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NYC publishes database for new pied-a-terre tax affecting luxury owners
The city’s Department of Finance listed more than 31,000 properties, and homeowners have started receiving potential liability notices by mail.
Commercial Observer reports that New York City has published an online database tied to a new pied-a-terre tax aimed at the city’s wealthiest homeowners. The database includes more than 31,000 properties and property owners who might be subject to the surcharge, which passed in May.
The reported list is not described as the final set of homes that will face higher levies, but it already includes several high-profile individuals. Among those mentioned are Citadel CEO Ken Griffin, “Shark Tank” investor Mark Cuban, IMAX CEO Richard Gelfond, and Blackstone CEO and co-founder Stephen Schwarzman, along with celebrities including Anna Wintour, Cynthia Nixon, Taylor Swift, Woody Allen, and Alan Cumming.
Commercial Observer also highlights that the database includes notable luxury addresses and buildings across Manhattan. Examples cited include 56 Leonard Street in Tribeca, 150 Charles Street in the West Village, 220 Central Park South, One57, and 15 Central Park West, among others.
According to Ian Slater, a real estate agent at Compass and co-founder of Trove Partners, the city has begun notifying homeowners by mail about potential liability, and some owners are already looking to sell second homes to avoid tax-related complications. The article notes there has not yet been an obvious impact on the city’s luxury market, despite earlier concerns from the real estate industry about market disruption and rule issues.