421-a is a NYC property tax abatement designed to incentivize new residential construction. For buyers, it's a meaningful benefit — but only for as long as it lasts, which is usually 10, 15, 20, or 25 years from when the building was completed. When 421-a phases out and expires, the building's property tax bill jumps to the full unabated amount, often 3 to 5x what owners had been paying. If you're buying a new condo, you need to know two numbers: how much the abatement is cur

The "mansion tax" is a buyer-paid tax on residential real estate sales in New York State of $1,000,000 or more. In NYC, it stacks on top of the original 1% state mansion tax, ranging from 1.0% on a $1M sale up to 3.9% on $25M+ sales. It is a cliff tax — cross a bracket by even one dollar and the new rate applies to the whole purchase price. Plan accordingly when you're near a threshold. The full bracket table Under $1,000,000: 0%, no tax. $1,000,000 to $1,999,999: 1.00% ($10,

Buying a Manhattan apartment costs about 2 to 3% of the purchase price in closing costs if you're buying a co-op, and 3 to 6% if you're buying a condo with a mortgage. The biggest line items: NYC and NY State transfer tax (sellers usually pay, but watch out on new development), mortgage recording tax (only on condos), title insurance (only on condos), the mansion tax (kicks in at $1M and up), and your attorney. Below is the full breakdown with worked examples at $1M, $1.5M, a

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

The One Big Beautiful Bill, signed into law on July 4, brings several tax changes with meaningful implications for real estate. SALT Deduction - Big Impact in High-Tax Areas The cap on the State and Local Tax (SALT) deduction rises from $10,000 to $40,000 through 2029, reverting in 2030. This enhanced deduction is available to households earning under $500,000, and phases out entirely around $600,000. For property owners in high-tax states like New York, New Jersey, and Calif

A new proposal could raise the SALT deduction cap for some NYC homeowners, offering modest tax relief and potential buying power for mid-market buyers.

Navigate 2025’s real estate shifts: higher rates, SALT cap buzz, soaring costs, and new rules.

Trump’s proposed SALT cap repeal could boost luxury real estate markets, benefiting affluent buyers with increased purchasing power.