The Rich Don’t Love Penthouses Anymore


The tastes of the rich elite are slowly starting to transform. Instead of only focusing on the most expensive, they are looking more into the human aspects of buying buildings, like attachment to the city on a better level, ultimately leading to the reduction in the sale of penthouses.

220 Central Park SouthTamara Beckwith

When synonymous with status, penthouses appear to have lost their store. Everybody from obvious extremely rich people to well off Joe Shmoes is dropping out of adoration with Manhattan’s trophy properties in the sky. As optimistic towers get taller and taller, the new sweet spot in the line.

As indicated by one realtor, the costs of the penthouses are unreasonably high for a lot of customers to have the option to buy just as the separation from the general surroundings because of their approaching tallness.

Take the priciest home at any point sold in the United States. In January, Citadel CEO Ken Griffin paid $238 million for a multi-floor spread at 220 Central Park South, the city’s toniest new tower. The cost was clearly not an issue for him. In any case, it was seen that he didn’t care for the separation from the city he felt so high up there.

An exemplary penthouse on Fifth or Park Avenue will in general top out at around 250 feet high. On Central Park West, the twin penthouses at the San Remo are around 400 feet over the recreation center. Be that as it may, 111 West 57th is 1,428 feet, One57 is 1,004 feet and 56 Leonard is 821 feet.

Despite the fact that designer Michael Stern changed “starchitect” Ralph Walker’s 29-story tower at 212 West eighteenth Street into downtown’s best extravagance building and, as indicated by a structure insider, could have put aside any unit, including its $50.9 million penthouses, for himself. Rather, he picked a loft on the fifteenth floor with clearing level perspectives on Chelsea.


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