Most Expensive Penthouses In The
U.S. 2005
Sara Clemence
FORBES.com - Janaury 27, 2005
Is it lonely at the top? Maybe. But one thing is for sure: it's more
costly to live among the clouds.
We are talking about penthouses, those crowning apartments that are
synonymous with glamorous metropolitan living and dramatic views.
Today, for many buyers, they are literally--and figuratively--the
apex of real estate.
However, that wasn't always the case.
Until the 1920s, when elevators finally became common features in
apartment buildings, the top floors were the least-desirable places
to live. These were the attics and garrets, home to nurseries,
servants, starving artists, pigeons and the terminally strapped for
cash.
It took a while for some developers to appreciate the aesthetic and
financial advantages afforded by penthouses. According to Carol
Maryan, a New York City architect whose own sunny penthouse on the
Upper West Side was created from former servants' quarters on the
roof, in some older buildings, the elevator doesn't even reach the
penthouse. "It was considered more the service part of the building.
Now, it's obviously the most sought-out place. Isn't it funny? Next
it'll be the basement."
As anyone who has gazed down from the rarefied heights of a
penthouse at the antlike pedestrians below can attest, there's
little commonplace about today's top floors. It would be difficult
to find a better example of their desirability than the opulent
triplex penthouse in The Pierre hotel, with broad views over
Manhattan's Fifth Avenue and the wide acres of Central Park.
Financier and author Martin Zweig has it on the market for $70
million, making it the most expensive apartment listing ever in New
York City.
"The allure of a penthouse is being on the top," says Elizabeth Lee
Sample, a broker for Zilbert who has the listing.
While you can find pricey penthouses in other cities, including Las
Vegas, Chicago and Los Angeles, Manhattan is still penthouse
central. In the 1920s, New York was one of the cities where
architects such as James E.R. Carpenter and Rosario Candela created
a new paradigm for luxury-apartment living. Candela developed
terraced setbacks, resulting in the wedding-cake-like buildings that
narrow as they extend up from the street, and providing desirable
outdoor space.
In fact, New York's abundance of penthouses--and the prices they
demand in this super-active market--is the reason we decided to rank
the top penthouses by city. Otherwise, they would all have been in
Manhattan, where buyers are willing to pay anywhere from 10% to 20%
more per square foot for a property at the top, brokers say.
"With the word 'penthouse' in the specific address, it's a premium,
as opposed to 16H," says Nancy Lee, a real estate broker with The
Corcoran Group who recently had a single-female client who would
settle for nothing less than the topmost floor. "Everybody that
wants a penthouse is usually at a point in their career that they
want that 'wow,' breathtaking property."
Penthouses have cachet, but they are more than status symbols. The
top-floor apartments often come with spectacular views, great light,
outdoor space and unique layouts. Located just below--or sometimes
on top of--the roof, it's possible to have wood-burning fireplaces,
skylights and higher ceilings. And speaking of ceilings, another
appeal is the lack of upstairs neighbors to clomp around doing
God-knows-what at three o'clock in the morning--a common complaint,
even in the best apartment buildings.
But, some developers are a bit ambiguous when defining what makes an
apartment a penthouse.. "If you look at all these new condos and
coops that are going up, they will squeeze in as many 'penthouses'
as they can," Maryan says.
Manhattan's Millennium Tower, for example, has several floors of
penthouses, points out Sample, who sold a unit to radio-talk-show
host Howard Stern, who was 23rd on Forbes' 2004 list of the 100 Top
Celebrities.
"It's very much a trend right now," Sample says. "Though to me, a
penthouse is really the top floor."
This trend is also very much in evidence in Miami, a city we added
to our list this year because of all of the high-priced towers that
have sprouted in South Beach. In Miami, every new building has a
penthouse that is vastly grander than the other units--perhaps with
an outdoor pool or elaborate garden. But large, luxurious apartments
on lower floors may also be billed as "penthouses," says Mark
Zilbert, a broker with Zilbert - Zilbert International Realty - Zilbert Realty Group.
"It doesn't matter how expensive or how large you make the
apartments, they sell very quickly," Zilbert explained. "There's a
shortage in South Beach. Other than Manhattan, it's probably the
only place where you could have a penthouse-housing crisis."
The moral of the story? Life is good when you're on top.
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Even real estate-jaded New Yorkers gasped
when Wall Street financier Martin Zweig pinned the $70 million price
tag on this 16-room property. Topping The Pierre hotel, this triplex
includes what was once the hotel's original ballroom, and is now a
grand living room with 23-foot ceilings. Zweig paid under $22
million for the spread in 1999, taking it off the hands of
Australian publishing heiress Lady Mary Fairfax. The penthouse has
five bedrooms, seven full baths, five fireplaces and four corner
terraces. It is listed with Elizabeth Lee Sample and Brenda Powers
at Zilbert and Sharon Baum at The Corcoran Group.
This duplex takes up part of the topmost floors in The Wilshire.
Decorated in grand 19th-century style, it features silk window
treatments, rock-crystal chandeliers and a bronze-and-iron
staircase. The family room has coffered ceilings, while the media
room features a 100-inch rear-projection system. The building's
amenities include a 24-hour concierge and valet, as well as a gym
and swimming pool. It is listed with Joyce Rey at Coldwell Banker
Previews International.
Rumors have swirled around this penthouse in the Philippe Starck-designed
ICON building in South Beach. Superstar-entertainers Jennifer Lopez
and Marc Anthony recently visited, leading to speculation that they
had bought the spread. The apartment, which has never been occupied,
sits atop the lower tower. According to the floor plan, it has six
bedrooms, ten balconies and an outdoor pool, which the top floors of
the other, upon which the neighboring tower looks down.
Incidentally, we didn't include the pricey penthouse at the
Apogee--although at $15 million, it would make our list. But, it was
omitted because the building won't be completed until next year.
Sildy Cervera at Related Cervera Realty Services is the listing
agent for ICON.
This penthouse triplex in Bayou Bend Towers comes with a media room
and a 500-square-foot patio with a lap pool and spa. It features
four bedrooms, six-and-a-half baths, Italian mosaic floors and
Baccarat finals on the stairs. The view looks out upon the upscale
neighborhood of River Oaks. It is listed with Martha Turner at
Martha Turner Properties.
Besides being the most expensive penthouse in this gambling Mecca,
this may also be the largest. Taking up the top-two floors of
Turnberry Place, the pad has two game rooms, a private elevator and
a 2,000-bottle-capacity wine room. It also comes fully furnished.
The property is listed with Andrea Tomich and Bob Glau at Turnberry
West Realty.
Chicago's most expensive penthouse is located atop the Four Seasons
Hotel, and comes with access to the luxury-hotel's services. It has
no outdoor space, but does provide unobstructed views to the north,
east and south in a city where clear vistas have become rare. The
media room features a skylight, and this is the only apartment in
the building with a wood-burning fireplace. Green marble, black
granite, birds-eye maple and pear wood abound. It is listed with
Pamela Miles at Rubloff.
The most expensive penthouse ever listed in Seattle is owned by a
former Microsoft exec, which explains the ultra-modern feel and the
super-high-tech amenities. The duplex is totally wired, with
computer-controlled sound, lighting and security systems. There's
also a recording studio on the lower floor, and, upstairs in the
master bedroom, a plasma television that retracts into the foot of
the bed. The penthouse includes 1,500 square feet of outdoor space,
with views of the city skyline, Puget Sound, Lake Union and the
Olympic and Cascade Mountains. It is listed with Michael Chamberlin
at John L. Scott Real Estate.
*$6.5 million and an additional 1,178 square feet with the attached
guest suite.
Two units were combined to create this glass-walled penthouse
overlooking the San Francisco Bay. It features three bedrooms,
three-and-a-half baths and views of the Oakland Hills. The north
wing includes a master suit with a small terrace, while the guest
suite is conveniently located on the other side of the apartment.
The penthouse shares the top floor with four other units and is
listed with Marilyn Picariello and Fred Villanova at Pacific Union
GMAC Real Estate.
This place doesn't just have floor-to-ceiling glass, but
floor-to-roof glass. The duplex occupies part of the top-two floors
of the Phoenix on Peachtree, in the center of Atlanta's upscale
Buckhead neighborhood. It features a private elevator, double-height
living-room ceilings and a kitchen connected to the family room with
a fireplace. The building provides a heated lap pool and spa,
fitness center, media room, wine room, massage room and conference
room. The property is listed with Liz Marshall at RE/MAX Greater
Atlanta Real Estate.
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