Mayor Mamdani’s Pied-à-Terre Tax Puts Art World Heavyweights in the Spotlight
A New York City Department of Finance database released on 24 July, covering roughly 960,000 properties, drew attention to prominent art-world figures potentially subject to a new pied-à-terre tax on luxury second homes. The list—first reported by Artnet News journalist Katya Kazakina—includes collectors Steven A. Cohen, Leon Black, Len Blavatnik, Mitchell Rales, and Kenneth C. Griffin, as well as art-market leaders Allan Schwartzman, Larry Gagosian, David Zwirner, and Pace executives Arne Glimcher and Marc Glimcher. The tax initiative was unveiled by Governor Kathy Hochul in May as part of the state budget agreement, following Mayor Zohran Mamdani’s campaign pledge; it applies to certain non-primary residences valued above $1 million, depending on property type. The database links some properties to LLCs, including Gagosian’s East 75th Street mansion owned by Sugar Shack LLC and assessed at $63.3 million, while Mamdani highlighted Griffin’s $238 million Central Park South penthouse, estimated to face about $1 million annually; the DOF said inclusion does not necessarily mean a property will owe the surcharge and noted the roll is still being refined.
From This Briefing
This story was covered in Museums Unmasked, Heritage Rewritten