Since 2015, the trophy penthouse atop the Woolworth Building has quietly waited for the right buyer to come along. It’s gotten one substantial discount from $110 million to $79 million and recently re-listed at that eye-popping price tag late last month.
But in the pandemic-hammered luxury real estate market, one might wonder: Is there a taker out there for this apartment?
The 9,680-square-foot penthouse dubbed “The Pinnacle” occupies the top five floors of the landmark skyscraper’s neo-Gothic crown, with 24-foot ceilings, 125 windows and a private 408-square-foot observatory terrace that takes up the 58th floor.
Ken Horn, the president of developer Alchemy Properties, says the firm decided to bring the penthouse back to market now as Covid-19 restrictions have lessened and more units within the building are finding buyers. Horn said that the development is now more than 75 percent sold, although some of its units have been selling at substantial discounts.
Manhattan’s luxury market has another strong week under its belt.
Last week, there were 38 contracts for properties asking $4 million or more the best week since August 2016 when 43 contracts were inked, according to Olshan Realty’s latest market report.
Of the 38 homes that went into contract last week, the vast majority were condos in addition to seven co-ops and three townhouses.
Last week’s contract activity is a continuation of the upward trend that began in Manhattan’s luxury market late last year, particularly among new developments. Of the 38 luxury condos that went into contract last week, 17 were sponsor units.
Once considered a big draw, small urban condos became a tougher sell this year as city dwellers fled to the suburbs. Cities like Westchester and the Hamptons saw renewed interest as buyers looked for bigger homes, amenities such as pools and gyms, and lots of space for the same price as a swanky Midtown condo.
To lure in city buyers, New York’s developers have been racing to outdo each other, offering everything from major price cuts to lavish gifts including cars and custom-designed office space.
Below, some of the biggest gifts and incentives New York City developers are offering buyers amid the pandemic.