Pied-à-Terre

March 7, 2019

State budget director says a pied-à-terre tax could help fund MTA

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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Pied-à-terre tax backed by NYC Council members

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

February 26, 2019

Pied-à-terre tax backed by NYC Council members

By Devin Gannon

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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May 26, 2015

Lovable Pied-à-terre on Bleecker Street Comes with a Landscaped Garden

By Aisha Carter

Here's a really cool ground-floor pied-à-terre at 175 Bleecker Street with a private garden, available for $849,000. The fully-renovated loft has a crisp, clean feel with tall casement windows, white floors, and whitewashed exposed brick. And the landscaped garden is easy to maintain so it looks beautiful all year long—plus imagine stepping out into your own verdant space with a cup of coffee in hand.
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Distinctive Homes

7,279 NYC Homes Are Valued at More Than $5 Million

The Upper East Side, where the most $5 million + homes are located, via CityRealty

February 3, 2015

7,279 NYC Homes Are Valued at More Than $5 Million

By Dana Schulz

If you think that statistic is jaw-dropping, consider this, too–those 7,279 homes valued at more than $5 million amount to a total fair market value of $65.2 billion, according to data from the city’s Independent Budget Office. The Wall Street Journal requested the data to take a closer look at the proposal to impose higher property taxes on pied-à-terre owners, and the findings show that "the city’s most expensive homes would generate less money from a higher tax surcharge than what its advocates have suggested."
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October 28, 2014

Daily Link Fix: How to Put Midtown’s Empty Pied-a-Terres to Good Use; 3D-Printed Photos for People without Vision

By Dana Schulz

Brick Underground suggests nine ways to put Midtown’s empty pied-a-terres to good use. An 85-year-old artist has painted more than 85 NYC streetscapes, documenting history by chronicling buildings and blocks that are facing the wrecking ball. More on the Times. Taylor Swift is the “Ambassador” of New York City. Business Insider has info on the, shall we […]

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September 12, 2014

This Charming Gramercy Park Pied-a-Terre Glows with a Stunning Skylight

By Aisha Carter

If you’re looking for a pied-a-terre in the coveted historic Gramercy Park, you’re in luck. An adorable one-bedroom penthouse at 206 East 18th Street has just popped up on the market, and it’s the perfect setting for anything from dinner parties to book club. This charming pad won us over with a lovely skylit living room, so we had to take a look inside to see what else it has in store.
Take a look inside the cozy pad, here

Distinctive Homes

Pied-à-Terre

State budget director says a pied-à-terre tax could help fund MTA

Pied-à-terre tax backed by NYC Council members

Lovable Pied-à-terre on Bleecker Street Comes with a Landscaped Garden

7,279 NYC Homes Are Valued at More Than $5 Million

Daily Link Fix: How to Put Midtown’s Empty Pied-a-Terres to Good Use; 3D-Printed Photos for People without Vision

This Charming Gramercy Park Pied-a-Terre Glows with a Stunning Skylight

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