The Art of the Penthouse
During my 40 years in real estate, I've sold homes of all shapes and sizes at every level of a building, but as many of you know, Penthouses are a unique passion of mine. So much so, in fact, that over the years I've developed a reputation as a "Penthouse Specialist".
The Penthouse - A (Very Brief) History
The word originally referred to a structure "appended" to a house: basically a shed or lean-to! The first use of Penthouse to refer to an "apartment or small house built on the roof of a skyscraper" was in 1921, and it was all luxury from then on. The iconic Plaza Hotel is considered to be the first building in the US to offer a penthouse.
What Makes a Penthouse
While being at the top is the main qualification, penthouses also tend to offer more light, luxurious finishes, and outdoor space. The setbacks at the tops of taller buildings (the "wedding cake" look) helped create penthouses by allowing fewer apartments on the top level and surrounded them with terrace space.
Q3 Penthouses by the Numbers
The third quarter of 2023 saw only about half as many penthouse sales as the preceding quarter, but the average sale price was up over 30% and the number of days on the market was down. In fact, the average days on the market for 2023 Q3 was less than half of the average of all quarters over the past six years. See the full stats, here.
Just Sold Penthouse
In September, we closed on the sale of Penthouse A at 11 Beach Street. This three-bedroom, three-bath, and two-half-bath home has nearly 4,000sf of interior space and 1,200sf of private roof deck. We worked with the seller to perfectly position this penthouse in the current market. As a result, we received two offers in just 10 days, went into contract in just 24 days, and sold above our asking price!
Just Listed Penthouse
We also listed Penthouse A at 35 East 9th Street. Perched atop a premier pre-war Greenwich Village co-op, this jewel-box one-bedroom with a stunning terrace wrapping three sides of the home is the ultimate hideaway. Meticulously renovated by its owner, renowned local architect Michael Haverland, no detail has been overlooked. Read more about the home in the NY Post!
In Contract Penthouse
Further north, we went into contract to rent the Penthouse at 100 Central Park South. Exquisitely designed inside and out, this full-floor unit with 4,400sf interior, and over 3,000sf exterior is a New York City Dream. Over-sized floor-to-ceiling windows and the expansive roof terrace offer unparalleled views of Central Park from inside and outside.
Non Penthouse News
Autumn is here! An array of spectacular art fairs swept into town, followed by numerous season openings of venues both old and new. In my opinion, the stunning Perelman Performing Arts Center is easily the hottest ticket in town. Let me know if you’d like to go, I’m a founding member! Or if performing arts aren’t your scene, let’s grab a coffee or drink.
Whatever your real estate dreams, penthouse or otherwise, reach out to me. I’m always available to chat!
