The return of the pied-à-terre - The New York Times

In addition, since it is a second home, owners of pied-à-terre are not entitled to a property tax reduction. And the New York State legi...


In addition, since it is a second home, owners of pied-à-terre are not entitled to a property tax reduction. And the New York State legislature continues to consider an additional tax on second homes, a so-called pied-à-terre tax. It’s not in the 2021-2022 budget, but a bill proposed that condos or co-ops with a taxable value of $ 300,000 or more be taxed at a progressive rate between 10 percent and 13.5 percent. cent on the excess of assessed value above $ 300,000 (without tax levied on amount less than $ 300,000.)

“There are a number of exemptions in the proposed Senate bill and there is no certainty that such a law would ever be passed,” Wagner said. “But that would mean that if the valuation of a condo or a co-op is, for example, $ 400,000 and the apartment is worth more than $ 5 million, the annual tax would not be less than 10,000. $ and not more than $ 13,500. “

For some, an existence one foot in the city, one foot in the countryside was already in the cards; the pandemic simply put him on a fast track. “My son is in his second year in college and we were getting used to being empty nests,” Ms. Blair said. “Covid accelerated something I would have done anyway that made a lot of sense.”

Aashish Chandarana, a tech industry executive, moved to New York City from London in 2012 and moved into a rental in the West Village. He liked the city, but he also liked to get out of the city. Four and a half years ago he bought a 1,200 square foot cottage in East Hampton; he passed the pandemic there after leaving his apartment lease.

“Covid has changed my perception of the city,” said Mr Chandarana, 44, who in January became chief information officer at Productive, a tech start-up, a job that required him to stay in town part of the week.

“I realized that a pied-à-terre was exactly what I was looking for,” said Mr. Chandarana, who has moved to a two-bedroom condo in his old downtown neighborhood; it is a 10 minute walk from the office. “Would I have come to this conclusion regardless of the pandemic? I think it would have taken a while, but I would have. However, leaving completely was never an option.

The fear of missing out is a powerful motivator. “Even people who have the opportunity to work entirely remotely find that they miss the city and what it has to offer,” said Rob Jackson, the Corcoran Group sales agent who has worked with Ms. Blair and Mr. Turk. “It’s not that they have to be in Manhattan, they want to be in Manhattan, at least part of the time.”

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