Penthouse Life News

May

DH38 MILLION DUBAI PENTHOUSE - MARKET SHOWS SIGNS OF RECOVERY.


Posted on: Monday May 21 2012

DH38 MILLION DUBAI PENTHOUSE - MARKET SHOWS SIGNS OF RECOVERY.

The exciting Dubai Marina, the largest man-made Marina in the world, is also home to some of the tallest residential buildings in the world. Not surprisingly it also houses some of the priciest penthouses in the Emirates.
 
Better Homes Real Estate consultancy, is listing a 6 bedroom penthouse in the Le Reve area of the Marina with a price tag of Dh38 million, whilst a neighbouring penthouse is on the market with a Dh32 million price tag. Following this trend, Elysian Real Estate is offering a penthouse in Ocean Heights for Dh31 million, and PropSquar Real Estate is listing a fully furnished unit in Marina View Towers for Dh20 million.
 
Although most agents agree that the number of buyer for these highly specialised products is relatively limited, penthouses definitely sell when and if the price point is correctly judged. One local sales consultant is reported as saying that: -
 
“It is not difficult to sell penthouses: rather the sale of penthouses has been low . . . because most buyers … are end users. . . and in most cases, financed”.
 
The average sales price for Dubai penthouses is between Dh6- Dh15 million. Currently, this is a stretch for buyers needing to finance with a mortgage and find a down payment which is a major factor in falling sales.
 
Hannah Bakshani, Senior Residential Sales Consultant, Green Community Office, Better Homes, who claims to have sold four penthouses in the past year, says that penthouse owners are quite flexible as the availability of buyers is low and service charges are high.
 
“Some owners are adhering to the state of the penthouse market and staying flexible on price negotiations for their units” she told “Emirates 24/7.”
 
Faisal Baig, Director of PropSquare Real Estate, however, has a different perspective. He claims that penthouse owners tend not to lower their prices as they have sufficient capacity to hold on to their investments. “Sometimes, the owners ask for a ridiculous price… but penthouses do sell if the price is right,” he states.

 
Mar

Russian Billionaire Blasts Records with a $88 million Purchase of New York City Penthouse


Posted on: Thursday Mar 29 2012

Russian Billionaire Blasts Records with a $88 million Purchase of New York City Penthouse

15 Central Park West, formerly owned by the retired head of Citigroup Inc. is now the most expensive apartment in New York. It passed from the hands of Sanford I. Weill to a trust established in the name of Ekaterina Rybolovleva, the 22 year old daughter of Dmitry Rybolovlev, a Russian billionaire who currently resides in Monaco.

The president of brokers Brown Harris Stevens, Hall F. Wilkie, confirmed that the sale had closed at the full asking price. He is quoted as saying that he understands the buyers will keep the custom-designed space as it currently stands, which includes an oval bedroom, and a study panelled in Brazilian rosewood. The penthouse also benefits from a wraparound terrace with views over Central Park.

The $88 million price paid is 66% above that of the previous record sales and generated close to $2.5 million in city and state taxes. Not only did it produce a windfall for tax take but also provided a record commission on a residential sale equating to about $3.5 million for two brokers at Mr. Willkie's firm. Kyle W. Blackmon represented Mr. Weill, and Maria Torresy represented the Rybolovlev Trust, brokers said.

This exceptional sale shows the growing trend of international buyers in New York over the past few years. Russian and Chinese buyers are completing on Many of the units at One57, a new 1,004-foot tower under construction on West 57th Street,
The previously biggest recorded condo deal was in 2007, when developer Harry Macklowe spent $51.5 million on a series of apartments at The Plaza Hotel. The last record residential sale in Manhattan was the 2006 purchase of a townhouse for $53 million on East 75th Street by J. Christopher Flowers, a private-equity investor.

The SA CommercialProp News reported that a spokesman for Mr. Weill didn't return a call requesting comment on the sale, but understand that he is planning to donate the proceeds of 15 Park West to a charity.

 
Mar

FIFTH AVENUE PENTHOUSE DEBUTS FOR $32M


Posted on: Wednesday Mar 28 2012

FIFTH AVENUE PENTHOUSE DEBUTS FOR $32M

Positioned at the summit of 5th Avenue luxury boutique hotel, “The Setai”, is a penthouse for buyers looking for something extraordinary. It's just been released to the market for $32million, according to www.streeteasy.com and Andrew Anderson of Prudential Douglas Elliman, the co-leasing agent.

This premium penthouse boasting 6 bedrooms and 6.5 bathrooms is situated on the 60th floor and between 36th/37th streets. You won't be surprised to learn that it has a private lobby entrance and is expected to “trade close to the asking price”. It is the only one of three penthouse units at the luxury hotel on the market, the other two units being situated on the 59th floor.

Developers Bizzi & Partners were originally in contract for one of the two lower penthouses, but that sale fell through. The asking price for the lower floor apartment was $27.5 million. Elliman, who took over leasing for the total 175 units at The Setai last May, are also exclusively marketing the residential part of the development.

Anderson and Gail Sankarsingh have stated that ,“We're going to sell the top (penthouse) first”. Elliman took over the leasing after “The Real Deal” reported flagging sales from the internal sales team,under the leadership of Elida Jacobsen Justo. In November 2010 focus on selling the residential portion of the building kicked in, with the boutique hotel opening earlier in the same month.

According to Anderson, more than 50% of the units have been sold and there has to be some adjustment to the original figure of 175, as many units have been combined in the last 18 months. It's worth noting also, that “Curbed” highlighted price chops of up to 24% at the 5th Avenue site for lower-storey penthouse apartments.

 
Mar

THE QUEEN OF TALK TV LISTS MANHATTAN PENTHOUSE


Posted on: Wednesday Mar 28 2012

THE QUEEN OF TALK TV LISTS MANHATTAN PENTHOUSE

Oprah Winfrey, the owner of OWN (Oprah Winfrey Network) and the undisputed queen of talk TV, is selling her New York penthouse. This coveted property is on the market for $7.9 million.

Miss Winfrey originally bought the Manhattan penthouse in a trust, to keep her purchase under the radar, but has apparently spent very little time there. It's been rented out to Gayle King, Winfrey's life-long friend and the new anchor for CBS's “Morning Show”. However, King vacated the property reportedly because she wanted somewhere else to call home while she's working in NY, leaving this prime property up for grabs.

The penthouse apartment has priceless views of the iconic Manhattan skyline and, coupled with stunning wooden flooring installed when the apartment was completed (as recently as 2006) has to be worth every cent of the asking price. With 3 bedrooms, and 3.5 bathrooms, fabulous contemporary styling and what is now surely a historic provenance, someone is going to love living here. Bear in mind the apartment was purchased in 2008 for $7.1 million – before the prices in Big Apple took a tumble.

Of the 57 units in the development, Oprah's penthouse spans 2,530 square feet, with wall to wall window space and a fabulous 768' window terrace. The views from the 36th floor of this skyscraper are utterly stunning and an added interest is the triangular-shaped living room. The kitchen is elegant and functional: the master suite boasts three walk-in closets and the sumptuous bathroom has a sleek shower and a jetted tub for an indulgent soak.

 
Mar

Chief Executive of Hong Kong Faces Controversy over HK$50 million Penthouse


Posted on: Wednesday Mar 28 2012

Chief Executive of Hong Kong Faces Controversy over HK$50 million Penthouse

Donald Tsang, Chief Executive of Hong Kong and just months away from completing his term of office, finds himself in the spotlight over a three-storey 6,500 sq ft penthouse in Shenzen's Futian district.

It is reported that the luxury apartment which occupies three storeys of an apartment building inside the Donghai Garden compound, is to serve as retirement home for Tsang and his wife. However, the Hong Kong newspaper “Ming Pao” cites two real-estate agents allegedly familiar with the situation who said the apartment, was “a gift from the developer” to Mr.Tsang.
"I have no ambitions for my post-retirement life and I have no plans to do anything," Tsang was quoted as saying in local papers. He continued by stating: -

"I will leave Hong Kong for a period of time immediately after leaving my post so that my successor can be free to implement [his or her] work ... I think such a move is necessary," Tsang also added praise to his predecessor Tung Chee-Hwa for setting the benchmark in non-interference.

The agents also noted that the apartment could fetch approximately HK$50 million on the open market. It is reported that the developer has already spent HK$17 million on renovation works and if the apartment were available to rent, its rental price could be as high as HK$100,000 (or 80,000 yuan). The developer of the complex is a tycoon by the name of Wong Cho-bau. He is also a delegate of the Chinese People's Political Consultative Conference with extensive business interests in both Shenzhen and Hong Kong.

It is understood that when journalists attempted to make their way to the 36th floor to take photographs of the apartment, they were surrounded by security guards from the complex. They were forced to delete some of the pictures they had taken and then made to leave the building and grounds.

Tsang, whose term ends in June, has also been fighting similar accusations that he has breached the city's anti-bribery laws. The local media published d pictures of and his wife wining and dining on a triple deck luxury yacht. Mr. Tsang admitted he accepted the luxury yacht trip offered by a tycoon and joined in a banquet at a Macau casino resort, but said he paid his own way there "at market price".

His response to questions from Shaghiist concerning his Shenzhen apartment included the statement:- "I hope you will not always analyse issues from a negative conspiracy perspective. I'm very sad to see what is going on. And I'm very distressed, too. If this trend continues, Hong Kong will be constantly exhausted by internal strife”