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The New NYC Mansion Tax & NYS Transfer Taxes
Last month news broke about proposed tax ideas City Hall & Albany were looking to implement to bail out the MTA.
The pied-à-terre tax was the latest idea which came back to the frontline after billionaire Ken Griffin purchased a $238M pied-à-terre at 220 CPS.
This month NYC decided to ditch the idea of the pied-à-terre tax and update the already existing Mansion and NYS Transfer Taxes. The Mansion Tax used to be a flat 1% on property sales $1M and over. Now the tax percentage will increase based on the sale price of the property.
The new Mansion Tax will be a 10-tiered tax for BUYERS.
The new NYS Transfer Tax will be a 2-tiered tax for SELLERS.
Please click HERE for details and when the new taxes go into effect.
As always, if you have any questions about real estate, you know where to find me!
Best,
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Congestion Pricing Exemptions
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As the conversation surrounding congestion pricing continues,
legislators are finalizing the rules and deciding who should be exempt from the toll after immense feedback from New Yorkers and people from the surrounding areas.
“Yet Albany imposed some legislative limitations from the outset. Cars that enter the congestion pricing zone via the West Side Highway or FDR Drive and never exit those roads onto local streets will not be charged. Additionally, emergency vehicles and those vehicles transporting people with disabilities are exempt from the fee, and Manhattan residents who live within the so-called Central Business District and who make less than $60,000 per year will be exempted from the fee. Plus, the fee will be levied only once per day, so cars that repeatedly enter and exit the congestion pricing zone will not be charged multiple times. The remainder of the exemptions will be in the hands of the review board, and that’s where the fight will be.”
Click HERE to read the full article on Curbed.com
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Take a look inside Ikea's first Manhattan store
on the Upper East Side
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Ikea’s first Manhattan store, or studio as they call it, has officially opened!
Located at 999 Third Avenue between 59th & 60th Streets right across the street from Bloomingdales.
“The 17,350-square-foot store will be spread out over three floors. But as we previously reported, this new location will not serve the same purpose as the company’s stores in Red Hook and Elizabeth, New Jersey, as it will not be a full buy-and-carry operation.
It will, rather, allow customers to order products for delivery, browse through a selection of popular items, learn about “small space solutions” (because New York apartments), and schedule consultations with Ikea design experts.”
Click HERE to read the full article on Curbed.com
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BUYER:
Q1: What should I do if the apartment I am buying does not appraise?
A1: Hopefully, you have a mortgage contingency in your contract of sale.
A mortgage contingency protects you in case the apartment does not appraise. You should go back to the seller and negotiate the selling price using the information obtained from the appraisal.
SELLER:
Q2: What should I do if the apartment I am selling does not appraise?
A2: This is a scenario that is occurring with more frequency today.
Your choice as a seller is to renegotiate the selling price OR put your apartment back on the market and start from square 1 again…which may very well not be worth it. Do the math.
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One of the most beautiful expressions of spring are Cherry Blossoms - all across the city.
Follow the link HERE for an interactive map on
where the best places in all of the 5 boroughs are to see Cherry Blossoms.
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