Sydney may be about to join the $100 million penthouse club

Sydney may be about to join the $100 million penthouse club
Sydney may be about to join the $100 million penthouse club

With plans for a three-level penthouse to top off the proposed Crown Sydney hotel and casino at Barangaroo, Sydney might soon join New York, London and Hong Kong in the $100 million penthouse club.

The proposed Crown penthouse would occupy the top three levels of the 69 storey complex, possibly appealing to local or international billionaires keen to capture what could be Sydney’s ultimate address.

But while this penthouse comes with an impressive price tag, it’s not that much of a rarity and surprisingly global buyers are well catered for in this heady price bracket.

A penthouse in the very ritzy London suburb of Knightsbridge sold recently for about AU$255 million – in London’s red-hot property market the unfurnished penthouse of 1,500 square metres has views towards Hyde Park and Harrods department store.

Meanwhile, in New York there’s a US$100 million penthouse in a re-vamp of the top levels of the famous Woolworth Building. The seven-level home has captured the imagination of New Yorkers occupying the landmark tower’s top floors with three bedrooms, a double-height great room, a private elevator, and a library in the observation deck. To be marketed as “The Pinnacle”, the asking price equates to what looks like a modest US$11,700 per square foot.

The penthouse is one of 34 apartments in the Woolworth Building’s re-vamp with a total anticipated gross of US$444 million. Apart from the US$110 million penthouse, there are three other apartments with US$20 – $28 million plus price tags. One other at US$15 million and five apartments at what looks like a modest US$5 million.

“The Pinnacle” will span 9,400 square feet with just under 500 square feet of outdoor space and the US$110 million price will be a record for Downtown New York and one of the priciest listings ever to hit the city.

If you are feeling a little left out of the $100 million club, then it’s comforting to know that prices will start at just US$3.9 million for a 1,290-square-foot toe hold on the 44th floor of this iconic building. Speculating about Crown’s possible plans for the more modest apartments in it’s Barangaroo building, Sydney might well eclipse these prices  and so admit mere mortals.

Peter Chittenden

Peter Chittenden

Peter Chittenden is managing director for residential of Colliers International.

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New Developments Sydney Peter Chittenden

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