Somewhere, someone has an index on how record-setting residential prices correlate to the price of gold, the length of women’s skirts, the number of brushfire wars, the amount of gingers born without souls – you know, some odd correlation between disparate events.
Well, 2014 is your year for record setting residential prices.
First we got word of House No. 1 in Hong Kong, the modest-sized penthouse that is going for about $22,677 per square foot, the highest amount recorded. At a mere 4,661 square feet, that’s about $106 million.
Then came word from sultry, sly, sexy Monaco that a penthouse on the boards is set to top $400 million for its 35,500 square feet, which is obviously pricier overall but cheaper by the square foot – $11,267 per square foot.
America’s entry into the expensive penthouse arms race beats Monaco but it’s a pale reflection of what the Far East is offering – the 9,500-square-foot eyrie atop New York’s iconic Woolworth Tower Residences is going for $11,700 per square foot, or $110 million.
Alchemy Properties’ offering plan for the condominiums at the Woolworth Building was just approved by the New York Attorney General’s office…
The plan reveals that the $110 million penthouse atop the iconic tower — a unit that has been christened the “Pinnacle” — will span 9,400 square feet with just under 500 square feet of outdoor space. This means Alchemy is asking about $11,700 per square foot for the eyrie atop the landmark tower, by far a record for Downtown and one of the priciest listings ever to hit the city. Overall, the average price for the 34 condo units collectively known as the Woolworth Tower Residences is $4,172 per foot, with a total sellout of $443.7 million. Prices start at $3.9 million for a 1,290-square-foot pad on the 44th floor, suggesting Alchemy feels even more bullish about sales prospects than it did in June, when Bloomberg News reported that the unit was asking $3.5 million.