Exclusive | Miami building sees more than $70M in sales from NYC buyers in last month — as people flee Mamdani's pied-à-terre tax

May 15, 2026 - 02:44

The ink isn't even dry on New York City's proposed pied-a-terre tax, and one Miami Beach tower is already counting the money. A single luxury building in the Sunshine State has recorded more than 70 million dollars in sales from New York City buyers over the last month alone. The surge is being driven by wealthy second-home owners who are looking to avoid the steep annual levy that New York lawmakers are pushing forward.

The tax, championed by Manhattan Borough President Mark Levine and other local officials, would slap a surcharge on properties valued at 5 million dollars or more that are not used as primary residences. Critics call it a "Mamdani tax," referencing the council member who introduced the bill. For wealthy New Yorkers who keep a weekend apartment in the city, the math is simple. A 10-million-dollar pied-a-terre could cost tens of thousands of dollars in extra taxes each year. Add in the state's already high property taxes, and the incentive to move money south becomes overwhelming.

The Miami building, which has not been named in the sales reports, has seen a flurry of closings from buyers with Manhattan addresses. Brokers say the trend is not limited to one tower. Across Miami and Fort Lauderdale, agents are reporting a spike in inquiries from New Yorkers who want to close deals before the tax becomes law. For now, the exodus is a windfall for Florida developers, who are watching their inventory shrink as fast as New York's tax base is threatening to shrink.