Luxury Condo Sales in Manhattan Rise Post-Pied-à-Terre Rollout
The number of contracts signed above $5 million in the past 16 weeks has risen since last year
By Amanda Schiavo August 13, 2026 7:00 am
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The luxury pied-à-terre is alive and well, despite any efforts to stifle — or excessively tax — it.
While the second week of August saw a Staten Island Supreme Court judge block the rollout of New York City Mayor Zohran Mamdani’s pied-à-terre tax — a controversial surcharge on second homes worth more than $5 million — the first week of the month saw a year-over-year rise in such sales.
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.
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.
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.
However, homes valued at higher prices, like $25 million and more, are down 20 percent year-over-year — but that doesn’t mean they aren’t 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.
Sentiment around Mamdani’s pied-à-terre tax has certainly been mixed since the legislature was passed at the end of May, especially after the mayor posted a controversial video that called out Citadel 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. But sales haven’t halted yet, despite owners becoming increasingly frustrated with the system.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
