This new tax has NYC's luxury market talking 💬
Andrew’s Articles
A few fun things that caught my attention this week:
🍝 The NYT came out with their annual top 100 restaurants list. I’m digging the range of locations this year with several restaurants in Queens making their first appearance. I’m going to do my best to eat my way through these over the next year 😆
🏡 Every bit of this home is absolute perfection.
🍉 These are some of the dreamiest homes in the Hamptons. I’m drooling.
Your feedback means the world to me! If you enjoyed working with me, I’d greatly appreciate it if you’d write me a review.
Hot Homes 💰💰💰
Photo cred: Compass, 101 Wooster St. A $6,995M property that would be included in the pied-a-terre tax.
In case you missed it, NYC has a new pied-à-terre tax proposal on luxury second homes valued at $5M+. Given the city’s budget gap, the tax is projected to generate annual revenue to help close it without cutting services. Roughly 13,000 non-primary homes would be subject to the tax.
My thinking around it is two-fold: on the one hand, I like the idea of having more real estate “filled”. Billionaires' Row basically sits empty. It feels like a crime to have all this square footage and mega homes sit empty while many New Yorkers get priced out of areas they want to live.
On the other hand, establishing NYC as a place that’s unfriendly to global investors has major drawbacks. If wealthy buyers start to choose Miami, Palm Beach, or London over NYC because of this tax, it ultimately hurts the city. Residents pay high taxes to hold these homes already. When they are here, they’re eating out, seeing shows, and contributing to the economy in major ways.
While many details around implementation and structure are still unclear, the conversation alone is already influencing buyer psychology—particularly for global, luxury buyers.
There’s still many unknowns. If you have questions about the pied-a-terre tax, reply with your questions and I’ll answer them in my next newsletter!
Ask the (Trip Planning) Expert 🚗
Since gas prices are killing us all, I recommend an easy train-accessible weekend! Lucky for us New Yorkers, we’ve got plenty of options. Here are my top two choices:
☀️Cold Spring - For my hiking fans, Cold Spring is a cute town an hour train from Grand Central. Their main hike is called Bull Hill and it’s walkable from the train station. Pack a lunch and eat on the trail, or treat yourself to a beer and ice cream at one of the many cute bistros in town. There are plenty of B&B’s to stay overnight and the antique shopping won’t disappoint.
🏖️ Long Beach - This is where Michael and I will be for anyone who wants to hang! Get on the LIRR and in less than an hour you could be having frozen drinks on the beach with me—after this winter we’ve certainly earned it! I’m hopeful it’ll be warm enough for a dip, but I’m not holding my breath. At the very least, I don’t want to see ice anywhere but in my pina colada.
Xx Andrew
Trivia
Photo cred: Unsplash
Keeping in theme with our pied-a-terre tax, today trivia is about Billionaires' Row, which refers to a stretch of ultra-luxury skyscrapers along which NYC street?
West 57th Street
West 59th Street
West 58th Street
The answer is at the bottom of this email!
🌳 Listing I’m Lovin’ 🌳
So many of my buyers are looking for homes with private outdoor space. I like to remind them that sometimes, being close to one of our many amazing parks is just as good! It sure helps that it doesn’t come with the added price tag. Here are three listings under a 5 min walk to one of our many amazing public parks.
2 Bed, 2 bath | $1,950,000 | UWS | Bahar Tavakolian
Half a block from Central Park and under $2M? On the UWS, that’s basically the real estate equivalent of finding a Fendi sample sale with a baguette bag. Features include sun-filled south-facing rooms, custom millwork, an in-unit washer/dryer, and a beautifully renovated chef’s kitchen. It all adds up to a pretty compelling excuse for spending your summer in the world’s most iconic park.
2 bed, 1 bath | $1,150,500 | Park Slope | Tamara Abir
Half a block from another epic green space—Prospect Park—this charming Park Slope 2-bed is packed with character. Between the bay windows, treetop views, wood-burning fireplace, and dreamy dining nook, the home is brimming with classic Brooklyn charm. Not only will you be walking your dog, Lucky, in Prospect Park every morning but you’ll be winding down on your semi-private roof deck with skyline views every summer night.
3 bed, 2-bath | $1,995,000 | Fort Greene | Christian Haag
If a smaller, more intimate Park is more your vibe, look no further than this dramatic duplex located steps from Fort Greene Park. With 24-foot ceilings, floor-to-ceiling windows, and three private balconies overlooking the skyline, the home pairs architectural scale with thoughtful luxury touches like heated bathroom floors, walk-in closets, and beautifully renovated interiors.
To all my Buyers, Sellers, or Renters looking to make moves, let’s make it happen!
I’ll be back in your inbox in two weeks.
P.S. The trivia answer is A) West 57th Street (specifically the stretch between Columbus Circle and Park Avenue).
