The Real Deal New York

Nearly one-quarter of NYC apartments are non-primary homes

Rock Center's Executive Plaza tops list of buildings with fewest primary residences
January 09, 2015 02:51PM

Roughly 24 percent of all New York City apartments are either investment properties rented to tenants or pieds-à-terre, according to data from the city’s Independent Budget Office.

The agency’s findings do not include residential properties that receive a 421a tax exemption, the New York Times reported, which means the number of non-primary homes could be even greater. The percentage is slightly higher in Manhattan, where 29 percent of homes are not primary.

“Many of these buildings were built or converted in the 1980s, and are largely made up of smaller apartments, such as studios and one-bedrooms,” Miller Samuel’s Jonathan Miller told the Times. “The smaller the apartments, and the more smaller apartments there are, generally the higher the pied-à-terre factor.”

The Executive Plaza at Rockefeller Center has the highest proportion of nonprimary residences in the city, at 74.4 percent. The 72-story CitySpire Center Took Second Place, with 60.5 percent. Other buildings on the list include 3 Worldwide Plaza, the Vanderbilt, Zeckendorf Towers and the Parc Vendôme. [NYT]Mark Maurer