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MAY 2026 MANHATTAN MONTHLY TAKE |
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Manhattan’s luxury market remains strong this spring, but growing attention is focused on the proposed NYC pied-à-terre tax backed by Mayor Mamdani and Governor Hochul. The measure, which is expected to pass, would impose an annual surcharge on non-primary residences valued above $5 million.
Supporters argue the tax would raise additional revenue for the city, while many in the real estate community, including us, believe pied-à-terre owners already contribute significantly to New York’s economy through property taxes, transfer taxes, renovations, staffing, retail, dining, and cultural spending — all while placing minimal demand on city services such as public schools and other municipal resources.
Critics warn the tax could discourage luxury real estate investment and weaken confidence in Manhattan’s high-end market, potentially affecting its broader economy that relies heavily on real estate-related revenue. Time will tell how this plays out, and we will continue to keep you updated. |
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Want to learn more about the market? |
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Read on and get our MAY Take: |
| ✦ New Development: Parc Beaufort at 140 West 57th Street ✦ Food News: New UES restaurants ✦ Celeb Real Estate Buzz ✦ NYC Home & Lifestyle Trends: Great art to see this month!
Let's talk soon! Stacey and Julie |
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| | | ✦ Developer: Feil Organization ✦ Designed originally by Pollard & Steinam in 1907. ✦ Conversion architect: MdeAS Architects ✦ Interiors by Stephen Sills Associates ✦ 14-story limestone and brick former office building ✦ 47 luxury condominium residences ✦ Price begins at $1,175,000 ✦ Featuring signature double-height bay windows ✦ Modernized interiors preserving the building's "Artist Studio" heritage with premium finishes. ✦ Amenities: 24-hour attended lobby, 1,600 sf roof terrace, fitness center with an infrared sauna, and resident’s lounge. ✦ Estimated date of completion: Late 2026
*Photo credits to the building website |
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Brand New UES Restaurants |
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| | ✦ Dear Margo: this Eastern Mediterranean menu shines with vibrant and tasty dishes like crispy maitaki mushrooms, zucchini latkes, a variety of skewers, and much more. Everything is meant to be shared! 961 Lexington Avenue (btwn 69th and 70th Street)
✦ Marcel: this long-awaited Modern French brasserie serves classics like sole meunière and cote de boeuf in an elegant, art-driven setting inside Sotheby's Breuer building. 945 Madison Avenue (btwn 74th and 75th Street)
✦ Wainwright’s Tavern: this "Old New York" style neighborhood restaurant is meant to feel casual, yet glamorous, and focuses on American classics such as a Waldorf Salad, a great burger, and mac and cheese. 1278 3rd Avenue (btwn 73rd and 74th Street) |
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| Celeb Real Estate Rundown |
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✦ Christian Candy PURCHASED 111 West 57th Street for $47M: The British luxury developer behind One Hyde Park acquired the 4-bed, ~7,250-SF triplex penthouse with soaring ceilings, a 1,240-SF loggia, and panoramic Central Park-to-Statue of Liberty views on Billionaires’ Row. 111 West 57th Street (btwn 6th and 7th Avenue)
✦ Pink PURCHASED 125 West 11th Street for $21.5M: The 5-bed, 5.5-bath, ~8,000-SF Greek Revival townhouse features six levels of historic charm, ornate details, and a skylit artist studio in the heart of Greenwich Village. 125 West 11th Street (btwn 6th and 7th Avenue)
✦ Mitchell Lichtenstein PURCHASED 16 West 77th Street for ~$7.9M: Son of pop artist Roy Lichtenstein bought the 3-bed, 2.5-bath duplex co-op, which includes a private terrace with sweeping Central Park views and refined prewar details. 116 West 77th Street (btwn Central Park West and Columbus Avenue) |
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| Great art to see this month! |
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✦ Metropolitan Museum: Raphael exhibition: A landmark show and the first comprehensive Raphael exhibition ever staged in the United States. Exhibition runs through June 28, 2026. 1000 Fifth Avenue (at 82nd Street)
✦The Shed: Frieze Art Show: Experience a world-class contemporary art fair at The Shed, bringing together leading global galleries, artists, and cutting-edge exhibitions. Public access May 14–17. 545 West 30th Street (btwn 10th and 11th Avenue)
✦ Frick: The Fashion of Portraiture: Step into the refined world of 18th-century society through Thomas Gainsborough’s iconic portraits, where art and fashion intertwine. Exhibit open until May 25, 2026 1 East 70th Street (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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| The Sienna at 188 East 76th Street |
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| | | 2 BD | 2 BA | $2,600,000 | In Contract |
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| | | 2 BD | 2 BA | $849,000 | 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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