834 Fifth Avenue
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834 Fifth Avenue

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March 25, 2019

Find out how much a pied-à-terre tax would affect the value of NYC’s most expensive homes

Calls for a so-called pied-à-terre tax have increased since hedge fund manager Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million in January, for a residence that the billionaire will be using as “a place to stay when he’s in town.” And State Budget Director Robert Mujica stated recently that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs. Owners of some of the city's highest-priced real estate, however, could face a dramatic dip in their property values if the tax plan is enacted, the Wall Street Journal reports, after an analysis that showed how the heftiest tax would be levied on a small number of houses, co-ops, and condos with market values of $25 million or more. The new tax could potentially slash the value of this handful of pricy properties by almost half.
How much is half of too much?
September 11, 2015

Lavish Lenox Hill Pad of Late Socialite and Philanthropist Carroll Petrie Lists for $30M

The lavish pad of the late socialite and philanthropist Carroll Petrie at big-name favorite 834 Fifth Avenue has just hit the market, and it's asking a very impressive $30 million. The big question is, where will the sale money go when the time comes? Carroll, who was married to the late retailing giant Milton Petrie, passed away in February, but drama quickly started brewing over her $100 million will. She left $12.5 million to her daughter Andrea Portago, whom she had with her former late husband, Spanish race car driver Alfonso de Portago, but with an odd stipulation based on their contentious relationship. The bulk of her estate was left to her Carroll Petrie Foundation, which supports the Dog Rescue Project of the ASPCA. But this likely isn't sitting well with Andrea, who already retained estates and trust attorney Harvey E. Corn (he also worked on the cases of Brooke Astor and Huguette Clark). Whatever the legal outcome, the 11-room home will certainly make its new owner feel like NYC royalty.
Take a look around the impressive apartment
March 26, 2015

Woody Johnson’s Co-op Sale Still Sets Record, but Comes In Lower Than Expected at $77.5M

The real estate world was abuzz last fall when the news hit that Jets owner Woody Johnson had sold his Upper East Side apartment to billionaire Leonard Blavatnik for $80 million, setting the record for most expensive co-op sale ever. The official city documents have hit, though, and the sale price came in lower than expected at $77.5 million. But […]

January 1, 2015

Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

It's that time of year when we take a look back at the biggest stories of the year and look ahead at what's to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down. This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We'll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.
Check out the year in review and 2015 predictions here
October 2, 2014

Real Estate Wire: Listings Hit for 160 Imlay; Mega Mixed-Use Development Coming to Sunset Park

Listings hit for 160 Imlay, the Morris Adjmi-designed conversion in Red Hook. [Brownstoner] Commercial building sales expected to top $52 billion this year, the highest since 2007. [Daily News] Jets owner Woody Johnson lists 834 Fifth Avenue duplex for $75 million. [New York Post] Developers bring back plans for mixed-use complex in Sunset Park. [Brooklyn Paper] […]

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