|One 57 |
157 West 57th Street Manhattan
In Manhattan, the initiative requires buyers in sales of more than $3 million to be reported; in Miami-Dade County, it requires reporting on sales of more than $1 million. In Manhattan, 1,045 residential sales cost more than $3 million in the second half of 2015, worth some $6.5 billion in aggregate, according to PropertyShark, a real estate data company.
In addition to starting in only two markets, the requirement runs from March through August. If the government finds many sales involved with suspicious money they will implement permanent reporting requirements across the country.