Manhattan Luxury Home Sales Rise 10% to $1.12 Billion as Pied-à-Terre Tax Advances
Updated
Updated · CNBC · May 11
Manhattan Luxury Home Sales Rise 10% to $1.12 Billion as Pied-à-Terre Tax Advances
3 articles · Updated · CNBC · May 11
133 Manhattan apartment contracts priced at $4 million or more were signed from April 14 to May 10, up from 130 a year earlier, with total deal volume rising 10% to $1.12 billion.
$10 million-plus deals led the strength, jumping 80% to 34 contracts even as Mayor Zohran Mamdani and Governor Kathy Hochul push a new annual tax on non-primary homes valued at $5 million or more.
Brokers say the proposed levy is already putting some ultra-luxury deals on hold and could drive wealthy buyers, jobs and tax revenue out of New York, though Olshan Realty said the past four weeks show no market hit yet.
The tax fight has widened into a political and practical battle: Mamdani says it could raise $500 million a year, while Albany still has not detailed rates, timing or how properties would be valued under New York's low assessment system.
Will New York's new tax on empty mansions fix its budget or just drive the ultra-rich away for good?
Can NYC's new tax on the wealthy succeed when built on a notoriously broken property assessment system?