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.
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.
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.
More this way
The Upper East Side, where the most $5 million + homes are located, via CityRealty
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.”
More details here
Images: One57, which attracts pied-a-terre purchases, via One57 (left); Touchable Memories via Pirate3D (right)
, Fri, September 12, 2014
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