Business
New York passes Mamdani’s pied-a-terre tax. Who pays and how much
The 220 Central Park South building, center, stands in New York, U.S., on Wednesday, Jan. 23, 2019. Just days after buying one of the most expensive residential properties in London, Citadel founder Ken Griffin set a U.S. record with the $238 million penthouse at 220 Central Park South.
Jeenah Moon | Bloomberg | Getty Images
New York City’s new tax on second homes will more than double property taxes owed by many wealthy luxury apartment owners, according to tax experts.
State lawmakers on Wednesday passed the tax on nonprimary residences in order to help close the city’s budget gap. The so-called pied-a-terre tax will be imposed on second homes valued at $1 million or more. It’s expected to raise $500 million in revenue.
Details on the tax obtained by CNBC show that the property tax would take effect in two different phases. In the first two years – the tax years 2026-2027 and 2027-2028 – condos and co-ops valued at more than $1 million by the city’s Department of Finance will be subject to the tax. Properties worth between $1 million and $3 million will face a 4% annual tax; properties valued at $3 million to $5 million will face a 5.25% tax; and those above $5 million will face a 6.5% tax.
While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said.
Rather than overhaul the system immediately, the city will gradually update valuations – and the tax – according to the budget documents. Starting in the 2028-2029 tax year, the property values will be based on comparable sales. Since valuations will skyrocket, the tax rates will fall to compensate.
After the valuation adjustments, properties worth between $5 million and $15 million will be subject to a tax rate of 0.8%; properties between $15 million and $25 million will be taxed at 1.05%; and properties over $25 million will be taxed at 1.3%, according to the budget plan.
“It’s incredibly complicated,” said Robert Pollack, a New York property tax attorney with Marcus and Pollack LLP.
Billionaire and Citadel CEO Ken Griffin became the face of the tax after New York City Mayor Zohran Mamdani posted a video in front of Griffin’s penthouse apartment announcing the tax. Griffin fired back, threatening to pull back business and jobs from New York in the future.

Under the new tax, Griffin — who is a tax resident of Florida — would see his Manhattan property tax bill more than triple, according to CNBC calculations.
Griffin purchased his 24,000-square-foot penthouse at 220 Central Park South in 2019 for $238 million. However, according to government records, the city values the apartment at just $15.5 million. Griffin’s property tax bill for the 2026-2027 tax year is $858,332, according to city records.
In the first two years of the pied-a-terre tax, Griffin’s property tax bill would more than double to $1.87 million, according to Pollack. Starting in the 2028-2029 tax year, it would increase to just under $4 million.
Griffin also purchased two apartments at 740 Park Ave. for a total of $83 million, according to reports. The tax on those units would be $1.1 million starting in 2028, bringing his total Manhattan property tax bill for all his properties to more than $5 million.
While the city’s politicians say the wealthy can afford it, real estate brokers and tax attorneys say the sticker shock will be significant.
“All my clients already feel like they pay too much,” Pollack said. “These numbers are significant. I don’t care how wealthy you are.”
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Can Wembanyama Lead San Antonio Back in NBA Finals
NEW YORK — The 2026 NBA Finals shift back to Madison Square Garden on Wednesday night for Game 4, with the New York Knicks holding a 2-1 series lead over the San Antonio Spurs after a thrilling 115-111 Spurs victory in Game 3. Victor Wembanyama’s dominant performance has San Antonio believing it can even the series on the road, while the Knicks aim to reclaim momentum and move within one win of their first championship since 1973.
Tipoff is scheduled for 8:30 p.m. ET. The Knicks enter as 2.5-point favorites, with the over/under set at 216.5 points. After dropping the first two games in San Antonio, the Spurs stole Game 3 in New York behind Wembanyama’s explosive 32-point, eight-rebound, six-assist, three-block, two-steal masterpiece and strong contributions from rookie Stephon Castle.
Wembanyama’s Emergence as the Focal Point
The 7-foot-4 phenom has elevated his play as the series progresses. In Game 3, Wembanyama delivered a full 48-minute effort that turned the tide in the fourth quarter. His ability to dominate both ends of the floor has become the Spurs’ clearest path to victory. Analysts highlight his improved low-post scoring and defensive versatility as keys to sustaining pressure against New York’s physical frontcourt.
For San Antonio to force a Game 5 back home, Wembanyama must continue anchoring the offense while disrupting the Knicks’ rhythm. His presence forces constant adjustments from New York coach Tom Thibodeau, who must decide between double-teaming the big man or living with his scoring outbursts.
Knicks’ Response and Home Advantage
The Knicks, led by Jalen Brunson, have shown resilience throughout the playoffs. Brunson delivered 32 points in Game 3 but could not overcome the Spurs’ late surge. At Madison Square Garden, the Knicks will lean on their raucous home crowd and defensive identity to reassert control.
New York’s strength lies in its balanced attack and ability to grind out possessions. Players like Karl-Anthony Towns and Mikal Bridges provide secondary scoring and defensive versatility that can counter San Antonio’s length. The Knicks’ 13-game playoff winning streak ended in Game 3, adding urgency to avoid falling into a 2-2 tie.
Tactical Keys and Adjustments
Coaches on both sides face critical decisions. For the Spurs, maintaining defensive intensity while feeding Wembanyama in advantageous spots will be paramount. San Antonio’s bench, including Castle’s fourth-quarter impact, must provide consistent energy on the road.
The Knicks will likely emphasize containing Wembanyama through help defense and forcing the ball out of his hands. Brunson’s pick-and-roll mastery and New York’s transition game could exploit any lapses in Spurs’ rotations. Rebounding and three-point efficiency are expected to be decisive factors in a series defined by half-court execution.
Series Context and Stakes
The Finals matchup pits two franchises with storied histories but very different recent paths. The Knicks have built a contender through smart drafting and free agency, while the Spurs have ridden Wembanyama’s meteoric rise following years of rebuilding. A Spurs victory in Game 4 would send the series back to San Antonio with renewed belief, while a Knicks win would put them firmly in the driver’s seat.
Injuries and fatigue could play roles as the series reaches its midpoint. Both teams have managed minutes carefully, but the physical toll of playoff basketball intensifies with each game. Wembanyama’s durability after a strong Game 3 performance will be closely monitored.
Broader Implications
A prolonged series benefits the NBA’s global audience, with stars like Wembanyama and Brunson showcasing the league’s future. Wembanyama’s ability to “bring victory once again” could cement his status as a generational talent capable of leading a championship charge in only his third season.
For the Knicks, closing out games at home remains a point of emphasis after letting Game 3 slip away. Thibodeau’s defensive schemes have been a hallmark of their success, and adjustments to counter San Antonio’s length will define the remainder of the series.
What to Watch in Game 4
Expect high-intensity basketball from the opening tip. Early foul trouble on either star could shift momentum quickly. Three-point shooting, particularly from the Spurs’ supporting cast, may determine if they can stretch the floor effectively against New York’s pack-line defense.
Fan atmosphere at Madison Square Garden is expected to be electric, providing the Knicks with a tangible home-court edge. The Spurs must withstand the pressure and execute their game plan to force the series back to Texas.
Analysts project a competitive contest, with models favoring the under on total points due to strong defensive showings in prior games. Individual performances from Wembanyama and Brunson will likely dictate the outcome, as both have shouldered heavy scoring loads.
Historical Parallels and Outlook
The series echoes past Finals battles where young superstars faced veteran-led squads. Wembanyama’s poise under pressure has drawn comparisons to legendary big men, while the Knicks embody a gritty, team-first approach reminiscent of championship clubs from previous eras.
Regardless of Game 4’s result, the matchup has delivered compelling basketball and highlighted the league’s parity at the highest level. As the series continues, focus will remain on execution in critical moments and the ability of star players to elevate their teams.
The Knicks hold the series advantage and home-court momentum, but Wembanyama’s Game 3 heroics have proven the Spurs are far from finished. Wednesday night’s contest promises another chapter in what has become a hard-fought, entertaining NBA Finals.
Both sides possess the talent and coaching to compete at an elite level. The outcome of Game 4 could shift the narrative dramatically, setting the stage for a memorable conclusion to the 2026 postseason. Fans and analysts alike will be watching to see if Wembanyama can once again deliver a victory that keeps San Antonio’s championship hopes alive.
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Concord Biotech shares gain 6% after USFDA approval for Tofacitinib tablets
According to the company, the approval covers Tofacitinib Tablets indicated for the treatment of adult patients with moderately to severely active rheumatoid arthritis (RA), active psoriatic arthritis (PsA), active ankylosing spondylitis (AS), moderately to severely active ulcerative colitis (UC), active PsA, and active polyarticular course juvenile idiopathic arthritis (pcJIA).
The regulatory approval has been granted by the U.S. Food and Drug Administration, the company said in its filing. Concord Biotech stated that the approval aligns with its growth strategy and is expected to strengthen its position in the U.S. market. The company added that the clearance allows it to expand its product portfolio and pursue opportunities in the U.S. and international markets.
According to market estimates cited by the company, the U.S. market opportunity for Tofacitinib Tablets across the 5 mg and 10 mg strengths is approximately $500 million. The approval pertains specifically to the company’s ANDA for Tofacitinib Tablets in the two approved dosage strengths. The company said the development supports its long-term growth plans and enhances its ability to participate in the relevant therapeutic segments in the United States.
The company noted that the approval for Tofacitinib Tablets, 5 mg and 10 mg, is expected to strengthen its presence in the U.S. market while broadening its range of offerings. The approval also provides access to a market that the company estimates at approximately $500 million for the two strengths combined.
Concord Q4 snapshot
The R&D-focused biopharmaceutical company reported a 36.8% year-on-year decline in fourth-quarter net profit at Rs 88.8 crore, compared with Rs 140.4 crore in the corresponding period last year, as lower revenue and margin compression weighed on earnings.
Revenue from operations fell 24.1% to Rs 326.1 crore from Rs 429.9 crore a year earlier. EBITDA for the quarter declined 37.8% year-on-year to Rs 118.5 crore, while the EBITDA margin contracted to 36.4% from 44.3% in the year-ago quarter.
Concord share price is down 36% in the last 1 year. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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