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

Always in His Presence · May 15, 2026

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

The ink isn’t even dry on New York City’s proposed pied-à-terre tax — and one Miami Beach tower is already counting the money.

At the Perigon Miami Beach, a 72-unit oceanfront condominium in Mid-Beach designed by Pritzker Prize-winning architect Rem Koolhaas’s firm OMA, developers say they logged more than $70 million in sales from New York buyers in the 30 days after the building reached its full structural height in early March.

The project, developed by Mast Capital, is priced from $12.55 million and expects to open in 2027.

It is no coincidence, on April 15, Mayor Zohran Mamdani and Governor Kathy Hochul jointly announced an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.

RocksInMyHead · May 15, 2026

I'm not sure what's newsworthy about a brand new luxury condo building selling a half dozen (or less) units in a month, or what that has to do with American politics.

comana · May 15, 2026

Rich people buying luxury condos in a warmer climate is nothing new.

“The broader picture is more complicated. High-end Manhattan sales have actually ticked up since the tax was announced, with 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10 — a slight increase over the same period last year, with total dollar volume rising 10% to $1.12 billion.

Wealth flight, at least for now, appears to be more of a threat than a reality in New York itself, pending whether the proposal will be approved.”

This doesn’t appear to signal a decline in luxury apartment sales in NYC. I guess it’s a non-story.

DaisyDay · May 15, 2026

Always in His Presence said:
Miami building sees more than $70M in sales from NYC buyers in last month — as people flee Mamdani’s pied-à-terre tax
The ink isn’t even dry on New York City’s proposed pied-à-terre tax — and one Miami Beach tower is already counting the money.

At the Perigon Miami Beach, a 72-unit oceanfront condominium in Mid-Beach designed by Pritzker Prize-winning architect Rem Koolhaas’s firm OMA, developers say they logged more than $70 million in sales from New York buyers in the 30 days after the building reached its full structural height in early March.

The project, developed by Mast Capital, is priced from $12.55 million and expects to open in 2027.

It is no coincidence, on April 15, Mayor Zohran Mamdani and Governor Kathy Hochul jointly announced an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.

Unless the NY buyers of the Florida apartments give up their Manhattan pieds-à-terre, and thus the tax on SECONDARY city residences, I don't see what difference it makes where their primary residence is. Florida doesn't have an income tax, so that makes it attractive as an official address.

Always in His Presence · May 15, 2026

DaisyDay said:
Unless the NY buyers of the Florida apartments give up their Manhattan pieds-à-terre, and thus the tax on SECONDARY city residences, I don't see what difference it makes where their primary residence is. Florida doesn't have an income tax, so that makes it attractive as an official address.

When they do - what will you say>

Always in His Presence · May 15, 2026

RocksInMyHead said:
I'm not sure what's newsworthy about a brand new luxury condo building selling a half dozen (or less) units in a month, or what that has to do with American politics.

Thanks for asking - it is noteworthy because it is direct result of a politician's vision to punish the wealthy - just like in California - they choose to leave.

DaisyDay · May 15, 2026

Always in His Presence said:
When they do - what will you say>

Why would I say anything? People come, people go. There will always be another millionaire who wants to live in the city pieds-à-terre. New York City has no shortage of people.

Belk · May 16, 2026

Always in His Presence said:
Thanks for asking - it is noteworthy because it is direct result of a politician's vision to punish the wealthy - just like in California - they choose to leave.

Is it a direct result? The article claims "it is no coincidence" yet they draw no evidence of these being directly linked. In fact, too their credit, they point out that there is an ongoing purchase of Manhattan real estate with no downturn to be seen which appears to directly contradict the idea of this being a move to avoid the surcharge.

Say it aint so · May 16, 2026

Always in His Presence said:
Miami building sees more than $70M in sales from NYC buyers in last month — as people flee Mamdani’s pied-à-terre tax
The ink isn’t even dry on New York City’s proposed pied-à-terre tax — and one Miami Beach tower is already counting the money.

At the Perigon Miami Beach, a 72-unit oceanfront condominium in Mid-Beach designed by Pritzker Prize-winning architect Rem Koolhaas’s firm OMA, developers say they logged more than $70 million in sales from New York buyers in the 30 days after the building reached its full structural height in early March.

The project, developed by Mast Capital, is priced from $12.55 million and expects to open in 2027.

It is no coincidence, on April 15, Mayor Zohran Mamdani and Governor Kathy Hochul jointly announced an annual surcharge on secondary homes in New York City valued above $5 million, targeting owners whose primary residence is elsewhere.

From the article:

"The broader picture is more complicated. High-end Manhattan sales (yes the NY Manhattan) have actually ticked up since the tax was announced, with 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10 — a slight increase over the same period last year, with total dollar volume rising 10% to $1.12 billion.

Wealth flight, at least for now, appears to be more of a threat than a reality in New York itself, pending whether the proposal will be approved.

The ( ) is my addition. And it should be noted with pretty much all NYPost FOX right wing media their links to dig into their claims don't take you to where one can examine those claims. There is no link that sources their condo claims. They just take you to another unrelated article from their own website.

Arcangl86 · May 16, 2026

Always in His Presence said:
Thanks for asking - it is noteworthy because it is direct result of a politician's vision to punish the wealthy - just like in California - they choose to leave.

This tax only affects people who don't spend at least half their time in NYC. By definition, if you are paying this tax, you don't live there. It's kinda hard to leave a place you don't live in

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

Always in His Presence

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