There were 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10, according to Olshan Realty. That compares with 130 during the same period last year. The total dollar volume increased by 10% to $1.12 billion, Olshan said.<\/p>\n
Sales at the very high end remain especially strong, with contracts signed for apartments priced at $10 million or more surging by 80% to 34 contracts. The strength comes as real estate brokers and business leaders warn that a new second-home tax will chase away the New York wealthy and their valuable spending.<\/p>\n
“The last four weeks demonstrates that an impending pied-\u00e0-terre tax has had no effect on the luxury market in Manhattan,” said Donna Olshan, president of Olshan Realty.\u00a0<\/p>\n
The market could turn once the tax is imposed, of course. Yet the surge comes as the proposed pied-\u00e0-terre tax makes its way through the New York legislature and sparks a highly public and bitter battle over taxing the wealthy in New York. <\/p>\n
The tax, first proposed by Mamdani and New York Gov. Kathy Hochul on April 15, would be an annual levy on non-primary real estate in New York valued at $5 million or more. Mamdani said the tax will raise $500 million in annual revenue and force the part-time New Yorkers to “pay their fair share.”<\/p>\n
Real estate brokers have lobbied to halt the tax in Albany, saying it will hurt the market and cost jobs and tax revenue. Second-home owners in New York already pay property taxes but don’t typically use many public services like schools or public transportation. <\/p>\n
Corcoran Group President and CEO Pamela Liebman told The Real Deal<\/a> last week that Corcoran “has so many deals that have been put on pause, particularly at the $30 million, $40 million level, that are just wait and see.”<\/p>\n The battle over the tax also became highly personal after Mamdani announced his proposal with a social media video<\/a> in front of Citadel CEO Ken Griffin<\/a>‘s apartment building. <\/p>\n Griffin, who lives in Miami, purchased the apartment in 2019 for $238 million<\/a>, setting the record for the most expensive home<\/a> sold in the U.S. Citadel is also building a $6 billion new building on Park Avenue as well as a new headquarters in Miami.<\/p>\n
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