February 6th, 2019. Billionaire Ken Griffin’s record-breaking purchase for $238 million of the penthouse at 220 Central Park South, a super-tall building designed by Robert A.M. Stern in Midtown, is prompting a newfound push for the introduction of a pied-à-terre tax.
According to Mark Levine, the council member for District 7 in Manhattan, the tax would be a small surcharge on second homes valued at $5 million or more. Advocates of the tax cite a 2014 report by the Fiscal Policy Institute, which says the proposed tax could generate $665 million each year. Critics of the tax insist that it is an additional hit to the real estate market, which holds up much of the city’s treasury. Real estate is so critical to the financial security of New York that Mayor Bill de Blasio may be unlikely to sign any such proposal into law.
Find the article on Architectural Digest.