NYC's Iconic Woolworth Building Penthouse Finally Sells at $30M, $80M Below Asking
Historic Woolworth Building penthouse finds a buyer after a journey of changing plans and expanding spaces.
NYC's Woolworth Building Penthouse Finally Finds a Buyer
In a long-awaited turn of events, one of the world's most renowned residential spaces, nestled within New York City's iconic Woolworth Building, has been sold. The penthouse, which had undergone several transformations in its journey to sale, fetched a final price of $30 million, marking a substantial $80 million discount from its original asking price.
A Glimpse into History and Grandeur
The Woolworth Building, boasting an illustrious history, dominated the global skyline as the tallest building for an impressive 17-year stretch, spanning from 1913 to 1930. Its nine uppermost stories hold a position of prominence, capturing the essence of architectural beauty that continues to captivate observers even today.
A Building That Defies Convention
Critic Montgomery Schuyler's poetic description, "cleaving the empyrean and making the welkin ring," aptly encapsulates the Woolworth Building's grandeur upon its completion. From its inception, the building exuded an aura of magnificence that has stood the test of time.
A Journey of Transformations
The journey of the Woolworth Building's penthouse has been a tale of shifting visions. Initially planned as condominiums in 2000, the penthouse was envisioned as a 7,500-square-foot space with a humble valuation of around $15 million. However, in 2007, the development path changed, earmarking the tower for upscale offices.
Back to Residential Glory
In 2014, a significant twist brought the tower back to its residential roots. By then, the penthouse had remarkably expanded to 8,975 square feet, accompanied by a 584-square-foot terrace. This shift was coupled with a staggering increase in the asking price, which surged to an astounding $110 million.
A New Steward for a Storied Space
Ultimately, the penthouse found its rightful owner in Scott Lynn, the visionary behind Masterworks. Notably, the official square footage of the penthouse has now soared to 12,000 square feet, a phenomenon reminiscent of the Tardis – appearing more expansive on the inside than the exterior suggests.
Price Realities and Future Prospects
The significant price discrepancy from the asking amount can be attributed, in part, to the unique challenges the property presents, including the equivalent of a seven-story walkup. Despite this, there's a palpable potential for appreciation in both price and scale for this remarkable property.
Innovative Possibilities Await
As the new owner contemplates the future, there's a tantalizing prospect of selling fractional ownership, while adopting a 2-and-20 model, potentially attracting numerous enthusiasts keen on experiencing the pinnacle of luxury living.
In the annals of real estate history, the Woolworth Building's penthouse sale stands as a testament to the enduring allure of architectural marvels and the ever-evolving dynamics of luxury property markets.
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