- Are clients still actually calling it pied-a-terre when looking for such an apartment?
- In which neighborhoods do you see interest in pied-a-terres?
- 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.
- 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".