What Paris, Vancouver, and London tell us about the proposal now moving through Albany. The Roebling Report · Issue No. 135 · April 29, 2026 · Corey Cohen On April 15, Governor Kathy Hochul and Mayor Zohran Mamdani endorsed the pied-à-terre tax: a recurring surcharge on luxury second homes valued above $5 million — a version of a proposal first introduced by then-State Senator Brad Hoylman-Sigal more than a decade ago and pronounced dead and revived across several budge

Manhattan’s luxury residential market continued its upward momentum in Q3 2025, driven by cash buyers and a select group of high-profile developments. Projects like the Flatiron Building conversion, 800 Fifth Avenue, and 80 Clarkson Street are redefining design and exclusivity, even as new construction slows across the city.

Luxury co-ops and condos in NYC are facing rising costs and stricter regulations in 2025. Local Law 97 fines are now in effect, operating expenses are climbing, and banks are tightening lending standards. Buyers and sellers alike need to navigate compliance requirements, reserve levels, and transparency to protect value in today’s market.

"Luxury doesn’t always mean perfection—even in NYC’s most elite condos. From 432 Park Avenue’s hidden facade cracks to the Seaport’s leaning tower, high-end condo building flaws in New York are costing buyers millions. Learn how construction defects, plumbing failures, and developer oversights plague prestigious towers—and the critical due diligence steps to protect your investment.