132
Store Buildings 860 2,258.4 889,909 62.8 24,777
Industrial building 477 1,915.8 1,352,342 53.5 37,864
Culture/Health/Hotel/Recreation 351 3,555.3 3,000,000 99.5 84,000
Parking/Garages/Gas Station 255 1,350.4 1,031,029 35.6 28,224
Vacant Land 330 3,082.2 3,019,653 86.3 84,550
Other commercial 143 808.7 1,500,000 22.6 40,572
TOTAL 11,652 $41,938.9 $761,308 $1,162.6 $21,238
Property Type
Transactions
Percent
Change
Median
Percent
Change
Median
Mixed-use 1-3 Family Homes -30 % -33 % -4 % -33 % -21 %
Commercial Coops 39 76 41 76 41
Commercial Condo -39 -35 97 -35 104
4-10 Family Rentals -19 -34 -16 -35 -15
Rentals -24 -40 -15 -40 -15
Office Buildings -39 -50 -41 -50 -40
Store Buildings -34 -48 -10 -48 -10
Industrial building -34 -19 22 -19 22
Culture/Health/Hotel/Recreation -41 -40 19 -41 12
Parking/Garages/Gas Station -31 -54 36 -52 39
Vacant Land -21 -35 -15 -35 -15
Other commercial -20 -16 0 -16 2
TOTAL -25 % -39 % -7 % -39 % -8 %
2019
2020
Taxable Mortgage
MRT Liability
Taxable Mortgage
MRT Liability
Taxable Mortgage
MRT Liability
Year-Over-Year Change
14
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Figure 4
MEDIAN RESIDENTIALTAXABLE MORTGAGE AMOUNT BY NEIGHBORHOOD
(Excluding Staten Island and Timeshare Transactions)
Neighborhood Median Taxable Mortgage Neighborhood
Median Taxable Mortgage
Manhattan Brooklyn
Greenwich Village-Central $999,900 Red Hook $520,000
Civic Center $947,000 Carroll Gardens $505,200
Upper West Side (59-79) $697,300 Williamsburg-East $470,000
Lower East Side $587,500 Downtown-Fulton Mall $416,500
Greenwich Village-West $560,000 Boerum Hill $416,475
Bronx Queens
Highbridge/Morris Heights $416,000 Long Island City $500,000
East Tremont $390,000 Holliswood $487,000
Schuylerville/Pelham Bay $390,000 Jamaica Estates $417,369
Williamsbridge $386,400 Woodside $416,419
Westchester $375,000 Whitestone $400,000
(Neighborhoods listed in the table below are outlined in black)
Top Neighborhoods by Median Taxable Consideration
1
1
Top neighborhoods with more than 50 mortgage transactions.
15
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Figure 5
YEAR-OVER-YEAR PERCENT CHANGE IN MEDIAN RESIDENTIAL TAXABLE MORTGAGE AMOUNT
BY NEIGHBORHOOD
2020 V. 2019
(Excluding Staten Island and Timeshare Transactions)
16
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Figure 6
NUMBER OF RESIDENTIAL MORTGAGES BY NEIGHBORHOOD
(Excluding Staten Island and Timeshare Transactions)
Neighborhood
Transactions Neighborhood Transactions
Manhattan Brooklyn
Harlem-Central 502 Bedford Stuyvesant 1,431
Upper East Side (79-96) 446 Borough Park 1,078
Upper West Side (59-79) 426 Flatbush-East 1,031
Tribeca 370 Canarsie 947
Upper East Side (59-79) 327 East New York 857
Bronx Queens
Baychester 547 Flushing-North 1,511
Throgs Neck 465 Queens Village 901
Soundview 454 St. Albans 886
Williamsbridge 371 Bayside 869
Wakefield 329 So. Jamaica-Baisley Park 730
Top Neighborhoods by Number of Transactions
(Neighborhoods listed in the table below are outlined in black)
17
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Figure 7
YEAR-OVER-YEAR PERCENT CHANGE IN NUMBER OF RESIDENTIAL MORTGAGES
BY NEIGHBORHOOD
2020 V. 2019
(Excluding Staten Island and Timeshare Transactions)
18
MORTGAGE RECORDING TAX
CALENDAR YEAR 2020
Table 8
TOP RESIDENTIAL AND COMMERCIAL TRANSACTIONS BY TAXABLE MORTGAGE AMOUNT
(Excluding Staten Island)
1. Transaction involved multiple properties.
Street Borough
Taxable
Mortgage
MRT
Liability
Property Type
Central Park South Manhattan $49,999,900 $1,087,468 Condo
East 71st Street Manhattan $45,000,000 $978,720 1- 3 Family Home
Central Park West Manhattan $42,500,000 $924,345 Condo
Central Park South Manhattan $42,000,000 $913,470 Condo
Central Park South Manhattan $32,500,000 $706,845 Condo
Crescent Street Queens $31,929,060 $694,428 Residential Vacant Land
Central Park South Manhattan $30,525,000 $663,889 Condo
Central Park South Manhattan $30,000,000 $652,470 Condo
Park Avenue Manhattan $30,000,000 $652,470 Condo
Central Park South Manhattan $28,940,000 $629,415 Condo
Jane Street Manhattan $21,400,000 $465,420 1- 3 Family Home
Central Park South Manhattan $21,350,000 $464,333 Condo
Vestry Street Manhattan $20,000,000 $434,970 Condo
East 74th Street Manhattan $18,880,000 $410,610 1- 3 Family Home
Park Avenue Manhattan $18,750,000 $407,783 Condo
63rd Street Brooklyn $16,697,201 $363,134 Condo
Bond Street Brooklyn $15,714,388 $341,758 Condo
Leonard Street Manhattan $15,000,000 $326,220 Condo
Greenwich Street Manhattan $15,000,000 $326,220 Condo
West 28th Street Manhattan $15,000,000 $326,220 Condo
East 42nd Street Manhattan $405,000,000 $11,340,000 Office Building
Washington Street Manhattan $363,974,496 $10,191,286 Commercial Condo
Avenue Of The
Americas Manhattan $350,000,000 $9,800,000 Office Building
Madison Avenue Manhattan $313,863,004 $8,788,164 Office Building
43rd Avenue
1
Queens $248,996,265 $6,971,896 Theater
5 Avenue
1
Manhattan $224,000,000 $6,272,000 Commercial Condo
7 Avenue Manhattan $218,313,089 $6,112,767 Office Building
10th Avenue Manhattan $203,187,637 $5,689,253 Large Rentals
Commercial Street Brooklyn $190,061,301 $5,321,716 Vacant Land
Grand Avenue Queens $184,266,554 $5,159,465 Vacant Land
West 57th Street Manhattan $180,000,000 $5,040,000 Office Building
Claremont Avenue
1
Manhattan $177,214,410 $4,962,003 Hotel
West 48th Street
1
Manhattan $173,500,000 $4,858,000 Hotel
York Avenue Manhattan $171,520,732 $4,802,580 Office Buildings
East 42nd Street Manhattan $170,000,000 $4,760,000 Office Buildings
Prince Street Manhattan $168,000,000 $4,704,000 Office Buildings
East 42nd Street
1
Manhattan $154,084,368 $4,314,363 Commercial Condo
31st Street Queens $140,000,000 $3,920,000 Factory
Jackson Avenue Queens $136,066,375 $3,809,859 Office Building
3 Avenue Manhattan $134,800,000 $3,774,400 Office Building
Residential
Commercial
19
MORTGAGE RECORDING TAX
Figure 8
COMMERCIAL MRT LIABILITY AND GROSS CITY PRODUCT GROWTH RATES
(Excluding Staten Island)
2005 – 2020
Commercial MRT liability and gross city product (GCP) growth rates have been positively correlated.
20
MORTGAGE RECORDING TAX
Table 9
DISTRIBUTION BY TRANSACTION TYPE
(Excluding Staten Island)
2011 – 2020
