Peace and privacy. Penthouses are quieter than other apartments for a couple of reasons-they're further from the street noise below and never come with upstairs neighbors. “Other apartments might deliver some of the above, but for the most part it’s the penthouse that provides these desirable attributes,” Steinberg says. Penthouse perks. Unobstructed views, lots of light, higher ceilings, elevators that open directly into the apartment, and private outdoor space (see below) are common-and often de rigueur-in penthouses. "There's always something nice about hitting that PH button in the elevator. That indescribable feeling. Of course, there's the prestige and sense of arrival that comes with being able to live in a penthouse, Steinberg says. Read on for more from these and other experts on the pros and cons of living in a penthouse apartment. These days, a penthouse isn't always a penthouse. Some new developments launch their projects with multiple penthouses, which Miller considers a marketing ploy to make an apartment more desirable. That is, as long as they truly are penthouses. That’s a fact of real estate valuation, explains Jonathan Miller, president and CEO of appraisal firm Miller Samuel. “The market has not shifted away from that," he says. She says privacy, ample outdoor space, and higher ceilings are among the many selling points.īeing on a higher floor, and sitting on top of a building, impacts resale value. “Penthouses commonly include outdoor spaces that offer unrivaled use and enjoyment ranging from al fresco dining, cocktails and entertaining, to a private space to take a walk without ever having to leave the apartment-it is a sky-high backyard,” says Barbara Fox, founder of real estate brokerage Fox Residential.įox has first-hand experience-not only does she sell a lot of penthouses, she lives in one too. Leonard Steinberg, chief evangelist and corporate broker at Compass, says, "The penthouse of a building has always been synonymous with the ultimate New York dream: Perched above the hustle-and-bustle of the city, penthouses are the ultimate sanctuary, and there are so few of them relatively that they have collector quality." The answer appears to be yes because, it turns out, there’s another reason to appreciate penthouses: They come with private outdoor space. But given the luxury development boom, which created loads of upscale condos that don’t need a long elevator ride for access-do these apartments still stack up? Many consider penthouse apartments the ne plus ultra of New York City real estate-with jaw-dropping views commanding equally precipitous top dollars.
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