New York passes Mamdanis pied-a-terre tax. Who pays and how much
Under the new tax, Griffin — who is a tax resident of Florida — would see his Manhattan property tax bill more than triple, according to CNBC calculations. Griffin purchased his 24,000-square-foot penthouse at 220 Central Park South in 2019 for $238 million. However, according to government records, the city values the apartment at just $15.5 million. Griffins property tax bill for the 2026-2027 tax year is $858,332, according to city records. In the first two years of the pied-a-terre tax, Griffins property tax bill would more than double to $1.87 million, according to Pollack. Starting in the 2028-2029 tax year, it would increase to just under $4 million. Griffin also purchased two apartments at 740 Park Avenue for a total of $83 million, according to reports. The tax on those units would be $1.1 million starting in 2028, bringing his total Manhattan property tax bill for all his properties to more than $5 million. While the citys politicians say the wealthy can afford it, real estate brokers and tax attorneys say the sticker shock will be significant. “All my clients already feel like they pay too much,” Pollack said. “These numbers are significant. I dont care how wealthy you are.” Choose CNBC as your preferred
