Manhattan's new pied-à-terre tax would hit 197 condominiums and co-ops at the top 6.5% rate if those units aren't primary residences, according to Conquest's analysis of DOF's July 2026 Supplemental Market Value Roll.
The surcharge targets non-primary residences with DOF market values above $5 million. Most properties above that threshold serve as primary homes and owe nothing, but the data maps where Manhattan's highest exposure sits.
Tribeca leads with 1,751 units above the $1 million threshold in ZIP 10013, though only a fraction reach the top bracket. SoHo's 10012 follows with 932 exposed units. Midtown West's 10019 captures 975 units near Columbus Circle and Central Park South.
Top-Bracket Geography
The 197 units facing the 6.5% rate are scattered across Manhattan's luxury corridors. They would owe an average of roughly $479,000 annually if non-primary, based on their DOF market values.
ZIP 10019 concentrates the highest average surcharges at $86,862 per unit, reflecting properties near Billionaires' Row. The median market value there hits $1.58 million.
SoHo's 10012 matches that average at $86,469 per exposed unit. Tribeca's 10013, despite having the most units above $1 million citywide, averages $74,077 because fewer properties reach the top bracket.
Rate Structure Through 2028
The surcharge applies flat rates to full DOF market values, not marginal brackets. Units valued $1 million to $3 million face 4%, those from $3 million to $5 million pay 5.25%, and properties above $5 million hit 6.5%.
Roughly 4,400 additional condo and co-op units sit within $100,000 of the $1 million threshold. Another 10,344 fall within $200,000 of triggering the tax.
Starting July 2028, the law shifts all condos and co-ops to a $5 million threshold with lower rates matching single-family homes. The current structure runs through fiscal 2028.
Property owners received DOF notices by August 30 and have until September 18, 2026 to apply for primary residence exemptions. The first payments come due January 1, 2027. Check your property's DOF market value and potential surcharge with our free calculator below.