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Manhattan luxury pied-à-terre sales rise in early August
Contracts for Manhattan homes priced above $5 million rose 7.0% year over year in Aug. 1 to Aug. 7, even as a court blocked a planned pied-à-terre tax rollout.
Manhattan’s luxury second-home market showed continued momentum in early August, with contracts for properties above $5 million rising year over year, according to Commercial Observer data from Corcoran Sunshine.
From Aug. 1 to Aug. 7, buyers signed 16 contracts above $5 million, up 7.0% versus the same week in 2025. Since the pied-à-terre tax was passed about 16 weeks ago, sales of condos, co-ops, and townhomes worth more than $5 million were up 1.0% from the prior 16-week period and up 3.0% versus the five-year average.
The report also cited broader price-tier changes over April to August. Sales of homes between $5 million and $15 million were up 2.0% year over year, while sales between $15 million and $25 million were up 8.0%. Homes priced at $25 million and more were down 20.0% year over year, though the article noted that higher priced units are still transacting.
The piece points to legal and political friction around Mayor Zohran Mamdani’s pied-à-terre tax, including a Staten Island Supreme Court judge blocking the rollout in the second week of August. The largest contract during Aug. 1 to Aug. 7 was a full-floor residence at 1122 Madison Avenue priced at $40.5 million, the outlet said.