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JUNE 2026 MANHATTAN MONTHLY TAKE |
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The New NYC Pied-à-Terre Tax Update: What You Need To Know
There has been a lot of confusion about New York City’s new pied-à-terre tax, particularly the widely reported “$1 million threshold.”
The key point is that, for the first two years (beginning July 1st, 2026) the tax is generally not based on your apartment’s actual market value or purchase price. Instead, it is based on the NYC Department of Finance’s “assessed value”, which is significantly lower than market value, and as a result, many condos and co-ops with a current market value well over $1 million will not be affected during the initial phase.
Beginning in July 2028, the city is expected to transition to a valuation system based more closely on actual market values. At that point, the tax is expected to apply primarily to non-primary residences valued above approximately $5 million.
The tax generally applies to second homes in NYC, including condos, co-ops, and one- to three-family homes. Primary residences and many apartments occupied by long-term tenants are exempt.
While the final details are still being implemented, current estimates suggest that only a relatively small percentage of New York City properties will be affected.
If you have questions about how the new law may impact your property, please reach out to us.
Let’s talk soon! Stacey and Julie |
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Want to learn more about the market? |
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Read on and get our JUNE Take: |
| ✦ New Development: 175 East 82nd Street ✦ Food News: Hidden Gems & Speakeasy Entrances ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: New Openings on the UES! |
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| | | ✦ Developer: Douglaston Development ✦ Designer: CetraRuddy Architecture ✦ 39-story residential tower ✦ 73 condominium residences (1–6 bedrooms) ✦ Three duplex penthouses with private terraces ✦ Boutique-scale luxury tower with expansive layouts ✦ Amenities include: indoor pool, fitness center, terrace, resident lounge, children's playroom, sauna, yoga/wellness rooms and screening/media room ✦ Sales will launch shortly 2nd Quarter 2026 ✦ Estimated completion: Late 2027 (projected)
*Photo credits to the building website |
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Hidden Gems & Speakeasy Entrances |
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| | ✦ La Esquina: Disguised as a casual taqueria, this lively spot leads reserved guests through an "Employees Only" door, down a graffiti-lined stairwell, and directly through the active prep kitchen to reach a subterranean Mexican brasserie serving elevated street food, ceviches, and a robust tequila menu. 114 Kenmare Street (btwn Cleveland and Lafayette)
✦ Frevo: Hidden behind a contemporary art gallery, guests enter when a host swings open a large canvas painting on the wall, revealing an intimate 14-seat counter where a Michelin-starred chef serves a contemporary French tasting menu. 48 West 8th Street (btwn 6th and MacDougal)
✦ Sakagura: Concealed in the basement of a sterile office building with no street signage, visitors must walk past a security desk and head underground to discover a bustling Tokyo-style izakaya serving authentic Japanese tapas, fresh sashimi, and an extensive, highly curated sake list. 211 East 43rd Street (btwn 2nd and 3rd Avenue)
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✦ Mariah Carey LISTS at 90 Franklin Street for $27M: The 8-bed, 7.5 bath, ~12,700 SF triplex features butterfly-filled interiors designed by famed decorator Mario Buatta, lavish entertaining spaces, multiple terraces, and sweeping skyline views. 90 Franklin Street (btwn Broadway and Church Street).
✦ Debra Messing LISTS at 3 East 84th Street for $6.5M: The 4-bed, 4-bath full-floor Upper East Side co-op features Juliet balconies, a wood-burning fireplace and elegant prewar details, all a stone's throw away from Central Park. 3 East 84th Street (btwn 5th and Madison Avenue).
✦ Nicolas Cage PURCHASED at 160 Central Park South for $6.5M: The 2-bed, 2.5-bath, 2,400-SF Essex House condo features a sprawling Central Park–facing great room, a luxe primary suite, and a flexible dual-unit layout in a landmark Art Deco hotel-residence. 160 Central Park South (btwn 6th and 7th Avenue).
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✦ Spotless: A new acne clinic established by dermatologist Dr. Amy Wechsler and her daughter, Zoe. Often described as the “Drybar for acne,” the clinic aims to offer convenient, walk-in and appointment-based services for various types of acne, ranging from urgent pimple treatments to ongoing prescription management. 1053 Lexington Ave (btwn East 74th and 75th Street)
✦ Yamadaya: Find authentic Japanese groceries, specialty snacks, and everyday essentials at this beloved Tokyo-based market’s newest UES location. The thoughtfully curated shop will bring a taste of Japan to the neighborhood with fresh foods and hard-to-find imports. 1279 Third Avenue (btwn East 73rd and 74th Street)
✦ La Double J: The latest US flagship shop is now located in an UES townhouse, where you will find vibrant Italian fashion, ready-to-wear and homeware, all inspired by vintage Milanese style. 18 East 69th (btwn 5th and Madison Avenue)
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How is the Luxury Market YTD? Residential Properties In Contract $4MM and above |
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Which Kanbar Kopel Team Listing is your Favorite? |
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Featured Coming Soon Listing |
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| | 5 BD | 5 BA | $4,995,000 | Active |
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| | | 2 BD | 2 BA | $2,600,000 | In Contract |
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| | 203 East 72nd Street, Apt. 22A |
| 2 BD | 2 BA | $1,995,000 | In Contract |
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| | | Alcove | 1 BA | $529,000 | In Contract |
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| | 2 BD | 2 BA | $7,995 | Rented |
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| | 3 BD | 4 BA | $6,200,000 | Sold |
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| | | | 2 BD | 2 BA | $4,650,000 | Sold |
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| | 4 BD | 4 BA | $4,500,000 | Sold |
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| | | | 2 BD | 3 BA | $4,250,000 | Sold |
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| | 2 BD | 3 BA | $3,700,000 | Sold |
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| | | | 3 BD | 2 BA | $2,600,000 | Sold |
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| | 3 BD | 3 BA | $2,395,000 | Sold |
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| | | | 2 BD | 3 BA | $2,195,000 | Sold |
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| | 2 BD | 2 BA | $1,695,000 | Sold |
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| | | | 2 BD | 2 BA | $1,525,000 | Sold |
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| | 2 BD | 2 BA | $1,395,000 | Sold |
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| | | | 3 BD | 2 BA | $1,350,000 | Sold |
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| | 1 BD | 1 BA | $749,000 | Sold |
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| | | | 1 BD | 1 BA | $535,000 | Sold |
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| | 6 BD | 12 BA | $16,000,000 | Sold |
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| | 8 BD | 10 BA | $12,000,000 | Sold |
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| | | | 4 BD | 5 BA | $4,999,999 | Sold |
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| | 3 BD | 4 BA | $4,375,000 | Sold |
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| | | | 3 BD | 4 BA | $4,300,000 | Sold |
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| | 4 BD | 4 BA | $4,250,000 | Sold |
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| | | | 4 BD | 4 BA | $3,712,500 | Sold |
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| | 3 BD | 3 BA | $2,500,000 | Sold |
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| | | | 2 BD | 2 BA | $2,475,000 | Sold |
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| | 3 BD | 3 BA | $2,395,000 | Sold |
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| | | | 2 BD | 2 BA | $2,275,000 | Sold |
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| | 1 BD | 1 BA | $1,900,000 | Sold |
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| | | | 2 BD | 2 BA | $1,850,000 | Sold |
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| | 3 BD | 2 BA | $1,400,000 | Sold |
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| | | | 2 BD | 3 BA | $1,325,000 | Sold |
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| | 2 BD | 2 BA | $1,300,000 | Sold |
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| | | | 1 BD | 1 BA | $499,000 | Sold |
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Want to see more listings? |
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Office: 646-982-0353 Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. |
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