Greenwich condos hit $12 million mark as New York tax spurs demand
Luxury condos at Chilston Court in Greenwich have sold for as much as $12 million, nearly doubling the town’s previous record, driven by New York’s new pied-à-terre tax.
Chilston Court, a new luxury condominium complex in downtown Greenwich, has recorded sales up to $12 million, eclipsing the town’s earlier record of $6.75 million by almost 50 percent. The development is the work of Caspi Development, the firm behind the Tribeca hotel Fouquet’s New York, and was designed by Robert A.M. Stern Architects with interiors by Bryan O’Sullivan Studio. Founder Josh Casif says the recent New York City pied-à-terre tax, imposed by Mayor Zohran Mamdani on high-value homes not used as primary residences, is a direct catalyst for the heightened demand.
Roughly one-quarter of purchasers already own property in New York, and several have sold those homes to make Greenwich their secondary residence. Buyers are attracted by the building’s hotel-like features, including a private speakeasy, wine lockers, and a 55-foot lap pool. Prices were raised repeatedly as demand outpaced expectations, and the remaining top-tier units were held back for later release. The project is expected to be finished in 2028.
Why it matters
The sales illustrate how New York tax policy is reshaping high-end real-estate markets in neighboring suburbs.
How this story developed
- Aug 7 NYC owners sue over alleged mishandling of luxury pied-à-terre tax rollout
- Aug 10 A Staten Island Supreme Court Justice halted the rollout of the pied-à-terre levy, prompting Governor Hochul to assert that the state is not responsible for the tax’s administration. Her spokeswoman, Jennifer Goodman, emphasized that affluent owners should still pay their share. The pause follows criticism from business leaders and political opponents who say the tax reflects a shift toward socialist policies. Lawyers for Mayor Zohran Mamdani have appealed the decision, arguing the city must continue the tax despite ongoing litigation.
- Aug 11 A Staten Island judge issued a temporary restraining order that pauses the pied‑à‑terre tax rollout.
- Aug 12 A Staten Island judge issued a temporary injunction stopping the tax’s enforcement.
- Aug 13 The tax also applies to condos and co‑ops valued at $1 million in addition to houses over $5 million.
- Aug 13 An appellate panel temporarily lifted the injunction, permitting the finance department to move forward while the appeal proceeds.
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