Exclusive | Mamdanis pied--terre tax has a winner Greenwich, CT, where condos just hit $12M for the first time ever

For the first time in Greenwich history, condos are selling for as much as $12 million, blowing past the town’s previous record condo sale of $6.75 million by nearly 50 percent.The prices are coming out of Chilston Court, a new luxury development in downtown Greenwich from Caspi Development, the team behind Tribeca’s celebrity-favorite hotel Fouquet’s New York. Founder Josh Caspi said the numbers are unprecedented for the market. “It turns out that it’s exactly what people want because it’s never existed,” he told The Post.The timing is no accident.New Yorkers are increasingly eyeing Greenwich as an escape hatch from Mayor Zohran Mamdani’s new surcharge on high-value secondary homes. The pied-à-terre tax levies an annual charge on one to three family homes, condos and co-ops valued above $5 million when the owner keeps a separate primary residence outside New York City. Caspi said the policy is now a direct driver of sales at Chilston Court. “I’d say about a quarter of the buyers have places in New York City and several of them have made the move already where they’re selling their New York City place and buying here as their secondary home instead of being in the city for that reason exactly,” he said.For many of those buyers, Greenwich isn’t a downgrade so much as a strategic repositioning.

Caspi said some owners are shifting what used to be their full-time home into secondary status once they establish residency elsewhere for tax purposes. “It would become, by default, their secondary residence, but it’s where they raise their kids and family,” he said.The pace of demand since the launch just last week, caught even Caspi off guard.Units priced between $9 million and $10 million sold first, and he raised prices repeatedly to keep up. “We started raising prices immediately and we’re now getting close to breaking $12 million,” he said.Competition got fierce enough that he pulled the remaining top-tier units to release...