Manhattan · Midtown East · Neighborhood Analysis

The Pied-à-Terre Tax in Midtown East

Sutton Place, Beekman and the Plaza District east of Fifth — a corridor where pied-à-terre ownership has been standard practice for decades.

23,480
condo & co-op units on the roll
1,694 (7%)
over the $1M threshold
$1.3M
median DOF value, exposed units
$119.6M
max annual surcharge, pre-exemption

ZIP codes 10022, 10017, 10016 · DOF roll date July 24, 2026

What the roll says about Midtown East

Across Midtown East, the Department of Finance's roll lists 23,480 condo and co-op units, and 1,694 of them — 7% — carry a DOF market value over the $1,000,000 Phase-1 threshold. Each of those units owes a flat 4%–6.5% of its full DOF market value for any year it is not someone's primary residence. If every exposed unit here paid with no exemption, the neighborhood's combined bill would be $119.6M a year — the ceiling, not the forecast, since primary residents and 12-month-leased units owe nothing.

The threshold test uses the DOF market value — the "Market Value" line on the Notice of Property Value — not the assessed value and not what the apartment last sold for. In Midtown East the median DOF value among exposed units is $1.3M; across all units it is $339K. Co-ops are valued by DOF's fractional-share method, which can surprise shareholders on the high side.

The most exposed buildings in Midtown East

Ranked by combined maximum annual surcharge of over-threshold units. Buildings with a full Conquest write-up are linked.

BuildingZIPUnitsOver $1MTop DOF valueMax surcharge/yr
520 Park Avenue100224336$10.2M$13.1M
301 Park Avenue10022352206$4.8M$11.7M
432 Park Avenue1002212692$5.8M$8.0M
845 United Nations Plaza1001736275$5.2M$6.2M
435 East 52 Street100227876$3.4M$5.6M
151 East 58 Street1002210563$6.7M$4.6M
721 5 Avenue1002223150$6.0M$3.4M
50 United Nations Plaza100178844$5.2M$3.2M
252 East 57 Street100229553$4.0M$3.1M
21 61st Street100226840$5.0M$2.7M
1 Sutton Place South100224634$4.2M$2.5M
502 Park Avenue1002212220$5.6M$2.4M

Tower-by-tower write-ups

Full unit-level analyses for Midtown East's best-known buildings:

432 Park Avenue →Trump Tower →Olympic Tower →Trump World Tower →The Centrale →Selene →One Beacon Court →252 East 57th Street →Park Avenue Place →50 United Nations Plaza →Place 57 →45 Park Avenue →500 Park Tower →

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Methodology. Figures aggregate DOF's Supplemental Market Value Roll (July 2026) for ZIP codes 10022, 10017, 10016 — ZIP boundaries approximate neighborhood borders, so edge blocks may sit in an adjacent page's totals. Condo, co-op and mixed condo units only; 1–3-family houses are excluded here and covered in the database at ZIP level. "Max annual surcharge" assumes no unit qualifies for an exemption; actual collections will be lower. Educational information, not tax or legal advice.

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