Steve Wynn Finds Buyer for Central Park Penthouse Amid NYC Pied-à-Terre Tax

Steve Wynn has finally found a buyer for his New York City penthouse overlooking Central Park.

Located at 50 Central Park South in the heart of Billionaire’s Row, Wynn bought the 10,900-square-foot penthouse in 2012 for $70 million. A decade later, the Wynn Resorts founder and longtime chairman and CEO listed the three-bed, six-bath trophy home for $90 million.

Wynn didn’t find a buyer, and the penthouse that occupies the 30th and 31st floors of the 33-story Ritz-Carlton Central Park went on and off the market for years. The Ritz-Carlton Residences occupy the top floors of the historic hotel that opened in 1930 as the Hotel St. Moritz.

Wynn most recently listed the penthouse for $70 million. No purchase price was confirmed, but Wynn was said to be a motivated seller after his legal challenge to Mayor Zohran Mamdani’s pied-à-terre tax failed.

Along with the three beds and six baths, the penthouse has sweeping views of Central Park, an expansive terrace, a gym, a massage room, and a theater.  

Wynn’s Escape From New York

The pied-à-terre tax is a luxury second-home surcharge. The tax does not apply if the property is used as a primary residence.

Since stepping down from Wynn Resorts and selling his stake in the casino company in 2018, Wynn has been a Florida resident. His Central Park penthouse was already subject to more than $194,000 in annual property taxes. The pied-à-terre tax adds an extra 6.5% to the property’s assessed value, as determined by the New York City Department of Finance (DOF).

The DOF currently assesses #30/31 at 50 Central Park South at $3.5 million, putting the pied-à-terre tax at approximately $227,500. The vast gap between DOF assessments and market value in New York City stems from the 1981 New York State Real Property Tax Law, designed to shield middle-class families from soaring property taxes. While keeping assessments artificially low saves money for middle-class homeowners, it has benefited wealthy buyers even more as NYC real estate values have surged.

Beginning in 2028, Mamdani aims to calculate the pied-à-terre tax using a property’s current fair market value.

Along with taxes, 50 Central Park South #30/31 has a monthly HOA fee of $31,363. The fee includes maintenance, concierge services, access to the hotel’s spa and fitness center, 24/7 doormen, and security.

Trump Ties

President Donald Trump, a former casino owner himself who is a friend of Wynn’s, once owned 50 Central Park South.

In 1985, Trump bought the Hotel St. Moritz, then in a 775-room configuration, for $30 million. An archived website of Trump’s real estate business said the hotel made an annual profit of $12 million during the real estate businessman’s tenure.

Trump sold Hotel St. Moritz in 1988 to Australian billionaire Alan Bond “for a staggering $180 million,” the Trump website claims.