Mamdani's Pied-A-Terre Tax Has a Clear Winner: Greenwich, CT

Greenwich, Connecticut condo sales just hit a record-shattering $12 million, according to a recent New York Post report. That is nearly double the town's previous record condo sale of $6.75 million. The spike in demand is driven in part by New York City Mayor Zohran Mamdani’s new tiered pied-à-terre tax targeting NYC second homes valued over $5 million.

The record-breaking sales stem from Chilston Court, a luxury 78-residence development in downtown Greenwich by Caspi Development—the team behind Tribeca’s celebrity hotel Fouquet’s New York. Situated at the bottom of Mason Street on the site of a former Honda dealership, the project brings Manhattan-level design and amenities to the suburbs. The development is slated for completion in 2028.

While some Greenwich residents expressed frustration over high-density units approved under Connecticut's 8-30g affordable housing mandates, New York buyers are flocking to them. The urban-style luxury living offers a familiar atmosphere for the NYC crowd—even with local zoning exemptions attached to the project's affordable unit requirements.

“It really gives you all the benefits of what you would get in like a high-end hotel or a condo building in New York City. But it’s in downtown Greenwich,” noted developer Josh Caspi.

Between the Lines: Welcome to the newly named "City of Greenwich, CT," where displaced New York second-home buyers can feel right at home.

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