Miami building sees more than $70M in sales from NYC buyers in last month — as people flee Mamdani’s pied-à-terre tax

NYPost ^ | 5/14/26 | Mary K Jacob

[CFW]

The ink isn’t even dry on New York City’s proposed pied-à-terre tax — and one Miami Beach tower is already counting the money.

At the Perigon Miami Beach, a 72-unit oceanfront condominium in Mid-Beach designed by Pritzker Prize-winning architect Rem Koolhaas’s firm OMA, developers say they logged more than $70 million in sales from New York buyers in the 30 days after the building reached its full structural height in early March.

The project, developed by Mast Capital, is priced from $12.55 million and expects to open in 2027.

It is no coincidence, on April 15, Mayor Zohran Mamdani and Governor Kathy Hochul jointly announced an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.

The city says it expects to raise $500 million a year. What nobody in Albany or City Hall seems to have accounted for is what happens south of the Mason-Dixon line when that kind of news lands.

“What we can speak to is what we’re seeing on the ground … New York buyer interest has certainly increased,” Camilo Miguel Jr., CEO and Founder of Mast Capital told The Post. “Buyers who were evaluating South Florida are now moving from consideration into action.”

The broader picture is more complicated. High-end Manhattan sales have actually ticked up since the tax was announced, with 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10 — a slight increase over the same period last year, with total dollar volume rising 10% to $1.12 billion.

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TOPICS: Culture/Society; Government; US: New York
KEYWORDS: communists; mandami; miami; ny

[CFW]

Socialist Democrats are going to be Classic Communists real fast. In NYC, there will soon be only the rich central planners and the poor peons grateful for the crumbs they can find.

[CFW]

“Hochul agrees to lower threshold on second home tax for NYC, sneaks in new levy on property purchases”

https://nypost.com/2026/05/14/us-news/hochul-agrees-to-far-lower-threshold-on-home-tax-for-nyc-sneaks-in-new-levy-on-property-purchases/

“A controversial new tax on second homes in New York City was quietly lowered from $5 million to a “market value” of $1 million — increasing the number of homeowners who will get squeezed as part of Gov. Kathy Hochul’s never-ending budget negotiations.

Hochul’s office finally released details of her and Mayor Zohran Mamdani’s new tax on second homes in New York City to the New York Times Thursday, the latest concession to the Democratic socialist mayor and his liberal followers on a tax-hike crusade they say will target the rich.”

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New York City middle class property owners are about to learn that THEY are the rich.

[aynrandfreak]

At that price, it’s only about 4-5 units, but that’s a lot as a percentage of the superrich.

[Mark]

1975 -In 1975, New York City’s government ran out of money.

“On the simplest level” journalist Martin Mayer wrote, “the story of New York’s financial collapse is the tale of a Ponzi game in municipal paper – the regular and inevitably increasing issuance of notes to be paid off not by the future taxes of revenue certified to be available for that purpose, but by the sale of future notes. Like all chain-letter swindles, Ponzi games self-destruct when the seller runs out of suckers, as New York did in spring 1975.”

I was shocked!(/S)

[T.B. Yoits]

From the article: ...an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.

How many such secondary homes are in an individual's name instead of a corporation?

The property tax write-off for income tax applies to primary residences, giving more incentive to put a secondary residence into a trust or a corporation.

[BubbaJunebug]

That could be 1 70 million penthouse or 70 1 million 3 Bedroom ranch houses In a dicey neighborhood

[monkeyshine]

It's probably not the "pied a terre" tax causing this. It is simple economics. There will be few buyers for those multi-million dollar vacation homes at this point. This is people who are jumping ship entirely. Why stay in NYC and pay property taxes and income taxes and sales taxes... when you can live in Florida where there is no income tax and likely soon no property tax. It adds up. The cheapest condo in this building is $12.5 million! Unlikely to be vacation or second homes IMHO. These are probably high income earners who are deciding they would like to save a few extra hundreds of thousands (or millions) of dollars a year in state taxes. Maybe some people who can live 200 days a year in Florida and 165 days in NYC - they will get some kind of hit but still likely come out ahead.

[monkeyshine]

That pied a terre tax is just a soak the rich tax. It is to get more money from the folks with vacation homes. It will do nothing good for young people who want a starter home or first home and are priced out of the market. For the most part I think there should be zero property taxes (and it looks like Florida is going to pass that law). That makes Florida attractive for buyers and investors alike but will drive up prices. For a place like New York, maybe I can see where taxing the corporate owners and the hedge funds that own multiple (or even 100’s or 1000s) properties purely for the speculative value - but primary residences should not be taxed at all.