Forty percent of the condo and co-op units the Department of Finance lists in ZIP 10012 carry a market value above the $1,000,000 Phase-1 threshold. That is the highest share of any Manhattan neighborhood on the July roll. Tribeca, the runner-up, sits at 27.6%. Billionaires' Row — the corridor the tax was written about — is at 8%.
SoHo did not get there by being the most expensive place in the city. It got there because of how the roll treats loft buildings.
The co-ops are carrying it
Split the 2,313 units in 10012 by ownership form and the picture separates cleanly. There are 755 co-op units. 445 of them are over the line, or 59%. There are 1,553 condo units, and 487 are over, or 31%. Median DOF market value for a SoHo co-op unit: $1,149,976. For a condo unit: $609,697.
Co-ops are 33% of the units here and 47% of the exposure — $38.1M of the neighborhood's $80.8M.
The mechanism is share allocation. DOF does not value your apartment. It values the whole building using the income approach, then divides that number by your fraction of the shares. In a 1990s condo conversion with forty units, each slice is small. In a cast-iron co-op with five full-floor lofts, each shareholder is carrying a fifth of an entire Greene Street building. 429 West Broadway has 8 units on the roll and all 8 of them are over the threshold. So does 148 Greene Street, with 10.
That is also why the neighborhood's exposure is broad rather than concentrated. 819 of the 935 exposed units fall in the $1M–$3M band at 4%. Only 27 units in all of SoHo and NoHo clear $5M. This is not a Billionaires' Row problem where thirty penthouses generate the bill. It is a few hundred loft owners in the middle of the band — half of the exposed units here land between $49,404 and $87,710 a year, with the median at $65,371.
Five questions, in the order they matter
Is my loft actually over the line?
The test runs on DOF's market value, which for a SoHo loft is usually a fraction of what the apartment would sell for. 1,378 of the 2,313 units in 10012 — 60% — carry no Phase-1 surcharge at all on the roll as DOF has it. 74 buildings here have units on both sides of the line. Why a $3M loft may owe $0 or six figures →
Is my building a certified-artist building, and does that matter?
These are two questions, and only one of them is about tax. Whether you may legally live in a Joint Living-Work Quarters for Artists unit is settled by the Zoning Resolution and your certificate of occupancy. Whether you owe the surcharge is settled by Tax Law Article 30-C. Artist certification is not on the statute's exemption list. It still changes what evidence you have and what questions you should be able to answer. The JLWQA checklist →
I'm in a small loft co-op. What's different?
Share math instead of a published unit value, a board of five people who wrote the sublet rules, and in the older buildings an occupancy restriction that can quietly foreclose the lease exemption. The artist co-op decision tree →
Rent it, sell it, or pay it?
Every section of Article 30-C carries a note repealing it on June 30, 2031, so absent new legislation the tax ends there. Only the first two fiscal years are priced, though — the 2028 rebasing is still unwritten. At the $1,634,285 median for an exposed unit here the current number is $65,371 a year. The rent-or-sell memo →
A letter arrived. Now what?
The exemption deadline moved to September 18, 2026 for everyone who got a letter, superseding the August dates printed on them. Different problems need different filings, and one of them permanently forfeits another. The notice decision tree →
Where the money is in 10012
Ranked by combined maximum annual surcharge across each building's over-threshold units, assuming nobody claims an exemption. 174 of the 205 buildings on the roll here have at least one exposed unit.
| Building | Form | Units | Over $1M | Top DOF value | Max surcharge/yr |
|---|---|---|---|---|---|
| 429 West Broadway | Co-op | 8 | 8 | $5.11M | $1.74M |
| 139 Spring Street | Condo | 9 | 9 | $5.28M | $1.66M |
| 583 Broadway | Condo | 22 | 21 | $3.43M | $1.51M |
| 94 Thompson Street | Co-op | 9 | 9 | $4.40M | $1.44M |
| 129 Greene Street | Condo | 4 | 4 | $6.21M | $1.41M |
| 513 Broadway | Co-op | 25 | 25 | $1.76M | $1.41M |
| 148 Greene Street | Co-op | 10 | 10 | $4.54M | $1.40M |
| 141 Prince Street | Co-op | 5 | 5 | $5.72M | $1.39M |
| 25 Bond Street | Condo | 10 | 10 | $5.62M | $1.38M |
| 10 Sullivan Street | Condo | 22 | 17 | $3.88M | $1.33M |
| 140 Prince Street | Co-op | 9 | 9 | $4.27M | $1.32M |
| 421 West Broadway | Co-op | 9 | 9 | $7.67M | $1.32M |
Figures are DOF's, from the Supplemental Market Value Roll dated July 24, 2026. "Max surcharge" is the ceiling and not a forecast — every one of these units owes nothing in a year it is somebody's primary residence, houses an immediate family member, or is let on a bona fide arm's-length lease of a year or more.
What the roll can't tell you
It can tell you what DOF thinks your loft is worth and what the surcharge would be. It cannot tell you whether you owe it, because that turns on occupancy, and occupancy is not on the roll. Two identical floors at 429 West Broadway can produce a $201,222 bill and a zero.
Get your loft's actual DOF number.
Free emailed report: your unit's official market value from the July roll, the surcharge test at the flat Phase-1 rates, and — if you're over — what the lease and sale paths look like from where you sit. Usually within the hour.
Check My Unit — FreeDisclaimer. This page is educational information from Conquest, a licensed New York real estate brokerage. It is not legal, tax, zoning, or accounting advice, and no advisory relationship is created by reading it. Zoning, certificate-of-occupancy and Loft Board questions are matters for a land-use attorney; surcharge liability is a matter for your tax counsel. Deadlines and figures reflect DOF's published rules and roll as of the "last updated" date above. DOF extended the exemption-application deadline to September 18, 2026, superseding the August dates printed on its July letters — confirm any date here against DOF's own page before you rely on it.