The Woolworth Building’s unfinished penthouse just hit the market for $110M

Ken Horn's Alchemy Properties paid $68M for upper portion of building in 2012

New York /
Sep.September 20, 2017 12:00 PM

Despite a slowdown in the ultra-luxury market, the Woolworth Building’s massive penthouse has hit the market for $110 million. And that’s just for the raw space.

The pad — dubbed the Pinnacle — is 700 feet off the ground and is contained in the building’s copper-clad peak. The 9,710-square-foot aerie has 24-foot ceilings and features a 400-square-foot open observatory.

At $110 million, the property could shatter the downtown sales record, currently held by a $50.9 million penthouse at Walker Tower in Chelsea. On a per-square-foot basis, the Woolworth pad is asking $11,328 per foot.

The Real Deal first reported on the floor plans for the $110 million penthouse in 2014.

The condo is being sold as raw space so that buyers can customize it on their own, developer Ken Horn of Alchemy Properties told the Wall Street Journal. “This could never be built again,” Horn said. “Well it could, but it would cost an obscene amount of money since no one builds terra-cotta buildings anymore.”

Designed by Cass Gilbert, the skyscraper was the world’s tallest building when it was completed in 1913. Alchemy had to petition the city’s Landmarks Preservation Commission to add six windows to the crown of the building, which previously housed the building’s mechanicals.

Alchemy paid $68 million for the top portion of the 58-story building, located at 233 Broadway. Its poured millions into converting the top 30 floors into 33 residences. Sales launched in 2014.

Brokers said sales have been slow, and Alchemy declined to say how many units are spoken for. The developer tapped Sotheby’s International Realty to market the condos. Last year, the company borrowed $220 million from Overseas Bank Limited to finance its residential conversion.  [WSJ]E.B. Solomont


Related Articles

arrow_forward_ios
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”
For 15 years, David Koch lived at the world’s “richest building”
A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
Map: Here’s a treasure trove of Manhattan resi development sites
Map: Here’s a treasure trove of Manhattan resi development sites
(Photo Illustration by The Real Deal with Getty)
New listings in Manhattan, Brooklyn rise for first time in 4 months
New listings in Manhattan, Brooklyn rise for first time in 4 months
Tamir Shemesh and Ryan Serhant
Top broker Tamir Shemesh out at Serhant
Top broker Tamir Shemesh out at Serhant
Louis Buckworth with 520 Park Ave
520 Park Avenue unit sells for $22M in rare resale
520 Park Avenue unit sells for $22M in rare resale
Williamsburg apartment buildings
Williamsburg penthouse tops Brooklyn’s luxury contracts
Williamsburg penthouse tops Brooklyn’s luxury contracts
10 Riverside Boulevard (One Waterline Square, Getty)
Holiday hangover: Manhattan’s luxe market is stuck
Holiday hangover: Manhattan’s luxe market is stuck
Albany buildings
How Albany is dealing with its 1K vacant buildings
How Albany is dealing with its 1K vacant buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...