Manhattan Luxury Real Estate Booms Despite New Pied-à-Terre Tax
By
Kiri Blakeley
Summary
Despite New York City's first-ever pied-à-terre tax on properties over $5 million, championed by Mayor Zohran Mamdani and effective July 1, Manhattan's luxury real estate market continues to boom. The $20 million-plus segment saw a 25% annual increase in signings (8 total), while the $10-$20 million segment surged 38.6% (51 closings) in Q2 compared to the same period last year, according to a Compass luxury market report.
Source
bskyManhattan Luxury Real Estate Booms Despite New Pied-à-Terre Taxrealtor.comKey quotes
· 3 pulledThe tax championed by Mayor Zohran Mamdani went into effect July 1, but Manhattan's luxury market continues to outperform, with $20 million-plus properties recording a 25% annual increase in signings
Sales activity in the $10 million to $20 million segment surged 38.6% (51 closings) in the second quarter from the same period last year
Despite the new pied-à-terre tax, Manhattan's ultrahigh-end luxury market remains incredibly robust, say experts
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