On this episode of Closed!, Lee sits down with Frances Katzen, founder of The Katzen Team at Douglas Elliman, to discuss New York’s pied-à-terre tax and what it could mean for the city’s luxury real estate market.
Frances breaks down how the tax applies to certain secondary and investment residences, why the rollout has created confusion for owners and buyers, and how uncertainty around valuation, enforcement, litigation, and future market conditions is already shaping conversations in the high-end market.
The conversation also explores how the tax may affect condos, co-ops, legacy owners, foreign buyers, and ultra-high-net-worth purchasers weighing New York against other markets. Frances and Lee discuss whether the luxury market can absorb another layer of annual cost, how scarcity continues to support pricing, and why New York’s long-term appeal remains complicated, resilient, and deeply tied to confidence in the city’s future.
To learn more about Frances Katzen and The Katzen Team at Douglas Elliman, visit her website and follow her on Instagram at @franceskatzen.
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The purchase or sale of real estate is a major financial transaction in a person or company’s life. A real estate transaction is a contract where the terms of the documents will determine your rights, so it is essential to take an aggressive approach to the negotiation and drafting of these documents. Failing to do so could cause the loss of significant value and may bind you to unfavorable terms.
Especially in a high-priced market such as NYC, it is important to approach these transactions with help from a dedicated attorney. Property transactions require disciplined attention to detail as well as in-depth knowledge of the law. Let a New York City real estate lawyer protect your rights and preserve your best interests.
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