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Posts Tagged ‘Penthouse’

Manhattan’s Electric Kool-Aid Penthouse Test

June 5, 2013 | 10:23 am | Charts |

[click to expand]

Tom Wolfe’s “Bonfire of the Vanities” gave me the phrase “master of the universe” which I can liberally use when (respectfully) describing the penthouse apartment demographic, but his earlier book cover better matched the chart colors – hence the title.

But I digress…

I got a call by a reporter who thought there was an uptick in Manhattan penthouse sales. So I looked at the market from January 2012 by month for frequency and price trends. Penthouse sales represent a very specific and small market niche with a huge disparity in characteristics.

I found 329 penthouse sales out of a pool of 14,612 sales over the past 14 months. I tagged any sale with a “PH or some abbreviation of the word “penthouse” in the label. Yes there are penthouses that aren’t necessarily tagged as such, but that occurance would be random and not likely a factor. That’s a 2.3% market share for penthouse sales which seems to correlate to the housing stock i.e. 100 unit building with 2 penthouses.

Although a 2.3% market share seems a tad high to me, no real trend or pattern emerged. I did observe that the average sales price of a Manhattan penthouse was $4,249,323 since early 2012 or 3.1x higher than the overall average sales price of $1,354,766 in 1Q 2013.

I can’t let a bunch of research time go to waste so I whipped up a chart that shows…nothing.

Conclusion: No uptick. (ie No Kool-aid.)


Penthouse Article In New York Living

July 5, 2006 | 12:05 am | Articles |

An article I recently wrote on the penthouse market, Penthouse Living: On Top of the World, appears in the July-August edition of New York Living. I have been writing for them periodically for the past 4 years.

The magazine contains a lot more than pretty pictures (and there are a lot of those). There’s great information on various types of residences in the New York market and region, especially concerning luxury and new development.

Download article [pdf]

_An excerpt_

For urbanites, its safe to say that many aspire to be on top of things, and that goes for their apartments. Penthouses seem to fit the bill, but also, how is a penthouse apartment defined? The term “penthouse” as a marketing label, implies exclusivity, cache and uniqueness, yet as an apartment type, its definition remains elusive. Besides their “elevated” status at or near the top of a building, penthouses tend to be uniquely configured, have open views, outdoor space and other unique amenities which may include above-average ceiling height, multi-level configurations and fireplaces…

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