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Disclaimer Notice: The information contained herein is considered advertising and informational in nature and should not be used in the place
of retaining counsel. Past results do not guarantee similar outcomes in future cases.

Copyright © 2010-12  Ginsberg & Wolf, P.C. All Rights Reserved

Our attorneys are rated among
the most prestigious in the
industry, earning coveted
awards and ratings such as
"Best Lawyers in America",
"Million Dollar Advocate",
"Superlawyers" &
"Top 100 Trial Lawyers"

What is a "Mansion Tax" or "Additional Tax"?
In addition to the real estate transfer tax imposed by section 1402 of the Tax Law on the
conveyance of real property or interest in real property, Tax Law section 1402-a imposes
an additional tax
on the grantee on each conveyance of residential real property or interest
in residential real property when the consideration for the entire conveyance is $1 million or

The tax must be paid at the same time as the real estate transfer tax imposed by
section 1402 of the Tax Law. The taxes are paid by filing Form TP-584, Combined Real
Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of
Exemption from the Payment of Estimated Personal Income Tax, no later than the fifteenth
day after the delivery of the instrument effecting the conveyance.

The rate of the additional tax is
one percent of the consideration, or part of the
consideration, attributable to the residential real property.

My Purchase Price is Over a Million Dollars, Do I Need to Pay Mansion Tax?

In New York, the Mansion Tax is imposed only on residential real property. Residential real
property means any premises that is
or may be used in whole or in part as a personal
residence at the time of conveyance, and includes a one-, two-, or three-family house, an
individual condominium, or a cooperative apartment unit. It does not matter that the grantor
has not used it as a personal residence or if the property is a seasonal or part-time

The following examples were given by
Publication 577 (2/10) of the New York State
Department of Taxation and Finance:

    Example: A building containing ten apartments sells for $1.5 million. The grantor
    used one of the apartments as a personal residence. This conveyance is not subject
    to the additional tax since the real property conveyed is not a one-, two-, or three-
    family house, an individual condominium unit or a cooperative apartment unit.

    Example: A structure contains a store on the first level with three apartments above
    it. Since there are four units (the store and three apartments), the structure would
    not be considered a three-family house for the purposes of the additional tax.

The consideration for the entire conveyance of the real property must be taken into account
when determining whether the consideration is $1 million or more. If it is, the taxable
consideration is computed based on the value of the residential portion.

What are the Mansion Tax Laws In New Jersey?
In New Jersey, like New York, the mansion tax is paid by the purchaser. The Mansion Tax
rate is 1% of the sales price when the price is more than $1,000,000. The Mansion Tax
applies to all deeds where the land conveyed is classified under the following Administrative
Codes (N.J.A.C. 18:12-2.2) :

1. Class 2 - The property is residential.
2. Class 3A - The property is a farm but only if the farm land contains a building or structure
intended or suited for residential use.
3. Class 4A - The property is commercial other than industrial or apartment.
4. Class 4C- The property is a co-operative unit.

The following classes are not required to remit the mansion tax:

Class 1 - Vacant land
Class 4B - Industrial properties
Class 4C - Apartments (other than cooperative units)
Class 15 - Public property
Martin Wolf Represents Poker
Champion In Acquisition of a
$5 Million Trump Tower

Vadim Trincher, who's won
championships at Foxwoods and the
Bellagio,  closed on a three-bedroom,
three-bath, 3,073-square-foot unit on the
63rd floor. Martin Wolf represented him
and his wife as their real estate counsel.
The apartment is almost directly below
Donald Trump's  penthouse.

Read more:
NYPOST: Full House at Trump Tower

THE REAL DEAL: A look at poker player
Vadim Trincher's Trump Tower home

POKER NEWS DAILY: Vadim Trincher
Wins WPT Foxwoods Poker
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G&W's main office is strategically located in downtown Manhattan, our firm practices real estate law throughout New York and New Jersey . Our lawyers represent buyers, sellers,
investors, businesses, corporations, developers, and banks throughout New York City, Westchester, Central New Jersey, and both the Nassau and Suffolk counties of Long Island.  We serve
clients, in Queens, Brooklyn, the Bronx, Manhattan, Staten Island, Albertson, Atlantic Beach, Baldwin, Bayville, Bellmore, Bethpage, Carle Place, Cedarhurst, East Meadow, East Norwich,
East Rockaway, Elmont, Farmingdale, Floral Park, Franklin Square, Freeport, Garden City, Glen Cove, Glen Head, Glenwood, Great Neck, Greenvale, Hempstead, Hewlett Hicksville,
Huntington, Inwood Island, Park Jericho, Lawrence, Levittown, Locust Valley, Long Beach, Lynbrook, Malverne,, Manhasset, Massapequa, Massapequa, Park Mellville, Merrick, Mill Neck,
Mineola, New Hyde Park, Oceanside, Old Bethpage, Old Westbury, Oyster Bay, Plainview, Point Lookout, Port Washington, Riverhead, Rockville Centre, Roosevelt, Roslyn, Roslyn Heights,
Sea Cliff, Seaford, Syosset, Uniondale, Valley Stream, Wantagh, West Hempstead, Westbury, Williston Park, Woodbury, Woodmere. In Suffolk County, we accept real estate matters
involving transactions in Babylon, Bay Shore, Brookhaven, Dix Hills, East Hampton, Lindenhurst and Smithtown. With a satellite office located in Bensonhurst Brooklyn, we specialize in
real estate matters in Kings County and welcome clients from Bath Beach, Bay Ridge, Bensonhurst, Borough Park, Dyker Heights, Greenwood Heights, Fort Hamilton, New Utrecht, Bergen
Beach, Flatlands, Georgetown, Marine Park, Mill Basin, Brighton Beach (also known as "Little Odessa"),Chinatown, Coney Island, Ditmas Park, Gerritsen Beach, Gravesend, Homecrest,
Kensington, Madison, Manhattan Beach, Mapleton, Grays Farm, Midwood, Plum Beach, Sea Gate, Sheepshead Bay, White Sands,Bushwick, Greenpoint, Williamsburg,
Bedford-Stuyvesant, Boerum Hill, Carroll Gardens, Cobble Hill, Brooklyn Heights, Brownsville, City Line, Clinton Hill, Crown Heights, Cypress Hills, Downtown Brooklyn, DUMBO, East New
York, Fort Greene, Gowanus, Greenwood Heights, Highland Park, New Lots, Ocean Hill, Park Slope, Prospect Heights, RAMBO, Spring Creek, Starrett City, Stuyvesant Height, Sunset Park,
Vinegar Hill, Weeksville, Windsor Terrace, Wingate.

In New Jersey, we represent clients in the counties of Bergen, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Ocean, Plainfield, Somerset and Union County.  This includes the cities
and townships of Carteret Boro, Cranbury Twp, Dunellen Boro, East Brunswick Twp, Edison Twp, Helmetta Boro, Highland Park Boro, Jamesburg Boro, Metuchen Boro, Middlesex Boro,
Milltown Boro, Monroe Twp, New Brunswick City, North Brunswick Twp, Old Bridge Twp,Perth Amboy City, Piscataway Twp, Plainsboro Twp, Sayreville Boro, South Amboy City,,South
Brunswick Twp, South Plainfield Boro, South River Boro, Spotswood Boro, Woodbridge Twp, Alexandria Twp, Bethlehem Twp, Bloomsbury Boro, Califon Boro, Clinton Town, Clinton Twp,
Delaware Twp, East Amwell Twp, Flemington Boro, Franklin Twp, Frenchtown Boro, Glen Gardner Boro, Hampton Boro, High Bridge Boro, Holland Twp, Kingwood Twp, Lambertville City,
Lebanon Boro, Lebanon Twp, Milford Boro, Raritan Twp, Readington Twp, Stockton Boro,Tewksbury Twp, Union Twp, West Amwell Twp,  Bayonne City, East Newark Boro, Guttenberg
Town, Harrison Town, Hoboken City, Jersey City, Kearny Town, North Bergen Twp, Secaucus, Union City, Weehawken Twp, West New York,   East Windsor Twp, Ewing Twp, Hamilton Twp,
Hightstown Boro, Hopewell Boro, Hopewell Twp, Lawrence Twp, Pennington, Princeton Boro, Princeton Twp, Trenton City, Washington Twp, West Windsor Twp, Berkeley Heights Twp,
Clark Twp, Cranford Twp, Elizabeth City, Fanwood Boro, Garwood Boro, Hillside Twp, Kenilworth Boro,Linden City, Mountainside Boro, New Providence Boro, Plainfield City, Rahway City,
Roselle Boro, Roselle Park Boro, Scotch Plains Twp, Springfield Twp, Summit City, Union Twp, Westfield Town, Winfield,  Belleville, Bloomfield, Caldwell, Cedar Grove. City Of Orange,
East Orange, Essex Fells, Fairfield, Glen Ridge, Irvington, Livingston, Maplewood, Millburn, Montclair, Newark City, North Caldwell, Nutley, Roseland, South Orange Village, Verona, West
Caldwell Twp, West Orange Twp,  Allendale Boro, Alpine Boro, Bergenfield Boro, Bogota, Carlstadt Boro, Cliffside Park, Closter, Cresskill, Demarest, Dumont, East Rutherford, Edgewater ,
Elmwood Park Boro, Emerson, Englewood City, Englewood Cliffs, Fair Lawn , Fairview, Fort Lee Boro, Franklin Lakes Boro, Garfield City, Glen Rock Boro, Hackensack City, Harrington Park,
Hasbrouck Heights Boro, Haworth Boro, Hillsdale Boro, Ho-Ho-Kus Boro, Leonia Boro, Little Ferry Boro, Lodi Boro, Lyndhurst Twp,Mahwah Twp, Maywood Boro, Midland Park, Montvale
Boro, Moonachie, New Milford North Arlington, Northvale Bor, Norwood, Oakland Boro, Old Tappan, Oradell Boro, Palisades Park, Paramus, Park Ridge,Ramsey Boro, Ridgefield Boro,
Ridgefield Park Village, Ridgewood Village, River Edge, River Vale Twp, Rochelle Park Twp, Rockleigh Boro, Rutherford Boro, Saddle Brook , Saddle River Boro, South Hackensack Twp,
Teaneck Twp, Tenafly Boro, Teterboro Boro, Upper Saddle River Boro, Waldwick Boro, Wallington Boro,Washington Twp, Westwood Boro, Wood-Ridge Boro, Woodcliff Lake Boro, Wyckoff,
 Barnegat, Barnegat Light Bay Head . Beach Haven, Beachwood Boro, Berkeley Twp, Brick,  Dover Twp, Eagleswood Twp, Harvey Cedars Boro, Island Heights Boro, Jackson Twp, Lacey
Twp, Lakehurst Boro, Lakewood Twp, Lavallette Boro, Little Egg Harbor, Long Beach Twp, Manchester Twp, Mantoloking Boro, Ocean Twp, Ocean Gate Boro, Pine Beach Boro, Plumsted
Twp, Point Pleasant Boro, Point Pleasant Beach Boro, Seaside Heights Boro, Seaside Park Boro, Ship Bottom Boro, South Toms River Boro, Stafford Twp, Surf City Boro,Tuckerton Boro.  


Martin Wolf Represents Buyer in the Purchase of a $2.56 Million Condominium at the Avery in
Lincoln Square

At the time of the closing the Unit was the 6th most expensive apartment sold in the Avery which is located at 100
Riverside Boulevard in Manhattan on Riverside Park. The condominium has 3 beds , 3 baths and is 1,463 ft², with
Hudson River views. The Avery was constructed by Extell Development.

Read more:
STREETEASY: Avery at 100 Riverside Boulevard in Lincoln Square


Martin Wolf Represents Investor in Acquisition of Historic Low-Rise Building at
252 West 73rd Street

Read more:
New York Times: A Wild, Wild Row on the West Side; By: Christopher Gray