Owning a New York Penthouse apartment has long been an indication of having a superior level of wealth and it’s the ultimate status symbol. In NYC, ultra high net worth individuals are not only showing off with these over-the-top apartments, but they are also preserving their wealth by stashing $20 million, $50 million or $100 million into these vertical bank accounts of sorts (i.e. Manhattan real estate).
Why not store value outside traditional financial institutions? Let’s be honest, real estate can be a safer investment than keeping tons of money in a bank account (where the FDIC covers only $250K if the bank goes under - remember Lehman) or the stock market (again, remember Lehman). These trials and tribulations happen more than one would think!
Looking back 100 years the top floor of a residential building was always relegated to the staff quarters and not really considered a special apartment like we do today. The staff would have to walk up 12 flights of stairs to get to their homes. This is certainly not something our wealthiest clients would entertain today.
With the adoption of elevators in the 1920s everything changed. In NYC, the first Penthouse was thought to be at 1107 Fifth Avenue in the Upper East Side. With 54 rooms over the top 3 floors of this 14-story building, New York City had never seen such a thing. Little did they know what was to come in the future.
Technological advancements now allow developers to build their towers much much taller, reaching 1,500 feet in the air, such as the penthouse at Central Park Tower. Thanks to recent elevator advancements, owners can now get to their 129th floor apartments in 90 seconds.
While most people consider the Penthouse level to be solely the top floor of the building, today, that is no longer the case. For example, 15 Hudson Yards has 9 floors of penthouses!
Often, penthouses will have the largest living spaces, highest ceilings, grandest floor plans, huge bedroom suites, and special amenities such as private outdoor terraces, private pools, and one-of-a-kind layouts and finishes. Most penthouses in the city will have outstanding views whether they are located on the 40th floor or the 100th floor, so that is the one thing that is consistent about them.
Below, you’ll find the Top 50+ penthouse condos for sale in NYC. Just because the penthouse isn’t listed, doesn’t mean it is not available. If you have a particular type of penthouse in mind, reach out to me directly, as we have access to all the off market new development penthouse (already built or in the pipeline) as well as pocket listings. As you can imagine, many penthouses trade that never even get listed.
After the set of Manhattan Penthouses for Sale below, scroll to the bottom of the page where share more info about NYC Penthouse.
Here’s some interesting information about Penthouses in NYC: