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

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 to five properties priced at $10 million and upwards enter contract per week.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.“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.“Summers are slower.

But not this slow,” she told The Post...