Developers offer soaring ceilings to stand out from the pack

Condo towers like 56 Leonard and 520 Park Avenue have 11-foot ceilings or higher

TRD NEW YORK /
Mar.March 25, 2016 03:40 PM

Can you buy a piece of the sky? Maybe not, but high-end buyers are searching for that expansive feeling at their pads, and developers are more than happy to oblige with ceiling heights that soar.

Buyers have always treasured soaring ceilings as a feature, but product was limited to certain types of buildings and units. Now, more developers are including tall ceilings despite the higher construction costs.

“Today, 11-foot ceilings are the new eight-foot ceilings,” Izak Senbahar, president of the Alexico Group, told the New York Times.

Alexico Group is developing the 60-story, 145-unit condo tower 56 Leonard in Tribeca. Every unit at 56 Leonard has ceiling heights of 11 to 19 feet, the Times reported.

Developers can lose an entire floor with the taller ceilings and increase their construction costs by 15 percent, Richard Lambeck, professor and chairperson of New York University’s Schack Institute of Real Estate, told the Times.

At the Robert A.M. Stern-designed 520 Park Avenue, 11-foot ceilings in the 33-unit condo tower are adding an estimated 10 percent to building cost and construction time, Arthur W. Zeckendorf, a principal of Zeckendorf Development, told the Times. Prices at the 54-story building start at $20.5 million and the triplex is asking $130 million.

Douglas Elliman agent Vickey Barron told the newspaper, “I now have clients who will give up having a pool or other amenities in a building, but will not budge on ceiling height. Buying a home is an emotional thing, and that ‘wow’ factor a high ceiling provides is something you can’t replace.”

The high ceilings also help display art, as buyers seek more walls and amentities to house their collections. [NYT]Dusica Sue Malesevic


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

Vornado Realty Trust’s Steven Roth and 220 Central Park South (Credit: Roth by Bruce Glikas/FilmMagic; Jim.henderson via Wikipedia Commons)

Vornado inks another $52M closing at 220 Central Park South

Chrissy Teigen and John Legend with 374 Broome Street (Credit: Karwai Tang/Getty Images; Google Maps)

John Legend, Chrissy Teigen snap up another Nolita penthouse

Marc Jacobs with 68 Bethune Street (Credit: Jacobs by Randy Brooke/WireImage; Townhouse by Nest Seekers via StreetEasy)

Marc Jacobs gets what he paid for West Village pad: $10.5M

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Dennis and Karen Mehiel with 3 East 95th Street (Photo by Will Ragozzino/Patrick McMullan via Getty Images; Sotheby's)

Carhart Mansion duplex returns to market after four years

arrow_forward_ios
Loading...