Pied A Terre Nyc For Rent

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Apartments Priced From $49m

What’s at stake with Albany’s proposed pied-à-terre tax

Stephen StarrCondo | 3 beds, 4 baths | 3,099 ft2From the listing: This expertly planned split three bedroom residence boasts 10’10” ceilings, lavish satin finish wide plank French oak floors, and stunning views of the Hudson River from the corner Great Room.The windowed eat-in kitchen has been outfitted with luxurious Smallbone of Devizes cabinetry with opal white marble counters and backsplash. Full suite of Gaggenau appliances, inclusive of a wine fridge and coffee maker, truly make this kitchen extraordinary. The primary bedroom boasts two large walk-in closets and a luxurious windowed primary bathroom which is wrapped in stunning iceberg quartzite, complete with stunning double vanity with Kinon panels, and full depth soaking tub. See floor plan and full details here.

Apartments Priced From $18m

Condo | 1 bed, 1.5 baths | 814 ft2From the listing: Own a piece of history at The Towers of the Waldorf Astoria. Residence 3301 is an 814-square-foot one-bedroom, one-and-a-half bath home with a thoughtful separation of spaces and open, sunny, southern views. All interiors have been crafted by AD100 designer Jean-Louis Deniot and deliver a balance of modern comfort with Art Deco opulence.The dramatic entry sequence of every residence is defined by a richly appointed and oversized lacquered front door with brass inlays, custom burnished bronze fixtures, and marble surround. See floor plan and full details here.

Why Would Someone Want A Pied

For those who live in the greater NYC area, such as Long Island, Connecticut, or New Jersey, a second home can be helpful. It allows for weekends strolling museums, shopping at Hudson Yards, and enjoying fine dining without the drive back home in the evening. Commuters who occasionally work late can also benefit from a place to stay in the city. Best of all, a pied-à-terre doesnt necessarily cost seven figures. A modestly priced studio apartment works.

Brooklyn Homes Under $1M on StreetEasy That Allow Pied-à-Terre UseArticle continues below

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Apartments Priced From $355m

Rafael VinolyJose AndresCondo | 1 bed, 1.5 baths | 989 ft2From the listing: Soaring nearly 500 feet above Manhattan’s iconic skyline, and at the very top of the newest tower by internationally acclaimed architect, Rafael Viñoly, PH 42C offers an extraordinary, high-floor 1-bedroom, 1.5-bathroom western penthouse suite with unparalleled panoramic views through oversized picture windowswith 12-foot mullion-free panesstraight south to One World Trade, the Statue of Liberty, and well beyond. PHC is our largest 1-bedroom penthouse residencegraciously proportioned with 989 SF, the residence features premium custom interiors with white oak floors and millwork throughout. With over 10-foot ceilings, the luxurious and sophisticated space includes a Poliform kitchen with honed white Quartzite island, backsplash and countertop, as well as Bronzed glass cabinetry with integrated LED lighting. See floor plan and full details here.

No Strings Attached: Inside The World Of Pied


Pied-à-terres get a lot of heat as a haven for foreign money in NYC, and indeed, this part-time living setup is typically associated with buyers, not renters . But for some who take the plungeincreasingly, empty-nesters from nearby suburbs opting to give up their spacious homes for a faster-paced lifestyle in city centers, according to a recent article in the New York Timesit might make more sense to hang on to their houses in the burbs and simply rent a place in the city instead. But, like so much of New York City real estate, it’s complicated:

What empty nesters want from pieds-à-terre

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Andrea Saturno-Sanjana, a salesperson with Citi Habitats, says she has worked with many such clients. One couple, for instance, live and work in a New York suburb but also do business in Manhattan. After their children left for college, they opted to downsize to a smaller condo in their community, as well as rent a pied-à-terre downtown for a year, to see how they liked it before making a more significant commitment to city living.

Plus, she says, many of these renters aren’t willing to fully relinquish the amenities of life in the burbs. Their pied-à-terre has to have very particular things. Were not talking about a walk-up, she says, and might be kitted out with amenities such as in-apartment washers and dryers, concierge services, and plenty of storage space.

Challenges for pied-à-terre renters


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What Do Buyers Want In A Nyc Pied

Pieds-à-terre need to have everything, Scepanovic says. That means excellent amenities, privacy, and work-from-home space. She says this still applies to international buyers. They will not buy in NYC without an added sense of security from Covid within a larger envelope of their luxury building, she says.

Another consideration is resale value. Closing costs are high in New York City and include state and city transfer taxes, a mansion tax determined by a sliding scale, a flip tax in some buildings as well as attorney fees. If youre borrowing money there may be additional costs.

Your apartment has to appreciate about 10 percent for you to cover your closing costs, Lahav says, so you really have to make sure you’re buying the right apartment.

Previous versions of this article included writing and reporting by Nikki M. Mascali.

Is Buying A Pied A Terre In Nyc A Good Idea

It depends. There are a number of benefits and drawbacks of buying a second home in NYC.

Benefits of owning a Pied-a-Terre include the following:

  • Convenience and stability of always having a place to call home in NYC.

  • Avoid the headache of having to figure out hotels or other accommodations every time you visit NYC.

  • Never have to speak with a hotel reception, wait for a hotel room or request early check-in or late check-out ever again.

  • Asset diversification benefits and capital upside opportunities of owning a piece of New York City real estate.

The downsides of buying a Pied-a-Terre in NYC may include:

Pro Tip: Estimate your seller closing costs in NYC with Hauseits interactive closing cost calculator for sellers.

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Why Would You Want To Buy A Pied

So why would anyone want to buy one in the first place? Lets take a look at four of the main reasons that people purchase these properties in NYC.

  • Secondary residence in the heart of NYC. Having a second home in the heart of NYC affords pied-à-Terre owners a couple of benefits. They might buy it to have somewhere to go for a weekend getaway or vacation. Or maybe to be closer to their kids going to school in the area. NYC is a great place to be. Having a second home there is a dream come true for many people.
  • Cuts down on the commute for a job in the city. Anyone who works in downtown New York City knows that traffic is abysmal. So for anyone living outside the citys downtown limits, having a property near their job can be a great place to stay during the week.
  • Surrounded by celebrities and entertainment year-round. Other than living closer to family or shortening your commute, having a second home put your smack in the middle of one of the entertainment capitals of the world. Youll surround yourself with celebrities, athletes, and world-class entertainment all year long.
  • Investment opportunity. NYC is the city that never sleeps, and it doesnt look to slow down any time soon. That said, you can expect property values to continue going up in downtown NYC. So if you spend the money on an apartment today, it could be worth significantly more money later down the road.
  • What Do I Need To Know About Location And Transportation

    525 Park Avenue Apartment #7AB, Upper East Side, NYC

    Even if you as a pied-à-terre owner won’t take mass transit in NYC, your future buyer might, so consider how well situated your apartment is.

    Ive had buyers who lived in New Jersey, or other areas far from Manhattan and commuted to work by railroad or bus, so proximity to the Port Authority, Grand Central, or Penn Station was important for them, depending on what they were taking to commute, Berzon says. Other buyers would drive to Manhattan and were more interested in garages in the area.

    Kaufman says that being close to public transportation in Manhattan is always good for a propertys resale value. But shes also observed that a number of her clients have been phobic of using the subway, so proximity to a station wasnt high on their lists of must-haves.

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    Apartments Priced From $535k

    used by celebritiesCo-op | 4 beds, 4.5 bathsFrom the listing: We are offering for sale a rare full floor residence in the Carlyle Hotel’s tower with sweeping and unobstructed 360-degree views of Manhattan. Every American president since Truman has visited The Carlyle, and its rich history includes visiting Royals and heads-of-state including HRH, The Prince of Wales the late Diana TRH The Duke and Duchess of Cambridge to the Kings and Queens of Denmark, Greece, Spain and Sweden. See floor plan and full details here.

    Why Do People Own Pied

    There are many reasons why someone may want a pied-á-terre. The reason could be completely practical. For instance, one parent may have a family that stays full-time in an ideal community that is a few hours outside of the city. Instead of uprooting his family for work, perhaps the parent keeps a small pied-á-terre for after work, staying for half of the week.

    It could also be a place to stay when taking care of elderly parents. If one is wealthier, a pied-á-terre is great for a place to crash for people who do not live in New York or in the US, but frequent the city enough that it becomes worth it. Also, if you live in the greater New York area but not in the city, it could be a fantastic way to spend weekends in the city and not have to drive home at the end of the night.

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    Are There Any Cons To Buying A Pied

    The top drawbacks are probably the additional expenses that youll have each monthespecially the ones you don’t see coming.

    Psychologically, its not your main home so when the building has to renovate some system and you get an assessment, you are probably less likely to understand the need for the added expense than the full-time residents, Kaufman says.

    Then theres the fact that if something bad happens when you arent theresay a water pipe burstsyoull still need to deal with it from afar. You might even need to come in to clean up if your apartment is affected, Kaufman says. Pied-à-terre owners are not there all the time but they are responsible all of the time.

    If You’re An International Buyer

    Chic Pied

    While full-time New Yorkers often seek out neighborhoods where they can escape the non-stop active city life, international buyers often like to be in the center of it all.

    When coming to New York as an international buyer your main goal is to see New York! A pied-à-terre should be one that is going to allow you to take advantage of what the city has to offer and why you are coming to visit in the first place, says Daniele Kurzweil, an agent with the Friedman Team at Compass. While many full-time New Yorkers don’t like the hustle and bustle of Midtown, and prefer to keep a separation of church and state, if you will, between work and home, international buyers are here exactly for that! They want the hustle and are not concerned about living next to the office.

    Central Park South: $1,495,000 median asking price

    For international buyers with deep pockets, Central Park South is a popular area, says Deana Kory, an agent at Corcoran. Notable draws include Central Park, Columbus Circle, Lincoln Center and Carnegie Hall and the upscale shops and restaurants at the Time Warner Center. Plus, easy access to the theater district and other points of interest.

    Midtown: $914,500 median asking price

    For buyers with tighter budgets , Kory recommends Midtown , a central location near the entertainment of Times Square and Broadway theaters, as well as shopping in Herald Square, and close to high-end shopping and dining in Hudson Yards further to the west.

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    Where Do Most People Own Pied

    The neighborhoods that are likely to attract wealthy people outside of the city or the country are usually the most widely-known, tourist-oriented neighborhoods in all of New York. Though pied-á-terres can be found in all boroughs, they are mostly found in Manhattan. The following Manhattan neighborhoods tend to be most popular for pied-á-terres:

    • Midtown
    • NoMad

    Why Purchase A Pied

    There are several reasons to consider a pied-à-terre including but not limited to: business, travel, entertainment and leisure.

    One might secure a pied-à-terre for a city one frequents for conferences, or a nearby weekend getaway.

    Some have family nearby the pied-à-terre location or want to cut down on long commute times to a job in the city, away from suburban residences.

    Pied-à-terres are generally smaller and more minimalist than the owners primary residence and allow occupants to avoid the time and expense of repeatedly finding new places to stay in a city.

    As the ultimate playground for the rich and famous, a good portion of New York City real estate ends up being pied-à-terres which are not so minimalist.

    Plenty of Hollywood celebrities, pop idols, and the top tycoons and billionaires have their feet planted in fairly swanky pads.

    Pied-à-terres can also be valuable real estate investments, and a convenient asset that may be shared among family members, friends and descendants.

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    What Is A Pied

    In the literal sense, this French phrase means a foot on the ground. But in the language of New York City real estate, a pied-à-terre is an apartment reserved for occasional use, like a place to stay after catching a Broadway show. Since pied-à-terre owners only used these units for short periods, essentially making them vacation homes, they are non-primary residences.

    Manhattan Homes Under $1M on StreetEasy That Allow Pied-à-Terre UseArticle continues below

    How Do You Find A Pied

    Wow! Tiny Pied-à-Terre Remodel, W69th St & Broadway NYC

    The simplest way to find a pied-à-terre is to look at condos. Condos dont care how you use the apartment so they will always work.

    Many co-ops allow pied-à-terres as well but its something youll want to check. Most websites let you search for co-ops that allow pied-à-terres.

    While you can search for whatever kind of pied-à-terres you want, most are small and located in convenient areas. If youre looking for a 2,000 square foot penthouse, its either a second home or youre very rich .

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    West 45th St #217 Hells Kitchen

    This $330,000 studio has hardwood floors, a large closet, and an updated kitchen. Its in The Whitby, an elevator co-op building with a communal rooftop, laundry room, storage room, bike storage, and full-time doorman. The building allows pieds-à-terre, gifting, co-purchasing, and pets. Maintenance is $540 a month.

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