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

Rock Center's Executive Plaza tops list of buildings with fewest primary residences

From left: Apartments at Cityspire And Executive Plaza in Midtown
From left: Apartments at Cityspire And Executive Plaza in Midtown

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.

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“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