economy
The wealthy keep buying Manhattan real estate despite potential pied-à-terre tax
Real estate sales in Manhattan worth $4 million or more increased in the past month, according to Olshan Realty.
TL;DR
- 133 contracts were signed for Manhattan apartments priced at $4 million or more between April 14 and May 10, an increase from the previous year.
- The total dollar volume for these sales increased by 10% to $1.12 billion.
- Sales of apartments priced at $10 million or more surged by 80% to 34 contracts.
- Real estate brokers and business leaders warn that a proposed pied-à-terre tax could negatively impact the market.
- The proposed tax, if enacted, would be an annual levy on non-primary residences in New York valued at $5 million or more.
- Citadel CEO Ken Griffin stated he will expand his Miami workforce as a direct consequence of the mayor's actions regarding the tax proposal.