A pied-à-terre (French pronunciation: [pje.t‿atɛʁ] , plural: pieds-à-terre; French for "foot on the ground") is a small living unit, e.g., apartment or condominium, often located in a large city and not used as an individual's primary residence. The term implies use of the property as a temporary second residence, but not a vacation home, either for part of the year or part of the work week, usually by a reasonably wealthy person. [1] [2] If the owner's primary residence is nearby, the term also implies that the residence allows the owner to use their primary residence as a vacation home. [3]
Pieds-à-terre attracted discussion during the 2010s in Paris and New York, where they are argued to cause a reduction in the overall housing supply. [4] [5] A tax on such units has been discussed since 2014. [6]
In 2014, The New York Times reported 57% of units on one three-block stretch of midtown Manhattan were vacant over half of the year. [7] Many of the buildings mentioned border Central Park and have become known as Billionaires' Row. [7] New York State Senator Liz Krueger, whose district includes Midtown, stated:
My district has some of the most expensive land values in the world — I’m ground zero for the issue of foreign buyers. I met with a developer who is building one of those billionaire buildings on 57th Street and he told me, "Don't worry, you won't need any more services, because the buyers won't be sending their kids to school here, there won't be traffic." [7]
Some cooperative buildings in New York City have restrictions on pied-à-terre purchasers. [8] However, a 2019 bill in the New York State Assembly that would place a recurring tax on luxury pieds-à-terre was blocked after intense pressure from real estate developers and their lobbyists. [9]
In the Parisian real estate market, mini-apartments measuring a few square meters often less than 8 m2 are sold or rented to people who work or study in Paris during the week but live elsewhere. As of 2010, French cities with more than 200,000 inhabitants have a minimum one-year lease for apartments in order to crack down on pieds-à-terre that are offered as short-term rentals. [4]
In Amsterdam, a house must be above a certain rental value to be classified as a pied-à-terre. If the owner of such a house lets their children live in it, then all children should be registered in that municipality. [10] In addition to students, politicians and many television personalities own pied-à-terres in Amsterdam while they live elsewhere. [11] [12]
Many ministers and deputees own pieds-à-terre in The Hague although remain registered in their own municipality. [13]
Lodging refers to the use of a short-term dwelling, usually by renting the living space or sometimes through some other arrangement. People who travel and stay away from home for more than a day need lodging for sleep, rest, food, safety, shelter from cold temperatures or rain, storage of luggage and access to common household functions. Lodging is a form of the sharing economy.
A summer house or summerhouse is a building or shelter used for relaxation in warm weather. This would often take the form of a small, roofed building on the grounds of a larger one, but could also be built in a garden or park, often designed to provide cool shady places of relaxation or retreat from the summer heat. It can also refer to a second residence, usually located in the country, that provides a cool and relaxing home to live in during the summer, such as a vacation property.
A holiday cottage, holiday home, vacation home, or vacation property is accommodation used for holiday vacations, corporate travel, and temporary housing often for less than 30 days. Such properties are typically small homes, such as cottages, that travelers can rent and enjoy as if it were their own home for the duration of their stay. The properties may be owned by those using them for a vacation, in which case the term second home applies; or may be rented out to holidaymakers through an agency.
Kenneth Cordele Griffin is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund. He also owns Citadel Securities, one of the largest market makers in the United States.
Olympic Tower is a 51-story, 620 ft-tall (190 m) building at 641 and 645 Fifth Avenue, between 51st and 52nd Streets, in the Midtown Manhattan neighborhood of New York City. Designed by Skidmore, Owings & Merrill (SOM), the mixed-use development contains condominium apartments, office space, and retail shops. The tower is named after Olympic Airways, whose president Aristotle Onassis jointly developed the tower with the Arlen Realty and Development Corporation between 1971 and 1974. It was the first skyscraper to be constructed within a special zoning district to encourage retail and mixed-use development along Fifth Avenue.
Sierra Towers is a residential 31-story high-rise condominium building in West Hollywood, California, United States. located at 9255 Doheny Road, adjacent to Beverly Hills. It was designed by the renowned Beverly Hills mid-century modern architect Jack A. Charney, who studied under Richard Neutra and Rudolph Schindler. Completed in 1965 as an apartment building, it was originally called the Spoon Apartment Building. Building amenities include 24-hour security, concierge service, a gym, and an outdoor swimming pool.
The Alwyn Court, also known as the Alwyn, is an apartment building at 180 West 58th Street, at the southeast corner with Seventh Avenue, in the Midtown Manhattan neighborhood of New York City, United States. The Alwyn Court was built between 1907 and 1909 and was designed by Harde & Short in the French Renaissance style. It is one of several luxury developments constructed along Seventh Avenue during the late 19th and early 20th century.
53 West 53 is a supertall skyscraper at 53 West 53rd Street in the Midtown Manhattan neighborhood of New York City, adjacent to the Museum of Modern Art (MoMA). It was developed by the real estate companies Pontiac Land Group and Hines. With a height of 1,050 ft (320 m), 53 West 53 is the tenth-tallest completed building in the city as of November 2019.
500 Fifth Avenue is a 60-story, 697-foot-tall (212 m) office building on the northwest corner of Fifth Avenue and 42nd Street in Midtown Manhattan, New York City. The building was designed by Shreve, Lamb & Harmon in the Art Deco style and constructed from 1929 to 1931.
15 Central Park West is a luxury residential condominium along Central Park West, between 61st and 62nd Streets adjacent to Central Park, on the Upper West Side of Manhattan in New York City. It was constructed from 2005 to 2008 and was designed by Robert A.M. Stern Architects in the New Classical style. The building consists of two sections: "the House", a 19-story structure occupying the eastern part of the city block, and "the Tower", a 35-story structure occupying the western part of the block. It has approximately 200 apartments, of which two-thirds are in the Tower and one-third are in the House.
One57, formerly known as Carnegie 57, is a 75-story, 1,005 ft (306 m) supertall skyscraper at 157 West 57th Street between Sixth and Seventh Avenues in the Midtown neighborhood of Manhattan in New York City. The building has 92 condominium units above a 210-room Park Hyatt Hotel that serves as the flagship Hyatt property. The tower was developed by Extell Development Company and designed by Christian de Portzamparc. It was the first ultra-luxury condominium tower along a stretch of 57th Street called Billionaires' Row.
220 Central Park South is a residential skyscraper in Midtown Manhattan in New York City, situated along Billionaires' Row on the south side of Central Park South between Broadway and Seventh Avenue. 220 Central Park South was designed by Robert A.M. Stern Architects and SLCE Architects, with interiors designed by Thierry Despont. It is composed of two sections: a 70-story, 950-foot (290 m) tower on 58th Street, which is the 21st-tallest building in New York City, as well as an 18-story section on Central Park South, both of which contain a limestone facade. Most of the 118 apartments are duplex apartments, although some of the units have been combined to create larger units. The building has a porte-cochère, a wine cellar, private dining rooms, and various recreational facilities.
50 United Nations Plaza is a residential condominium building in Manhattan, New York City. The 44-story tower, designed by Norman Foster's architectural firm Foster and Partners, is the first residential high-rise building in the United States designed by Foster. It is variously described as having 87 or 88 apartments.
The Crown Building is a 25-story, 416-foot-tall (127 m) building at 730 Fifth Avenue, on the southwest corner of Fifth Avenue and 57th Street, in the Midtown Manhattan neighborhood of New York City. Constructed between 1920 and 1922 for the philanthropist August Heckscher, the structure was designed by Warren and Wetmore as an office building. The lower levels contain retail space, while the upper levels became the luxury Aman New York hotel and residences in 2022. The structure has been a New York City designated landmark since 2024.
Billionaires' Row is a group of ultra-luxury residential skyscrapers, and the neighborhood surrounding them, near the southern end of Central Park in the Midtown section of Manhattan in New York City. Several of these buildings are in the supertall category—taller than 1,000 feet (300 m)—and, as of 2024, include the world's three tallest residential buildings. Since several of these pencil towers are on or near 57th Street, the term can refer to this street as well.
Donald Trump grew up in Jamaica Estates, an affluent neighborhood in Queens, New York City. In 1971, Trump moved into a studio in Manhattan. From 1983 until 2019, Trump's primary residence was the three-level penthouse on the top floors of Trump Tower; in 2019, he declared Mar-a-Lago in Palm Beach, Florida, to be his primary residence. During his presidency from January 20, 2017, until January 20, 2021, Trump resided at the White House in Washington, D.C..
Kathryn Wylde is an American executive and President and CEO of the non-profit organization Partnership for New York since 2011.
130 West 57th Street is an office building on 57th Street between Sixth Avenue and Seventh Avenue in Midtown Manhattan in New York City. It was built from 1907 to 1908 and designed by Pollard and Steinam, who also simultaneously designed the neighboring, nearly identical building at 140 West 57th Street. The buildings are among several in Manhattan that were built in the early 20th century as both studio and residences for artists.
140 West 57th Street, also known as The Beaufort, is an office building on 57th Street between Sixth Avenue and Seventh Avenue in Midtown Manhattan in New York City. It was built from 1907 to 1909 and designed by Pollard and Steinam, who also simultaneously designed the neighboring, nearly identical building at 130 West 57th Street. The buildings are among several in Manhattan that were built in the early 20th century as both studio and residences for artists.
The Briarcliffe is a 13-story, 35-unit residence at 171 West 57th Street, at the northeastern corner with Seventh Avenue, in Midtown Manhattan, New York City. Located just north of Carnegie Hall, the property was built as a hotel in 1922, designed by architects Warren and Wetmore, and converted to its current purpose as condominiums in 1999. The Briarcliffe is part of Billionaires' Row and shares a city block with the Alwyn Court to the north and 165 West 57th Street, One57, the Nippon Club Tower, the Calvary Baptist Church, and 111 West 57th Street to the east.