Close Menu
The Financial News 247The Financial News 247
  • Home
  • News
  • Business
  • Finance
  • Companies
  • Investing
  • Markets
  • Lifestyle
  • Tech
  • More
    • Opinion
    • Climate
    • Web Stories
    • Spotlight
    • Press Release
What's On

Managing Data In An AI World

September 16, 2026

Your AI Bill Isn’t The Problem. Your AI Operations Are

September 16, 2026

After years of retrenching, Jewish delis launch comeback for New Year

September 16, 2026

Why Every App, Agent And Automation Needs A Half-Life

September 16, 2026

More Baby Boomers’ grown kids are asking them for financial help, forcing them to dip into savings

September 16, 2026
Facebook X (Twitter) Instagram
The Financial News 247The Financial News 247
Demo
  • Home
  • News
  • Business
  • Finance
  • Companies
  • Investing
  • Markets
  • Lifestyle
  • Tech
  • More
    • Opinion
    • Climate
    • Web Stories
    • Spotlight
    • Press Release
The Financial News 247The Financial News 247
Home » Manhattan luxury real estate market plummets after Mamdani pied-à-terre tax goes into effect

Manhattan luxury real estate market plummets after Mamdani pied-à-terre tax goes into effect

By News RoomJuly 14, 2026No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn WhatsApp Telegram Reddit Email Tumblr
Manhattan luxury real estate market plummets after Mamdani pied-à-terre tax goes into effect
Share
Facebook Twitter LinkedIn Pinterest Email

Manhattan’s luxury real estate market ground to a halt last week, with just one trophy home asking more than $10 million entering contract — as brokers told The Post that anti-wealth rhetoric from Mayor Zohran Mamdani and the controversial pied-à-terre tax are spooking affluent buyers.

Only one eight-figure-plus home found a buyer between July 6 and July 12, even as 29 Manhattan homes priced at $4 million or more went into contract during the period, according to Olshan Realty’s weekly luxury market report.

Realtors told The Post that normally, between three and five properties priced at $10 million and upwards enter contract per week.

Manhattan’s trophy-home market logged just one contract above $10 million between July 6 and July 12, the weakest showing since late December.

The broader luxury market was far more resilient. Nineteen condos, six co-ops, and four townhouses priced at $4 million or more entered contract during the week, with 20 of the 29 deals involving homes asking less than $6 million.

The lone trophy-home deal marked the weakest week for Manhattan’s $10 million-plus market since the last week of December, according to the report.

Compass broker Victoria Shtainer told The Post the slowdown reflects growing unease among wealthy buyers over New York’s political climate and tax burden.

“It was shocking in a really bad way,” Shtainer told The Post. “The luxury buyer [is] backing off and thinking twice.”

Shtainer, who works with international buyers and luxury condominium developments, said affluent purchasers are increasingly scrutinizing whether New York remains an attractive place to own a second home.

Some luxury brokers blame Mayor Zohran Mamdani’s anti-wealth rhetoric and uncertainty surrounding the proposed pied-à-terre tax for rattling affluent buyers.

“I think the $10 million-plus buyer is an educated buyer,” she said. “They really do their homework. They understand taxes, property tax. They have advisers. This is something that they’re considering, and they’re looking at New York as a whole. Is it friendly for the wealthy buyer or not?”

While summer is typically a slower season for Manhattan real estate, Shtainer said the latest numbers were well below normal.


Follow live updates on Mayor Zohran Mamdani’s socialist agenda and the latest in NYC politics


“Summers are slower. But not this slow,” she told The Post.

But Jonathan Miller, founder of appraisal firm Miller Samuel, said the weakness at the top end of the market is consistent with broader second-quarter trends.

“It’s consistent with what we saw in the second quarter where the market above $10 million is down, but the market just below that is up,” Miller told The Post. “It’s almost a shift in the mix.”

Miller cautioned against reading too much into one week’s data, noting that Wall Street compensation and tech-sector wealth remain strong.

“It’s hard to say whether this is a trend,” he said. “It’s also the summer, and I wonder if it’s just something seasonal that we’re entering.”

While some brokers have blamed Mamdani’s rhetoric for cooling demand, Miller said there is “no specific evidence” that wealthy buyers are leaving New York faster because of the new administration.

Instead, if anything is giving buyers pause, he said, it may be uncertainty surrounding implementation of the city’s pied-à-terre tax.

“The pied-à-terre tax may be a driver of this pause,” Miller said.

Twenty-nine Manhattan homes asking at least $4 million entered contract last week, though just one was priced above $10 million.

“However, we are seeing the same behavior in the Hamptons, which is joined at the hip with Manhattan.”

The lone $10 million-plus contract last week was for a condominium at 1122 Madison Ave. with an asking price of $21.8 million, according to the Olshan report. The next-priciest signed deal was a Chelsea condo asking just under $10 million.

The Post has sought comment from Mamdani.

Business luxury real estate Manhattan Metro Real Estate taxes Zohran Mamdani
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related News

After years of retrenching, Jewish delis launch comeback for New Year

September 16, 2026

More Baby Boomers’ grown kids are asking them for financial help, forcing them to dip into savings

September 16, 2026

Wells Fargo finance chief sees stronger 2026 loan growth, healthy US economy

September 16, 2026

Melania Trump tells kids not to fear AI amid Nvidia investment announcement

September 15, 2026

In-N-Out managers make six figure salaries, company reveals

September 15, 2026

10-year Treasury yield soars, oil surges above $105 as Fed expected to hike interest rates

September 15, 2026
Add A Comment
Leave A Reply Cancel Reply

Don't Miss

Your AI Bill Isn’t The Problem. Your AI Operations Are

Tech September 16, 2026

Paul Deraval, Cofounder & CEO of NinjaCat, is a software veteran with 20+ years driving…

After years of retrenching, Jewish delis launch comeback for New Year

September 16, 2026

Why Every App, Agent And Automation Needs A Half-Life

September 16, 2026

More Baby Boomers’ grown kids are asking them for financial help, forcing them to dip into savings

September 16, 2026
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Our Picks

Wells Fargo finance chief sees stronger 2026 loan growth, healthy US economy

September 16, 2026

Melania Trump tells kids not to fear AI amid Nvidia investment announcement

September 15, 2026

In-N-Out managers make six figure salaries, company reveals

September 15, 2026

10-year Treasury yield soars, oil surges above $105 as Fed expected to hike interest rates

September 15, 2026
The Financial News 247
Facebook X (Twitter) Instagram Pinterest
  • Privacy Policy
  • Terms of use
  • Advertise
  • Contact us
© 2026 The Financial 247. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.