Pied-à-Terre Tax Reaches Luxury Manhattan Condos
Non-resident owners of New York City second homes should check whether a city tax notice applies to them.
Updated on Nov. 3, 2026 in Residential
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Steve Wynn's duplex penthouse at 50 Central Park South went into contract at a last asking price of $70 million, according to the extraction. Wynn, who lives full time in Florida, also signed on as a plaintiff in a lawsuit against New York state over the city's pied-à-terre tax assessment.
Why it matters
For New York City homeowners who keep a second residence and are not full-time state residents, the pied-à-terre tax is now a live cost to budget for and contest. The price path, from a $70 million purchase in 2012 to a $90 million listing in 2022 and a $65 million low in 2023, shows how far luxury values have swung.
The condo spans nearly 11,000 square feet with three bedrooms and four bathrooms and was listed through Sotheby's Serena Boardman and Corcoran's Deborah Grubman. Wynn received a nearly $200,000 pied-à-terre tax assessment in July, and by October nearly 9,000 of the 17,000 homeowners initially sent notices had been spared through exemptions or city-caught mistakes.
The players
Steve Wynn
Casino developer whose Las Vegas resorts shaped the Strip, now a Manhattan and Beverly Hills property owner and plaintiff in the pied-à-terre tax suit.
Sotheby's
Global auction and luxury real estate firm whose agent Serena Boardman listed the condo.
Corcoran
New York residential brokerage whose agent Deborah Grubman co-listed the penthouse.
The details
Wynn bought the condo in 2012 from Christopher Jeffries for $70 million and first listed it in 2022 for $90 million. The condo later reached a low of $65 million in 2023 before the last asking price of $70 million was reached and the unit went into contract. The lawsuit claims the tax violates the U.S. and New York constitutions by targeting non-residents who cannot vote in state and local elections.
Timeline
2012: Wynn bought the condo for $70 million.
2022: Wynn first listed the condo for $90 million.
June 2026: His 11-bedroom Beverly Hills mansion went into contract.
July 2026: The city sent tax notices and Wynn received a nearly $200,000 assessment.
September 2026: Wynn joined the lawsuit against New York state.
The Home Front
The pied-à-terre tax is a city-level levy aimed at second homes owned by people who do not live in New York full time, and it is now being tested in court. Luxury Manhattan condos such as this one are where that policy's cost and legal challenges are concentrated.
If you own a second residence in New York City and are not a full-time state resident, check whether you received a pied-à-terre tax notice and confirm the assessment against city records. Consider speaking with a licensed attorney or tax professional before deciding whether to contest it, since that decision depends on your specific circumstances.
The takeaway
Second-home owners in New York City should track the pied-à-terre tax now that it is reaching luxury properties and facing a constitutional challenge. Keep your ownership and residency records current, since they determine whether a notice applies to you.
Further reading
For more on how second-home taxes are reshaping New York City residential sales, browse the section's latest market coverage.
Source note: This article includes information reported by The Real Deal New York.
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