Art Basel Goes Online; New York’s Pied-à-Terre Tax

Photo Credit: Four Seasons Private Residences Madrid

Retrofitted Madrid complex opens
In Madrid, a long-in-the-works project that will house a five-star Four Seasons hotel, 22 luxury private residences, and a shopping gallery will open its doors this month. The New York Times had a peek inside the Canalejas complex, a former financial hub for the Spanish capital that has been retrofitted into an international tourist destination at the cost of $712 million. The facades of the seven grand buildings that comprise the complex have been preserved, while some original interior details have been repurposed, such as a teller counter that will serve as the hotel’s check-in desk. The Four Seasons will begin hosting guests in its 200 rooms on Sept. 25 at 25 percent capacity.

New York legislature considers pied-à-terre tax
The proposed pied-à-terre tax on New York properties is winding its way through Albany. What would the tax mean for secondary property owners in New York City? Under the current proposal, pieds-à-terre in the city — defined as secondary residences that are either one- to three-family homes with a market value above $5 million or condos and co-ops with a market value above $300,000 — will be taxed at a rate between 0.5 and 13.5 percent. The property tax valuation depends on a slew of numbers and calculations laid out by Brick Underground in a handy guide. The Real Deal says the tax could reduce the sale prices of expensive units.