How many units at 220 Central Park South face the pied-à-terre tax?
Eighty-nine of 117 units at 220 Central Park South would owe New York City's pied-à-terre surcharge if they are non-primary residences, according to Conquest's analysis of DOF's July 2026 Supplemental Market Value Roll.
The exposure concentrates heavily in the building's upper price tiers. Thirty-three units carry DOF market values above $3 million, triggering the law's highest rate brackets. Combined annual exposure across all above-threshold units totals roughly $8 million if none qualify as primary residences.
Most units are primary residences and owe nothing. The surcharge only applies to properties that fail to qualify for the law's primary-residence exemption or other carve-outs.
What should I check first as a 220 Central Park South owner?
Verify your primary residence status before calculating any tax liability.
The surcharge does not apply if the unit serves as your primary residence or that of your spouse, child, sibling, parent, grandparent, or grandchild. Document this through voter registration, driver's license, and state tax filings listing the unit as your primary address.
Units rented year-round to tenants who use them as their NYC primary residence also qualify for exemption. The tenant must hold a bona fide lease and maintain the unit as their principal home.
What are the tax rates for condos at 220 Central Park South?
The surcharge applies flat rates to the full DOF market value once a unit clears the $1 million threshold.
Units valued between $1 million and $3 million pay 4 percent of market value annually. Those valued $3 million to $5 million pay 5.25 percent. Units above $5 million pay 6.5 percent.
A unit with a $4 million DOF market value would owe $210,000 annually if it qualifies as a non-primary residence.
How is my unit's value calculated for the tax?
The surcharge uses DOF market value, not assessed value, as confirmed in the department's final rules adopted August 2026.
For condos, this market value appears on your Notice of Property Value under the "Market Value" line. The assessed value shown on the same notice runs roughly 45 percent of market value and applies only to regular property taxes.
Phase 1 rates run through fiscal year 2028 using current DOF valuation methods. Starting July 2028, the law shifts condo and co-op valuations toward comparable-sales methodology.
When do I need to file for exemptions?
The exemption application deadline was extended to September 18, 2026, for all property owners who received DOF's "You may be subject to" notice.
DOF mailed non-primary residence notices by August 30, 2026. Owners have 30 days from a notice's transmission date to appeal their non-primary designation.
First surcharge payments come due January 1, 2027, for the fiscal year beginning July 1, 2026.
How does 220 Central Park South compare to other buildings?
The building's 76 percent exposure rate exceeds most Manhattan luxury towers, reflecting its concentration along Billionaires' Row.
Conquest's citywide analysis shows roughly 17,000 Manhattan condo and co-op units above the $1 million threshold. ZIP code 10019, which includes 220 Central Park South, contains 975 such units with a median market value of $1.58 million.
The building's $8 million combined exposure, if all above-threshold units were non-primary, would represent a significant share of the comptroller's projected $500 million annual revenue citywide.
What happens in Phase 2 starting 2028?
Beginning July 1, 2028, condo and co-op valuations shift toward comparable-sales methodology, potentially moving toward the lower rate structure currently applied to houses.
Houses currently face rates of 0.8 percent on values $5 million to $15 million, 1.05 percent on $15 million to $25 million, and 1.3 percent above $25 million. The law directs DOF to revalue condos and co-ops using similar methods starting in Phase 2.
Owners should monitor DOF guidance on the transition, as valuation changes could significantly alter individual tax liability.
Frequently asked questions
Is my apartment at 220 Central Park South subject to the pied-à-terre tax?
Your unit is subject to the tax only if it has a DOF market value above $1 million and does not qualify as a primary residence for you, your spouse, child, sibling, parent, grandparent, or grandchild. The surcharge does not apply if the unit serves as your primary residence or is rented year-round to tenants who use it as their NYC primary residence.
How much is the pied-à-terre tax on my 220 Central Park South condo?
The tax applies flat rates to your full DOF market value: 4 percent annually for units valued $1-3 million, 5.25 percent for $3-5 million, and 6.5 percent above $5 million. For example, a unit with a $4 million DOF market value would owe $210,000 annually if it qualifies as a non-primary residence.
Does the Phase 2 change in 2028 affect my 220 Central Park South tax liability?
Beginning July 1, 2028, condo and co-op valuations shift toward comparable-sales methodology, potentially moving toward the lower rate structure currently applied to houses. Houses currently face rates of 0.8 percent on values $5-15 million, 1.05 percent on $15-25 million, and 1.3 percent above $25 million, which could significantly alter your individual tax liability.