Get ready for a new downtown price record. Preliminary pricing has been revealed for the Woolworth Building condos, and the penthouse will be listed for an eye-popping $110 million, according to Bloomberg News, which found the number on the project's offering plan, currently under review by the Attorney General's office. The figure is the highest ever asking price for a condo downtown, and if it sells for even half that, it would smash the current $50.9M record set by the Walker Tower penthouse.
But perhaps even more mindboggling than the price is the revelation that the Woolworth penthouse will span nine stories. Developer Alchemy Properties previously described the home, which will be located in the building's copper cupola, as a "castle in the sky," but it was reported that the penthouse would be "only" five stories. But the offering plan shows that the penthouse will occupy floors 50 through 58.
The penthouse will measure 8,975 square feet and have a 594-square-foot terrace. The four bedrooms and main living space will occupy floors 50 and 51; a "great room and wine cellar" will be located on the 53rd floor; and the top three stories will host a library, media room, and observation deck. The president of brokerage Olshan Realty points out that the per-square-foot asking price is more than triple the $3,000/square foot average for downtown's luxury market.
The Woolworth Building will hold a total of 34 apartments on its top 30 floors, and pricing for the other units will begin at $3.5 million for a 1,209-square-foot home on the 44th floor. Aside from the penthouse, three other condos will ask more than $20 million, one of which is a 6,084-square-foot full-floor unit on the 31st floor that will be listed for $24 million. Sales are expected to launch this fall, and the condos will be ready for occupancy by 2016.
While multiple homes in New York City have been listed for more than $100 million, nothing has actually joined the nine-digit club yet. Penthouses in One57 and 432 Park Avenue are in contract for more than $90M and $95M, respectively, but these sales have yet to close, so officially, the $88M sale at 15 Central Park West still holds the title for the most expensive sale ever. All of these buildings overlook Central Park, and it remains to be seen if the downtown market can support similar prices. The Woolworth conversion is certainly unique, but is that enough for a $110 million price tag?
· NYC Woolworth Tower Condo Priced at Record $110 Million [Bloomberg]
· All Woolworth Building coverage [Curbed]