Manhattan · SoHo & NoHo · Neighborhood Analysis

The Pied-à-Terre Tax in SoHo & NoHo

Cast-iron lofts with seven-figure DOF values are the norm here, and the roll shows a striking share of them over the threshold.

2,313
condo & co-op units on the roll
935 (40%)
over the $1M threshold
$1.6M
median DOF value, exposed units
$80.8M
max annual surcharge, pre-exemption

ZIP codes 10012 · DOF roll date July 24, 2026

What the roll says about SoHo & NoHo

Across SoHo & NoHo, the Department of Finance's roll lists 2,313 condo and co-op units, and 935 of them — 40% — 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 $80.8M 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 SoHo & NoHo the median DOF value among exposed units is $1.6M; across all units it is $809K. Co-ops are valued by DOF's fractional-share method, which can surprise shareholders on the high side.

The most exposed buildings in SoHo & NoHo

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
429 West Broadway1001288$5.1M$1.7M
139 Spring Street1001299$5.3M$1.7M
583 Broadway100122221$3.4M$1.5M
94 Thompson Street1001299$4.4M$1.4M
129 Greene Street1001244$6.2M$1.4M
513 Broadway100122525$1.8M$1.4M
148 Greene Street100121010$4.5M$1.4M
141 Prince Street1001255$5.7M$1.4M
25 Bond Street100121010$5.6M$1.4M
10 Sullivan Street100122217$3.9M$1.3M
140 Prince Street1001299$4.3M$1.3M
421 West Broadway1001299$7.7M$1.3M

Tower-by-tower write-ups

Full unit-level analyses for SoHo & NoHo's best-known buildings:

565 Broome SoHo →SoHo Mews →40 Bond →40 Mercer Street →The Greenwich Street Project →One Kenmare Square →

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Methodology. Figures aggregate DOF's Supplemental Market Value Roll (July 2026) for ZIP codes 10012 — 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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