Casino Mogul Steve Wynn Finds Buyer for Luxury New York Penthouse Amid Tax Battle
Casino billionaire Steve Wynn has placed his luxury New York penthouse under contract after a four-year search, just as he fights Mayor Zohran Mamdani's controversial new tax on nonresident luxury property owners.
Casino mogul Steve Wynn has finally found a buyer for his luxury duplex penthouse overlooking Central Park in New York City, putting the multi-million dollar property under contract after nearly four years on the market. However, the transaction comes amid a high-stakes legal battle over a controversial new tax championed by New York City Mayor Zohran Mamdani.
A Luxury Asset Faces New Levies
Wynn, the 84-year-old billionaire who reshaped the modern Las Vegas Strip, listed the penthouse above the Ritz-Carlton Hotel for $70 million. The property spans approximately 1,010 square meters across the 30th and 31st floors, featuring three bedrooms, a library, a cinema room, a formal dining room, and a grand living room that formerly served as the hotel's grand ballroom. Despite its lavish amenities and sweeping views of Central Park, Wynn is unlikely to turn a profit from the sale, having originally purchased the unit for $70 million in 2012.
The sale coincides with a contentious legal dispute between Wynn and New York State. Under Mayor Mamdani's flagship initiative to increase taxes on non-primary luxury homeowners—often referred to as the Pied-à-Terre tax—Wynn was hit with a newly issued tax bill exceeding $183,000 for the apartment. In late September, Wynn filed a lawsuit against the state alongside former U.S. Commerce Secretary Wilbur Ross and his wife Hilary, arguing that the levy constitutes an unconstitutional tax on out-of-state residents.
The Debate Over Ghost Apartments
The tax targets residential properties valued over $5 million that do not serve as a primary residence, aiming to generate roughly $500 million annually to bridge the city's budget deficit and fund public services. Proponents argue that affluent nonresident owners benefit from city infrastructure without contributing through local income taxes. Meanwhile, critics contend that the policy unfairly penalizes property owners who already pay substantial real estate taxes and support local cultural institutions.
Despite the legislative pushback and ongoing litigation, New York's luxury real estate market remains remarkably resilient. In the first week of November alone, Manhattan recorded 45 contracts for properties priced at $4 million and above, marking the highest weekly total of the year. While Wynn's penthouse secured the top spot for the week, the robust market activity indicates that high-end buyers continue to invest in prime Manhattan real estate despite mounting municipal taxes.
