{"id":271334,"date":"2026-05-14T20:17:09","date_gmt":"2026-05-14T20:17:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/271334\/"},"modified":"2026-05-14T20:17:09","modified_gmt":"2026-05-14T20:17:09","slug":"nyc-pied-a-terre-tax-driving-buyers-to-1-miami-beach-tower","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/271334\/","title":{"rendered":"NYC pied-\u00e0-terre tax driving buyers to 1 Miami Beach tower"},"content":{"rendered":"

The ink isn\u2019t even dry on New York City\u2019s proposed pied-\u00e0-terre tax<\/a> \u2014 and one Miami Beach tower is already counting the money.<\/p>\n

At the Perigon Miami Beach, a 72-unit oceanfront condominium in Mid-Beach designed by Pritzker Prize-winning architect Rem Koolhaas\u2019s firm OMA, developers say they logged more than $70 million in sales from New York buyers in the 30 days after the building reached its full structural height in early March.\u00a0<\/p>\n

The project, developed by Mast Capital, is priced from $12.55 million and expects to open in 2027.<\/p>\n

It is no coincidence, on April 15, Mayor Zohran Mamdani and Governor Kathy Hochul jointly announced<\/a> an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.\u00a0<\/p>\n

A Miami Beach luxury tower is reaping the rewards of New York City\u2019s proposed pied-\u00e0-terre tax before the policy even takes effect. The Boundary<\/p>\n

The Perigon, a 72-unit OMA-designed oceanfront condominium developed by Mast Capital, recorded more than $70 million in sales from New York buyers. The Boundary<\/p>\n

The city says it expects to raise $500 million a year. What nobody in Albany or City Hall seems to have accounted for is what happens south of the Mason-Dixon line when that kind of news lands.<\/p>\n

\u201cWhat we can speak to is what we\u2019re seeing on the ground \u2026 New York buyer interest has certainly increased,\u201d Camilo Miguel Jr., CEO and Founder of Mast Capital told The Post. \u201cBuyers who were evaluating South Florida are now moving from consideration into action.\u201d<\/p>\n

The broader picture is more complicated. High-end Manhattan sales have actually ticked up<\/a> since the tax was announced, with 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10 \u2014 a slight increase over the same period last year, with total dollar volume rising 10% to $1.12 billion. <\/p>\n

Wealth flight, at least for now, appears to be more of a threat than a reality in New York itself, pending whether the proposal will be approved.<\/p>\n

The tax, backed by Mayor Zohran Mamdani and Governor Kathy Hochul, would impose an annual surcharge on secondary homes valued above $5 million owned and Miami stands to benefit from a simpler math. Paul Martinka for Ny Post<\/p>\n

Amenities of the building include a 75-foot beachfront lap pool, a private beach club, a spa, a screening room and a double-height lobby lounge. The Boundary<\/p>\n

But Miami is a different calculation. Establishing a Florida primary residence doesn\u2019t just sidestep the proposed surcharge \u2014 it eliminates New York City and state income tax liability entirely, a far larger number for most people in that bracket.\u00a0<\/p>\n

The pied-\u00e0-terre tax is in many ways the nudge that makes a move that already penciled out feel urgent.<\/p>\n

The proposal has already sparked a very public fight<\/a>. Mamdani filmed a social media video in front of hedge fund billionaire Ken Griffin\u2019s Manhattan building to announce the tax, prompting Griffin to call the move \u201ccreepy and weird\u201d and pledge to expand his firm Citadel in Miami rather than New York.\u00a0<\/p>\n

A Florida primary residence doesn\u2019t just dodge the new surcharge, it wipes out New York income tax liability altogether. The Boundary<\/p>\n

Meanwhile, New York\u2019s own comptroller has raised doubts about whether the tax will actually raise anywhere near $500 million, noting that behavioral responses \u2014 including sales, conversions to rentals, and primary-residence claims \u2014 introduce significant uncertainty into the projections. <\/p>\n

Real estate brokers have lobbied to halt the tax in Albany, warning it will hurt the market and cost jobs. Corcoran Group President and CEO Pamela Liebman told the Real Deal <\/a>that Corcoran \u201chas so many deals that have been put on pause, particularly at the $30 million, $40 million level, that are just wait and see.\u201d\u00a0<\/p>\n

\u201cFor many New York purchasers already considering South Florida, the combination of tangible construction progress and a near-term delivery timeline created a strong sense of urgency,\u201d Miguel said. \u201cJust as importantly, they\u2019re responding to the quality of the offering itself.\u201d<\/p>\n

The amenity package leans heavily into the residential-hotel territory that today\u2019s ultra-luxury buyer has come to expect. <\/p>\n

There is a 75-foot beachfront lap pool, a private beach club, a spa, a screening room and a double-height lobby lounge. The culinary program is anchored by two venues \u2014 Nota, an oceanfront restaurant, and FiftyThree, a residents-only speakeasy \u2014 both run by Michelin-starred chef Shaun Hergatt.<\/p>\n","protected":false},"excerpt":{"rendered":"The ink isn\u2019t even dry on New York City\u2019s proposed pied-\u00e0-terre tax \u2014 and one Miami Beach tower…\n","protected":false},"author":2,"featured_media":271335,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[11504,28,91994,67625,20222,803,1375,123,1642,125,124,14594,14592,14126,480,804,8527,25120,25121,17601],"class_list":["post-271334","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-exclusive","tag-florida","tag-kathy-hochul","tag-luxe-listings","tag-luxury-development","tag-luxury-real-estate","tag-mayor","tag-miami","tag-miami-beach","tag-miami-headlines","tag-miami-news","tag-new-york","tag-new-york-city","tag-policy","tag-real-estate","tag-residential-real-estate","tag-taxes","tag-wealth","tag-wealthy","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/271334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=271334"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/271334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/271335"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=271334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=271334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=271334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}