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Manhattan Luxury Sales Surge 31% After $5M Pied-à-Terre Tax

7/5/2026

30 7 Full Breakdown

Summary

Story summary

Manhattan luxury sales rose after Mayor Zohran Mamdani’s pied-à-terre tax took effect on July 1.
The tax applies to non-primary homes over $5 million.
It could raise $500 million annually, though Comptroller Mark Levine projects $340-$380 million.
Luxury contracts increased 24 percent in the 60 days after the election.
Listings fell 8.2 percent to 6,616 while $4 million-plus home sales rose 31 percent month-over-month.

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Story summary

Manhattan luxury sales rose after Mayor Zohran Mamdani’s pied-à-terre tax took effect on July 1.
The tax applies to non-primary homes over $5 million.
It could raise $500 million annually, though Comptroller Mark Levine projects $340-$380 million.
Luxury contracts increased 24 percent in the 60 days after the election.
Listings fell 8.2 percent to 6,616 while $4 million-plus home sales rose 31 percent month-over-month.