The Woolworth Building’s first condo listings went public four years ago, but its most ridiculous trophy property—a $110 million “pinnacle” penthouse, located in the building’s copper crown—has been off-limits, even after quietly hitting the market back in 2017.
But in the face of a sluggish market for luxury condos, developer Alchemy Properties is changing its approach to selling the penthouse: In addition to releasing renderings of the apartment for the first time, the firm has also lowered the price to $79 million. That will still leave the apartment on the list of the city’s priciest properties for sale, but no longer is it the most expensive listing.
“We realize that the market has fallen a bit, and we’re realistic,” Ken Horn, the CEO of Alchemy, told the Wall Street Journal, which first reported the price chop.
Alchemy has also hired architect David Hotson, who has worked on various fancy residences across the city, to conceptualize a design for the more than 9,600-square-foot penthouse; while the buyer will get, essentially, a basic white box, they could incorporate elements of Hotson’s design. What that entails, according to the WSJ:
a large two-story yacht-like living room with a 360-degree mezzanine level reminiscent of the upper deck of a ship, a separate quirky library level with a collection of scattered windows situated both at eye level and overhead, and a central staircase that would allow the owner to peer down from the main level of the penthouse to the lower levels.
The penthouse also comes with access to its own observatory within the crown of the building, which will give whoever buys the space an incredibly rarefied view of Manhattan.
But even with the price cut, Alchemy may have its work cut out for it; sales for the rest of the building have been “slow,” per the WSJ, with more than 30 percent of its 32 apartments in contract or off the market altogether.