Blog

Interview: Pied-A-Terre



  1. Are clients still actually calling it pied-a-terre when looking for such an apartment?
  2.  In which neighborhoods do you see interest in pied-a-terres?
  3. Are there any trends you're noticing among clients - what size apartments are they looking for (1 bedroom? Studios? Larger?), does building height matter, do the amenities matter, etc.
  4. Are your clients are worried about a possible pied-a-terre tax in wake of Ken Griffin's big buy in 220 Central Park South?

1. Are clients still actually calling it pied-a-terre when looking for such an apartment? 

Martin: While many buyers say "they're looking for a place in the city", most adopt the term pied-a-terre. It is a New York colloquialism and people who plan to live here want to be "in the know" with terms. i.e. Houston street is pronounced "How-stun" not "Hu-stin" (like the city.)

2. In which neighborhoods do you see interest in pied-a-terres?

Martin: By far, midtown is still the most common as it is closest to Manhattan attractions. Having said that, many pied-a-terre buyers will buy in buildings that their friends already live in for familiarity. Other neighborhoods are: Upper East Side and Soho. In the 2010s, Williamsburg in Brooklyn as also emerged.

3. Are there any trends you're noticing among clients - what size apartments are they looking for (1 bedroom? Studios? Larger?), does building height matter, do the amenities matter, etc. 

Martin: The trends now are smaller apartments and price points (2M or less). 2-bedroom condos seem to be the most common. The second bedroom can be used as a home office or a lot of beds for families...i.e. two sets of bunk beds.

4. Are your clients are worried about a possible pied-a-terre tax in wake of Ken Griffin's big buy in 220 Central Park South? 

Martin: Ken signed the contract on this property years ago when the market was very hot.  Honestly, he overpaid by 30-50 million. Most of my clients are thinking 220 Central Park South is a modern take of "The Emperors New Clothes." They are worried about the proposed pied-a-terre tax and an overall shift of the city's position on business. First kicking out Amazon, now this? There are murmurs of "Bring back Bloomberg".



Work With Us

Our team is passionate about real estate, and is a valuable resource for real estate knowledge and guidance. We look forward to working with you!
Contact Us
Follow Us