Manhattan's Luxury Market Defies Pied à Terre Tax Fears The recent surge in high end real estate sales in Manhattan may seem to contradict warnings from Mayor Zohran Mamdani and his supporters that a proposed pied à tterre tax will drive away the wealthy.
Between April 14 and May 10, 133 contracts were signed for apartments priced at $4 million or more. However, this optimism is tempered by concerns over the antiquated assessment system in New York.
As reported by CNBC, properties like Ken Griffin's $238 million apartment are assessed far below their market value. This raises questions about how the new tax will be implemented and valued.