Wynn Penthouse Heads to Contract at $70M
Steve Wynn's duplex condo at 50 Central Park South has gone into contract at a last asking price of $70 million, amid a legal fight over a city tax.
Updated on Nov. 3, 2026 in Residential
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Steve Wynn's duplex penthouse at 50 Central Park South went into contract at a last asking price of $70 million. The sale price and buyer identity have not been disclosed.
Why it matters
The sale comes as Wynn joins a lawsuit against New York state over a pied-à-terre tax assessment of nearly $200,000 he received in July. The case challenges the tax's constitutionality for non-residents who cannot vote in state and local elections.
The condo spans nearly 11,000 square feet with three bedrooms and four bathrooms and was bought by Wynn for $70 million in 2012 from Christopher Jeffries. Its final sale price and buyer identity have not been disclosed.
The players
Steve Wynn
Casino developer and longtime New York City property owner who is a plaintiff in the pied-à-terre tax lawsuit.
Sotheby's
Global auction and brokerage house whose agent Serena Boardman helped list the condo.
Corcoran
New York residential brokerage whose agent Deborah Grubman co-listed the penthouse.
The details
The condo was listed through Sotheby's Serena Boardman and Corcoran's Deborah Grubman after Wynn first listed it in 2022 at $90 million. The lawsuit claims the tax violates the U.S. and New York constitutions by targeting non-residents who cannot vote in state and local elections.
Timeline
2012: Wynn buys the condo for $70 million.
2022: Wynn first lists the condo for $90 million.
July 2026: City sends pied-à-terre tax notices; Wynn receives nearly $200,000 assessment.
September 2026: Wynn joins the lawsuit against New York state.
Market Dynamics
The Wynn sale sits within the city's pied-à-terre tax, which initially generated notices to 17,000 homeowners before about 9,000 recipients were spared through exemptions or city-caught mistakes by October. The lawsuit tests whether non-resident owners can be taxed without voting rights in state and local elections.
Owners of high-value second homes in New York City who are not residents may face pied-à-terre tax assessments and must decide whether to contest them. Those who receive notices can check whether an exemption or city error applies, as thousands of recipients were already spared.
The takeaway
Non-resident owners of expensive Manhattan property should review any pied-à-terre tax notice promptly and confirm eligibility for exemptions. The pending lawsuit could reshape how the city taxes second homes.
Further reading
Explore more New York City Residential market coverage for context on luxury property trends.
Source note: This article includes information reported by The Real Deal New York.
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