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New York

Penthouses hitting market ahead of other units at high end

In a reversal, developers are putting penthouses at luxury condominiums on the market sooner than other units, a reflection of the surge at the very high end of the Manhattan residential real estate market, the Wall Street Journal reported.

For example, at the Abingdon, located at 607 Hudson Street in the West Village, developers Flank Architects are rushing the two penthouses, with asking prices of $19.5 million and $21 million, to market, while construction at the rest of the development lags.

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Tim Crowley, the managing director at Flank, told the Journal the unconventional decision to wait on the lower units was spurred by the high degree of interest in the penthouses.

“It is a pleasant time to be in the market,” he said. [WSJ]

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