{"id":295621,"date":"2026-07-14T17:17:08","date_gmt":"2026-07-14T17:17:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/295621\/"},"modified":"2026-07-14T17:17:08","modified_gmt":"2026-07-14T17:17:08","slug":"manhattan-luxury-real-estate-market-plummets-after-mamdani-pied-a-terre-tax-goes-into-effect","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/295621\/","title":{"rendered":"Manhattan luxury real estate market plummets after Mamdani pied-\u00e0-terre tax goes into effect"},"content":{"rendered":"

Manhattan\u2019s luxury real estate market ground to a halt last week, with just one trophy home asking more than $10 million entering contract \u2014 as brokers told The Post that anti-wealth rhetoric from Mayor Zohran Mamdani and the controversial pied-\u00e0-terre tax are spooking affluent buyers.<\/a><\/p>\n

Only one eight-figure-plus home found a buyer between July 6 and July 12, even as 29 Manhattan homes priced at $4 million or more went into contract during the period, according to Olshan Realty\u2019s weekly luxury market report.<\/a><\/p>\n

Realtors told The Post that normally between three to five properties priced at $10 million and upwards enter contract per week.<\/p>\n

Manhattan\u2019s trophy-home market logged just one contract above $10 million between July 6 and July 12, the weakest showing since late December. Paul Martinka<\/p>\n

The broader luxury market was far more resilient. Nineteen condos, six co-ops and four townhouses priced at $4 million or more entered contract during the week, with 20 of the 29 deals involving homes asking less than $6 million.<\/p>\n

The lone trophy-home deal marked the weakest week for Manhattan\u2019s $10 million-plus market since the last week of December, according to the report.<\/p>\n

Compass broker Victoria Shtainer told The Post the slowdown reflects growing unease among wealthy buyers over New York\u2019s political climate and tax burden.<\/a><\/p>\n

\u201cIt was shocking in a really bad way,\u201d Shtainer told The Post. \u201cThe luxury buyer [is] backing off and thinking twice.\u201d<\/p>\n

Shtainer, who works with international buyers and luxury condominium developments, said affluent purchasers are increasingly scrutinizing whether New York remains an attractive place to own a second home.<\/p>\n

\u201cI think the $10 million-plus buyer is an educated buyer,\u201d she said. \u201cThey really do their homework. They understand taxes, property tax. They have advisers. This is something that they\u2019re considering, and they\u2019re looking at New York as a whole. Is it friendly for the wealthy buyer or not?\u201d<\/p>\n

Some luxury brokers blame Mayor Zohran Mamdani\u2019s anti-wealth rhetoric and uncertainty surrounding the proposed pied-\u00e0-terre tax for rattling affluent buyers. Andrew Schwartz \/ SplashNews.com<\/p>\n

While summer is typically a slower season for Manhattan real estate, Shtainer said the latest numbers were well below normal.<\/p>\n

\u201cSummers are slower. But not this slow,\u201d she told The Post.<\/p>\n

But Jonathan Miller, founder of appraisal firm Miller Samuel, said the weakness at the top end of the market is consistent with broader second-quarter trends.<\/p>\n

\u201cIt\u2019s consistent with what we saw in the second quarter where the market above $10 million is down, but the market just below that is up,\u201d Miller told The Post. \u201cIt\u2019s almost a shift in the mix.\u201d<\/p>\n

Miller cautioned against reading too much into one week\u2019s data, noting that Wall Street compensation and tech-sector wealth remain strong.<\/p>\n

\u201cIt\u2019s hard to say whether this is a trend,\u201d he said. \u201cIt\u2019s also the summer and I wonder if it\u2019s just something seasonal that we\u2019re entering.\u201d<\/p>\n

Twenty-nine Manhattan homes asking at least $4 million entered contract last week, though just one was priced above $10 million. Christopher Sadowski for NY Post<\/p>\n

While some brokers have blamed Mamdani\u2019s rhetoric for cooling demand, Miller said there is \u201cno specific evidence\u201d that wealthy buyers are leaving New York faster because of the new administration.<\/p>\n

Instead, if anything is giving buyers pause, he said, it may be uncertainty surrounding implementation of the city\u2019s pied-\u00e0-terre tax.<\/p>\n

\u201cThe pied-\u00e0-terre tax may be a driver of this pause,\u201d Miller said. <\/p>\n

\u201cHowever, we are seeing the same behavior in the Hamptons, which is joined at the hip with Manhattan.\u201d<\/p>\n

The lone $10 million-plus contract last week was for a condominium at 1122 Madison Ave. with an asking price of $21.8 million, according to the Olshan report. The next-priciest signed deal was a Chelsea condo asking just under $10 million.<\/p>\n

The Post has sought comment from Mamdani.<\/p>\n","protected":false},"excerpt":{"rendered":"Manhattan\u2019s luxury real estate market ground to a halt last week, with just one trophy home asking more…\n","protected":false},"author":2,"featured_media":295622,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[288,1023,75,84,83,1092,9,24,63,1491,2780,82],"class_list":["post-295621","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-business","tag-luxury-real-estate","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-mayor","tag-new-york","tag-new-york-city","tag-nyc","tag-real-estate","tag-taxes","tag-zohran-mamdani"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/295621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=295621"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/295621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/295622"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=295621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=295621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=295621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}