NYC Pied-à-Terre Tax Database Reveals Art World's Elite Property Holdings
On July 24, the New York City Department of Finance (DOF) unveiled a database concerning the pied-à-terre tax, featuring approximately 960,000 property owner entries. Notable figures in the art world, such as David Zwirner, Arne and Marc Glimcher, Julian Schnabel, Allan Schwartzman, and Mitchell Rales, are included. Billionaires like Steve Cohen, Leon Black, and Len Blavatnik are associated with LLCs. Larry Gagosian's mansion on East 75th Street is appraised at $63.3 million. Proposed by Governor Kathy Hochul, the tax applies to non-primary residences valued at $5 million or more for houses and $1 million for condos, with rates ranging from 0.8% to 6.5%. Property owners must submit exemption applications by August 21 or August 24. If taxed, Cohen's estate could yield $907,478 annually.
Key facts
- DOF released pied-à-terre tax database on July 24 with ~960,000 records.
- Tax initiative proposed by Governor Kathy Hochul to support Mayor Zohran Mamdani's budget gap closure.
- Named art world figures: David Zwirner, Arne and Marc Glimcher, Julian Schnabel, Allan Schwartzman, Mitchell Rales.
- Larry Gagosian's mansion owned by Sugar Shack LLC, valued at $63.3 million.
- Surcharge rates: 0.8% to 6.5% depending on property type and value.
- Exemption deadlines: August 21 for family homes and condos, August 24 for co-ops.
- Cohen's West Village property valued at $69.8 million; potential annual surcharge $907,478.
- Rales' Central Park South unit valued at $2.67 million; potential surcharge $106,724.
Entities
Artists
- Julian Schnabel
- Pablo Picasso
Institutions
- New York City Department of Finance
- Pace Gallery
- David Zwirner gallery
- Artnet News
- Glenstone
- Rosenberg & Estis
- Bloomberg
- Forbes
Locations
- New York City
- East 75th Street
- Flatiron
- Upper East Side
- East Village
- Greenwich
- Connecticut
- West Village
- Central Park South
- Potomac
- Maryland