The Griffin penthouse: $238 million purchase, $15.5 million DOF value
The four-floor penthouse at 220 Central Park South that Ken Griffin purchased in January 2019 for $238 million carries an annual pied-à-terre surcharge of $1,011,001, according to the Department of Finance's October 17, 2026 supplemental roll. The surcharge is calculated on the unit's DOF market value of $15,553,855—roughly 6.5 cents per dollar of the reported purchase price.
That $15.5 million figure is the city's published valuation for Unit 50 on block 1030. Under the Phase-1 rate schedule that took effect July 1, 2026, properties valued at $5 million or more face a 6.5 percent annual surcharge if they do not serve as a primary residence. The Griffin unit's surcharge is the largest single bill Conquest has verified on the DOF roll.
The gap between purchase price and DOF value is not unique to the Griffin penthouse. Unit 32A in the same building sold February 3, 2026 for $37,250,000, according to ACRIS deed 2026020900864001. Its DOF market value is $2,402,920, producing an annual surcharge of $96,117.
220 Central Park South: $12.3 million in combined exposure
The building has 117 DOF-published units, of which 89 exceed the $5 million Phase-1 threshold. Their combined surcharge exposure is $12,298,430 per year, placing 220 Central Park South among the three largest buildings in the city by this measure, according to Conquest's analysis of the DOF roll.
The next-largest bills after the Griffin penthouse are PH73 at $453,321 (DOF value $6,974,168), PH76 at $425,153 ($6,540,815), V8 at $364,635 ($5,609,775), and 49A at $239,043 ($4,553,202). The average DOF market value per published unit is $2,235,282.
These are DOF-published units, not necessarily all apartments in the building. DOF states that appearing on the supplemental roll does not itself establish that a unit is taxable or that it is not a primary residence.
How the surcharge is calculated
Article 30-C imposes the surcharge on covered high-value residential property that does not serve as a primary residence. For condominium and cooperative units in tax years 2026–27 and 2027–28, the Phase-1 thresholds are $1 million or more, with rates of 4.0 percent on values from $1 million to below $3 million, 5.25 percent from $3 million to below $5 million, and 6.5 percent at $5 million or more.
The base is the DOF market value—the figure published on the Notice of Property Value—not the unit's purchase price or an independently estimated market price. The rate applies to the full market value once the threshold is crossed, not only to the amount above it.
One-, two-, and three-family homes face a $5 million threshold and rates of 0.8 percent on values from $5 million to below $15 million, 1.05 percent from $15 million to below $25 million, and 1.3 percent at $25 million or more. Beginning July 1, 2028, condominium and cooperative units will be revalued toward the same $5 million threshold and rate schedule.
Exemptions and appeals
The surcharge does not apply if the unit is the primary residence of the owner or an immediate family member—spouse, child, sibling, parent, grandparent, or grandchild—or if it is occupied by a natural-person tenant under a 12-month arm's-length lease. For the 2026–27 tax year, DOF's exemption-application deadline was October 13, 2026.
DOF was required to provide initial determination notices no later than August 30, 2026. Owners may appeal DOF's primary-residence or market-value determination to the Tax Commission by March 1, 2027 for Tax Class 2 properties or March 15, 2027 for Tax Class 1, or within 30 days after the date on DOF's final determination notice, whichever is later.
The Tax Commission also describes a separate appeal period for an initial determination: an appeal must generally be filed no later than 30 days after DOF transmits notice of the initial determination, or, if DOF transmits no notice, 30 days after the surcharge appears on the assessment roll.
What to watch
The statute sunsets June 30, 2031. Phase-2 revaluation begins July 1, 2028, when condominium and cooperative units will be assessed on comparable sales toward the $5 million threshold and lower rate schedule that currently applies only to houses.
DOF adopted final rules governing the surcharge on August 26, 2026, including a written electronic appeal process. The Comptroller projected roughly $500 million per year in revenue citywide, though actual collections will depend on how many owners qualify for exemptions or successfully appeal their determinations.
Conquest's free DOF market-value and surcharge calculator lets owners check their unit's published valuation and Phase-1 bill. This article is educational content from a licensed brokerage and does not constitute legal or tax advice.
Frequently asked questions
Is my apartment subject to the NYC pied-à-terre tax if I don't live there full-time?
The surcharge does not apply if the unit is the primary residence of the owner or an immediate family member (spouse, child, sibling, parent, grandparent, or grandchild), or if it is occupied by a natural-person tenant under a 12-month arm's-length lease. For condominium and cooperative units in tax years 2026–27 and 2027–28, the Phase-1 thresholds are $1 million or more in DOF market value.
How much is the pied-à-terre tax on a $5 million apartment in NYC?
The rate applies to the full DOF market value once the threshold is crossed: 6.5 percent at $5 million or more for condominium and cooperative units in Phase-1 (tax years 2026–27 and 2027–28). The base is the DOF market value published on the Notice of Property Value, not the unit's purchase price.
Does the NYC pied-à-terre tax ruling change after 2028?
Beginning July 1, 2028, condominium and cooperative units will be revalued toward the same $5 million threshold and rate schedule that currently applies only to one-, two-, and three-family homes. The statute sunsets June 30, 2031.