ZIP codes 10007, 10013 · DOF Supplemental Market Value Roll, July 2026
Why Tribeca leads Manhattan on exposure
Tribeca has 8,131 condo and co-op units on the city's tax roll, and 2,251 of them — 28 percent — carry a Department of Finance market value above the $1,000,000 pied-à-terre threshold. That is the highest over-threshold share of any Manhattan neighborhood. The reason is structural: Tribeca is mostly condos, so each unit gets its own real per-unit DOF market value rather than a co-op imputation, and those values run high. The median unit here is valued at $677,655, but the top quartile sits well into surcharge territory.
The other driver is who owns these apartments. Tribeca's converted warehouse lofts and its wave of trophy new-construction condos draw finance and creative buyers who keep the apartment as a second home. That is the classic pied-à-terre profile the surcharge was written to reach — owners whose Tribeca unit is not their primary residence.
How the surcharge is calculated
The tax is charged on the unit's DOF market value — the "Market Value" line on your Notice of Property Value — not the assessed value and not the last sale price. Once a unit clears $1,000,000, a flat rate applies to the full market value: 4 percent from $1M to $3M, 5.25 percent from $3M to $5M, and 6.5 percent above $5M. A loft valued at $2 million would owe $80,000 a year; a $6 million penthouse would owe $390,000. It takes effect July 1, 2026, with Phase 1 running through June 30, 2028, and it applies only in years the unit is not a primary residence. There are three ways to owe nothing in a given year: occupy the unit more than half the year as a primary residence for yourself or an immediate family member, lease it arm's-length for 12 months or more, or sell it. Across all 2,251 over-threshold Tribeca units, the maximum combined annual surcharge reaches $161.5 million.
Where the exposure concentrates
The burden is not spread evenly. A handful of Tribeca's largest condo towers account for a disproportionate share of the over-threshold units, and if you own in one of them the odds that your line item is affected are high. Here are the most exposed buildings, ranked by the number of units over the $1,000,000 threshold.
| Building | Units over $1M |
|---|---|
| 56 Leonard Street | 75 |
| 30 Park Place | 73 |
| 101 Warren Street | 65 |
| 565 Broome Street | 56 |
| 140 West Street | 53 |
| 443 Greenwich Street | 51 |
Frequently asked questions
Does the pied-à-terre tax apply to Tribeca lofts?
Yes. It applies to any Tribeca condo or co-op unit with a DOF market value above $1,000,000 that is not the owner's primary residence, and converted lofts are not exempt. In Tribeca, 2,251 units — 28 percent of the neighborhood's 8,131 units — are over that threshold, the highest share in Manhattan. If your loft is your primary home, you owe nothing.
How much is the pied-à-terre tax at 56 Leonard?
It depends on your unit's DOF market value, not the building. The surcharge is a flat rate on the full market value once you clear $1,000,000: 4 percent up to $3M, 5.25 percent from $3M to $5M, and 6.5 percent above $5M. A $4 million unit would owe $210,000 a year. 56 Leonard Street has 75 units over the threshold, the most of any Tribeca building.
My Tribeca loft is a condo — how is it valued for the surcharge?
As a condo, your unit has its own DOF market value on the Notice of Property Value, and the surcharge is charged on that figure — not the assessed value and not what you paid. Most Tribeca units are condos, which is why the neighborhood's per-unit values are real DOF numbers rather than co-op imputations. Check the "Market Value" line to see where you stand against the $1,000,000 threshold.
Which Tribeca buildings have the most units over the threshold?
By unit count over $1,000,000: 56 Leonard Street (75), 30 Park Place (73), 101 Warren Street (65), 565 Broome Street (56), 140 West Street (53), and 443 Greenwich Street (51). These trophy towers and converted lofts concentrate a large share of Tribeca's 2,251 over-threshold units, so ownership in one of them raises the odds your unit is affected.
How do I avoid the pied-à-terre tax on my Tribeca apartment?
There are three ways to owe nothing. Occupy the unit more than half the year as a primary residence — yours or an immediate family member's (spouse, child, sibling, parent, grandparent, or grandchild). Or lease it arm's-length for 12 months or more. Or sell it. In any year the Tribeca unit meets one of these, no surcharge is due, regardless of its market value.
A DOF notice arrived about my Tribeca loft — what do I do?
Read the "Market Value" line on the Notice of Property Value first, since the surcharge is charged on that figure. If it is above $1,000,000 and the unit is not a primary residence, you are likely exposed. You can document primary-residence occupancy, confirm a 12-month arm's-length lease, or challenge the market value. Do not ignore the notice — the surcharge takes effect July 1, 2026.
How do I check my Tribeca unit's DOF value for free?
Look up your property on the NYC Department of Finance website and open your Notice of Property Value. The "Market Value" line is the number the surcharge uses — not the assessed value and not your purchase price. For reference, the median Tribeca unit is valued at $677,655, but many lofts and new-construction condos sit well above the $1,000,000 threshold.
When does the pied-à-terre tax start and how long does it last?
It takes effect July 1, 2026. Phase 1 runs through June 30, 2028. In 2028, Phase 2 re-tests values against comparable sales, which could shift how many Tribeca units fall over the threshold. The surcharge is assessed year by year and only in years the unit is not a primary residence, so your exposure can change as your use of the apartment changes.
Why does Tribeca have the highest pied-à-terre exposure in Manhattan?
Two reasons. Tribeca's units are mostly condos, so each gets a real per-unit DOF market value rather than a co-op imputation, and those values run high in converted lofts and trophy towers like 56 Leonard and 30 Park Place. And many owners are finance or creative buyers keeping the apartment as a second home. The result: 2,251 units over $1,000,000, a 28 percent share that leads the borough.
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Check My Unit — FreeMethodology. Figures aggregate DOF's Supplemental Market Value Roll (July 2026) for ZIP codes 10007, 10013; ZIP boundaries approximate neighborhood borders, so edge blocks may sit in an adjacent total. Condo, co-op and mixed condo units only. "Max annual surcharge" assumes no unit qualifies for an exemption; actual collections will be lower. The surcharge is a flat statutory rate on the unit's full DOF market value once over the $1,000,000 threshold, charged only for years the unit is not a primary residence. Educational information, not tax or legal advice.