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[뉴욕 부동산] What is Pied-à-Terre?

Kyle

2019. 8. 13. 9:40

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What Is a Pied-à-Terre and

Why Should You Care About It?

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Linguistically speaking, “pied-à-terre” translated from French means “a foot on the ground.” What it means in New York City real estate is that it’s an apartment to be used on weekends or short periods as a vacation home or a “non-primary residence.” It is not meant to be used as a primary residence.

The reason you should care is because many co-ops do not allow pied-à-terre use, while many condos do. So if you’re buying a place with the intention of renting it out or using it as a secondary home, chances are a co-op will not be right for you.

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Why Would Someone Want a Pied-à-Terre?

Some reasons for owning a pied-à-terre for those who live in the greater NYC area such as Long Island, Westchester County, Connecticut, and New Jersey, are to access the city on weekends for theater, museums, and restaurants Others want a place to be closer to their child who could be attending college in the city. And yes, others are the internationals and 1 percenters who just need a place to land from time to time.

While the idea of a pied-à-terre sounds terribly luxurious and high-end, there are many units that can be considered a pied-à-terre without a seven-figure price tag.

Many NYC co-ops have strict pied-à-terre rules, but this Chelsea 2-bedroom co-op for $889K allows it.

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Where Do You Buy a Pied-à-Terre?

At Corcoran Group, real estate experts there say “three Manhattan neighborhoods consistently attract pied- à-terre buyers.” The neighborhoods listed below tend to be the places where foreign investors or more wealthy buyers can locate themselves in the heart of NYC’s most culturally bejeweled ZIP codes.

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Real estate brokers say that four amenities “consistently top the wish-list of pied-à-terre buyers” at the high end of the scale:

Concierge services

Spa and fitness centers

Residents’ lounges (as extended living spaces beyond the owner’s apartment)

Rooftop clubs with 360-degree skyline views

“Hotel affiliations are perhaps the best of both worlds for pied-à-terre buyers, offering complete ownership coupled with the services of a Manhattan hotel at their 24/7 disposal,’’ the Corcoran Group suggests.

This 2-bedroom condop in Park Avenue’s Ritz Tower offers hotel-like services and pied-à-terre use is allowed.

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Why Pied-à-Terre Use Is Different for Co-ops vs. Condos

As we mentioned above, NYC real estate market standards tend to mean that co-op buildings have stricter rules about pied-à-terre use. Many explicitly rule them out. Others may allow the co-op board to approve pied-à-terre use on a case-by-case basis.

If a co-op unit is available for pied-à-terre use, it is therefore generally well-publicized in the marketing material, since co-ops are an attractive option due to generally lower prices. Still, an abundance of caution and due diligence must be done by buyers and their agents if they are looking to make an offer on a pied-à-terre in a co-op building.

For the most hassle-free purchase process, however, most pied-à-terre buyers will be looking at condo buildings, since, generally, the only criteria needed to be met by buyers are verified financials.

This $58,000,000 co-op on the Upper East Side allows for pied-a-terre use.

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The ‘Problem’ With Increased Numbers of ‘Under-Taxed’ Pied-à-Terres in NYC

As more investors, especially from overseas, use New York City real estate to park cash in what is seen as a stable if not growing asset class, the city has seen an increase in the number of vacant units.

Census Bureau numbers suggest that a pretty significant percentage of apartments in particular areas of New York are not inhabited for any real number of days. The New York Times in 2014 investigated and found vacancy rates to be startling. According to a 2018 NY Daily News article, approximately 247,977 NYC apartments are vacant or barely occupied.

Likewise, tax abatements and tax laws have generally shielded owners of investment or second homes from contributing real estate tax dollars to the city. NYC real estate experts note that condo and co-op valuations are based on the value of nearby rental properties, rather than comparable sales, leading to systematic undervaluation. However, developers keep earning tax abatements by arguing that pied-à-terre owners are rarely in need of city services, so taxing such properties would unfairly burden the market from selling to these kinds of buyers.

But what sparked the most recent discussion of taxing pied-à-terres was the $238-million-dollar apartment purchase by Chicago hedge fund manager Ken Griffin. The obscene amount paid for an apartment that would be used as a secondary home renewed talks for a pied-à-terre tax on expensive second homes. The proposal was quickly nixed due to the difficulty in how to determine what apartment is used as a primary residence or not.

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[ 출처: https://streeteasy.com/blog/what-is-a-pied-a-terre/ ]

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'pied-à-terre'라는 용어 자체가 생소할 수 있죠. 이는, Prmary residence 목적으로 사용되는 것이 아니라, 보통 근교에 Primary house에서 거주하면서 주말이나 짧은 기간동안에 Secondary residence 목적으로 사용됩니다. The Super Rich 사람들의 경우 이런 목적으로 구매 하기도 하며, 외국인 투자자의 경우에도 본국에서 자금을 조달해서 투자 목적으로 쓰이기도 합니다. 한 예로, 주말 사용 목적으로 구매를 한다고 했을 때, 아무래도 시티 내 리조트 개념으로 즐기기 때문에 건물 내 다양한 Amenities가 있는 Condo를 Co-op보다 선호하며, 지역적으로도 교통이 편하고 주변에 museum, restaurant 등의 시설이 많은 곳을 선호하게 됩니다. 'pied-à-terre' 하우스 수가 증가하게 되면 Rent or Buy 목적으로 하우스를 찾는 사람들에게는 Available Houses의 수가 줄어들게 되고 그러면 Demand 대비 Supply가 줄어들게 되므로 집 값이 상승하는 요인으로 작용할 수도 있게 되고, 이는 뉴욕시가 단기 렌트 형태의 AirBnB를 규제하는 이유하고도 비슷하게 볼 수 있겠습니다.

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