Brad Hoylman

Policy, real estate trends

Via Flickr

Calls for a pied-à-terre tax have increased since billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million. The sale shattered the existing record of the most expensive home sold in the US by $100 million but Griffin will only be using the residence as “a place to stay when he’s in town.” City Council Members Mark Levine and Margaret Chin recently announced support for a bill that was first drafted by Sen. Brad Hoylman five years ago, which would place a yearly surcharge of 0.5% to 4% on secondary residences worth more than $5 million. In a statement released on Wednesday, State Budget Director Robert Mujica added his support, stating 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.

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Policy, real estate trends

Pied-à-terre tax backed by NYC Council members

By Devin Gannon, Tue, February 26, 2019

220 Central Park SOuth, Vornado, Robert A.M., Stern

Via Vornado Realty Trust and Robert A.M. Stern Architects

Update 2/26/19: Council Members Mark Levine and Margaret Chin announced on Monday that they plan on introducing a resolution in support of the pied-à-terre tax, as amNY reported. The tax would be modeled after the measure sponsored by State Sen. Brad Hoylman and apply an annual surcharge on non-primary homes worth more than $5 million.

Last month, billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as “a place to stay when he’s in town.” The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and apply to non-primary residences, as reported by the New York Times.

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History, Landmarks Preservation Commission, Midtown

Rose Main Reading room via NYPL

State Senators Brad Hoylman and Liz Krueger have asked the Landmarks Preservation Commission to designate the Rose Main Reading Room at the New York Public Library’s main branch and the Bill Blass Public Catalog Room at the 42nd Street and Fifth Avenue branch as interior landmarks, according to DNAInfo. The library’s main branch, the Stephen A. Schwarzman Building, was given landmark designation in 1967 and Astor Hall and the grand staircases within the building were designated as interior landmarks in 1974. Interior landmark designation would give the two reading rooms–favorites of literary greats including Norman Mailer, E.L. Doctorow and Elizabeth Bishop–the same protection moving forward.

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Transportation

One of many ideas to mitigate the forthcoming L train shutdown in 2019 (in addition to others such as the East River Skyway, more bike lanes, and even an inflatable tunnel) is to shut down 14th Street to vehicular traffic and make it a bus-only zone. The idea was first presented in June by State Senator Brad Hoylman, and now he and a group of his government colleagues have won a request to the MTA for a traffic feasibility study of the proposal that they say will “relieve congestion and improve traffic flow.”

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