The luxury pied-\u00e0-terre is alive and well, despite any efforts to stifle \u2014 or excessively tax \u2014 it.<\/p>\n
While the second week of August saw a Staten Island Supreme Court judge block the rollout<\/a> of New York City Mayor Zohran Mamdani\u2019s pied-\u00e0-terre tax<\/a> \u2014 a controversial surcharge on second homes worth more than $5 million \u2014 the first week of the month saw a year-over-year rise in such sales.\u00a0<\/p>\n SEE ALSO: Blackstone Snaps Up Ken Griffin\u2019s 125 Worth Avenue in Palm Beach for $86M<\/a><\/p>\n From Aug. 1 to Aug. 7, there were 16 contracts signed above $5 million, a 7 percent year-over-year increase when compared to the same week in 2025, according to data from Corcoran Sunshine shared exclusively with Commercial Observer. \u00a0<\/p>\n In addition, since the passage of the tax some 16 weeks ago, sales of condos, co-ops and townhomes worth more than $5 million are up 1 percent from those 16 weeks last year, and up 3 percent versus the five-year average, the data shows. Overall, Manhattan saw 302 sales over $5 million from April 18 to Aug. 7, versus 268 sales tracked from Jan. 31 to April 17.<\/p>\n For that same time period of April to August, sales of homes worth between $5 million and $15 million are up 2 percent year-over-year, while sales of homes worth between $15 million and $25 million are up 8 percent.<\/p>\n However, homes valued at higher prices, like $25 million and more, are down 20 percent year-over-year \u2014 but that doesn\u2019t mean they aren\u2019t selling. The largest contract signed during the week of Aug. 1 to Aug. 7 was a full-floor residence at 1122 Madison Avenue worth $40.5 million.\u00a0<\/p>\n Sentiment around Mamdani\u2019s pied-\u00e0-terre tax has certainly been mixed since the legislature was passed at the end of May, especially after the mayor posted a controversial video<\/a> that called out Citadel<\/a> CEO Ken Griffin by name over his $238 million Manhattan penthouse and caused some to speculate that Griffin might abandon the planned tower Citadel was building in Midtown and focus instead on Florida<\/a>. But sales haven\u2019t halted yet<\/a>, despite owners becoming increasingly frustrated<\/a> with the system.<\/p>\n