Manhattan Real Estate Sales Up 2% Despite Pied-à-Terre Tax Proposal

High-end real estate sales in Manhattan saw 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10, compared to 130 during the same timeframe last year, according to Olshan Realty. The total dollar volume for these transactions increased by 10% to $1.12 billion. Notably, contracts for apartments priced at $10 million or more surged by 80% to 34 contracts. This activity occurs amidst the proposed pied-à-terre tax that New York Mayor Zohran Mamdani claims will generate $500 million annually.