{"id":965682,"date":"2026-07-29T00:42:50","date_gmt":"2026-07-29T00:42:50","guid":{"rendered":"https:\/\/www.europesays.com\/us\/965682\/"},"modified":"2026-07-29T00:42:50","modified_gmt":"2026-07-29T00:42:50","slug":"art-worlds-top-players-turn-up-in-new-yorks-pied-a-terre-tax-database","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/965682\/","title":{"rendered":"Art World\u2019s Top Players Turn Up in New York\u2019s Pied-\u00e0-Terre Tax Database"},"content":{"rendered":"

The pied-\u00e0-terre tax database released by the New York City Department of Finance<\/strong> (DOF) last week includes\u2014perhaps not surprisingly\u2014many of the art world\u2019s leading figures.<\/p>\n

Some, such as mega-dealer David Zwirner<\/strong>, Pace Gallery\u2019s Arne <\/strong>and Marc Glimcher<\/strong>, artist Julian Schnabel<\/strong>, art advisor Allan Schwartzman<\/strong>, and collector Mitchell Rales<\/strong>, are listed by name.\u00a0<\/p>\n

Others, including billionaires Steve Cohen<\/strong>, Leon Black<\/strong>, and Len Blavatnik<\/strong>, can be linked to limited liability companies. Mega-dealer Larry Gagosian<\/strong>\u2019s mansion on East 75th Street is owned by Sugar Shack LLC<\/strong> and has a city-assigned value of $63.3 million, according to the DOF.<\/p>\n

Earlier this year,\u00a0New York Governor Kathy Hochul<\/strong> put forward the pied-\u00e0-terre tax initiative to back Mayor Zohran Mamdani<\/strong><\/a>\u2018s push to close the city\u2019s budget gap by placing a surcharge on wealthy owners whose New York properties aren\u2019t their primary residences.<\/p>\n

To administer the pied-\u00e0-terre surcharge, the DOF published two massive property rolls on July 24, containing approximately 960,000 records, accompanied by owners\u2019 names, addresses, and city-assigned values.<\/p>\n

Although the DOF stressed that inclusion does not mean a property will ultimately be taxed, the data exposed the identities\u2014or shell companies\u2014behind scores of trophy homes, prompting privacy concerns and a scramble among owners to establish that their properties are primary residences. The data doesn\u2019t specify if the properties are owned by residents or non-residents.<\/p>\n

The immediate reaction to the public files ranged from confusion to frustration.<\/p>\n

\u201cThis is news to me,\u201d Schwartzman said. He declined to comment further on the inclusion of his Flatiron apartment, valued by the city at $1.42 million. \u00a0<\/p>\n

\u201cWhy would my name be on the list?\u201d said Adam Lindemann,<\/strong> a collector, dealer, and Artnet News contributor. The city valued his Upper East Side home at $41 million. \u201cI\u2019ve paid New York City taxes my entire life.\u201d<\/p>\n

The surcharge made some sense for out-of-towners \u201cwho have an apartment here, but yet don\u2019t pay any taxes in New York City,\u201d he said. \u201cWe\u2019re paying for their safety, their security, their water, their police, their fire.\u201d\u00a0<\/p>\n

Either way, Lindemann disagreed with releasing the names.<\/p>\n

\u201cIt\u2019s a violation of privacy,\u201d he said.\u00a0<\/p>\n

Zwirner\u2019s East Village home is estimated at $10.6 million, according to the DOF. A spokesperson for David Zwirner gallery confirmed that \u201cDavid is a NYC resident and that is his primary address.\u201d<\/p>\n

Representatives for Black and Cohen declined to comment. Others listed in the documents did not immediately respond to a request for comment.<\/p>\n

The mayor\u2019s office did not immediately respond to an email seeking comment on the reactions to the DOF roll.\u00a0<\/p>\n

\u201cOn Tax Day earlier this year, I promised that we would tax the rich, and with our new pied-\u00e0-terre tax, that is exactly what we have done,\u201d Mamdani said in a statement<\/a> last week, when he announced that property owners had been notified via mail of the impending tax.<\/p>\n

The notices apply to Phase 1 of the tax\u2014one- to three-family homes valued at $5 million or more, and condos and co-ops valued at $1 million or more\u2014with rates ranging from 0.8 to 6.5 percent depending on property type and value tier. Owners of family homes and condos have until August 21 to apply for an exemption, while cooperative-apartment owners have until August 24, according to DOF; formal bills go out in November.<\/p>\n

The surcharge could have significant financial implications. Take Cohen, one of the world\u2019s biggest collectors of modern, postwar, and contemporary art, whose net worth is around $22 billion, according to Bloomberg\u2019s billionaire\u2019s index<\/a>. His primary residence is in Greenwich, Connecticut, but property records show he has acquired properties in the West Village in 2012 through Greenwich Heights Corporation<\/strong>. The completed property is valued by the city at $69.8 million, according to the DOF roll. If it does not qualify for an exemption, a 1.3 percent surcharge could generate approximately $907,478 annually for the city.<\/p>\n

Rales, whose net worth is estimated at $3.9 billion<\/a> by Forbes, is the founder of the private museum\u00a0Glenstone<\/strong> in Potomac, Maryland. He also owns a 25th-floor unit on Central Park South valued at $2.67 million by the DOF. If it does not qualify for an exemption, it could face a 4 percent surcharge of approximately $106,724.<\/p>\n

While the city publicized the filings with unusual aplomb this year, its archive of similar lists goes back at least until 2009, according to Benjamin M. Williams<\/strong>, a real estate attorney at Rosenberg & Estis<\/strong>\u00a0who specializes in New York property-tax assessments. \u201cIt\u2019s nothing new,\u201d he said. \u201cThese names have been published for 20 years.\u201d<\/p>\n

He estimated that just 15,000 to 20,000 property owners received the notices from the DOF to prove their residence status.<\/p>\n

\u201cThat list is over-inclusive,\u201d he said.<\/p>\n

Williams has advice for those who don\u2019t want to surface in public rolls: use LLCs to buy real estate.<\/p>\n

\u201cIf you are Pablo Picasso, you don\u2019t buy it under Pablo Picasso,\u201d he said. \u201cYou buy it as 1 Main Street LLC, and 1 Main Street LLC buys the property, and then you\u2019re the owner of 1 Main Street LLC, but nobody knows that.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The pied-\u00e0-terre tax database released by the New York City Department of Finance (DOF) last week includes\u2014perhaps not…\n","protected":false},"author":3,"featured_media":965683,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[5229,20714,301382,149151,5371,179965,281671,387995,152334,405,403,5226,5225,5228,5227,304336,88558,67,586,132,5230,68,2969,5301],"class_list":["post-965682","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-america","tag-art-news","tag-artnet-news","tag-david-zwirner","tag-kathy-hochul","tag-larry-gagosian","tag-len-blavatnik","tag-leon-black","tag-marc-glimcher","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-pied-a-terre-tax","tag-steve-cohen","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa","tag-zohran-mamdani"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/117000493277918400","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/965682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=965682"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/965682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/965683"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=965682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=965682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=965682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}