DOWNTOWN BROOKLYN — Buyers will pay 75 percent more for the penthouse compared to units just one floor below, a new report found.
Last year, the average price paid for a penthouse apartment in the city was $6 million, while the average for units one floor below was $3.4 million, according to a report by CityRealty based on 71 penthouse sales from all five boroughs.
"Luxury penthouses tend to be larger and often have upgraded amenities than comparable apartments in the same building, but the feeling of exclusivity of being at the top often makes the difference to buyers," said Gabby Warshawer, CityRealty's director of research and communications.
Buyers are willing to pay more for luxury amenities and bragging rights, Warshawer said.
"Even though apartments on the penultimate floor have very similar views, buyers at the top of the market find the prestige of the penthouse is worth the difference in price,” she said.
These days, the penthouse doesn't refer to just the top floor. Developers are increasingly using the term to include large groups of units on the top few floors in order to push prices higher, Warshawer said.
“The allure of a penthouse is sometimes as simple as a bigger button in the elevator with the letters 'PH' before the floor number," Real estate broker Jay Glazer told DNAinfo New York. "It doesn't matter if it’s actually on the top floor or not.”
But buyers are still willing to fork over millions for the fabled New York City penthouse that can only be found on the top-most tier.
The 90th floor penthouse at One57, located at 157 W. 57th St. in Midtown, sold for a record-breaking $100 million last year.
"[It's] the most ever paid for a New York apartment,” Warshawer said.
