Trophy Properties: The Penthouse
March 3, 2003
Among the properties Halstead represents is Gramercy Place, listed at $4.5 million, atop the 1930s-era Gramercy House. Recently renovated, it includes a private-entry elevator that opens onto a landscaped outdoor terrace. Inside, the three-story-high windows offer views of the Chrysler Building and the Empire State Building. “It is unusual because most penthouses in the city are post–World War II. Indeed, it has become fairly routine, as penthouses have grown in cachet, that developers have gone to older buildings and built penthouses on top of them,” says Halstead.
Many international buyers head for Miami. “Real estate in South Florida remains underpriced,” says Joyce Bronson, vice president and project director of the Murano Grande. “About half of our buyers are from South America and Europe. International investors see it as a huge bargain, especially when they compare it to other major metropolitan markets.”
With three tiered towers of 25, 31 and 37 floors looking out on Biscayne Bay, Murano Grande at Portofino is the latest offering from the Related Group of Florida, which developed the nearby Portofino Tower, the Yacht Club at Portofino and Murano. Slated for completion in 2003, the Murano Grande sits on a 4.1-acre site with
700 feet of bay frontage in South Beach, and its $3 million penthouses offer vistas of both the bay and the Atlantic. Owners can keep their yachts at the adjacent Miami Beach Marina and enjoy beach club memberships at the nearby Delano Hotel.
When developer Jeffrey Soffer announced his $650 million plan to build four high-rise condominium towers on Paradise Road in Las Vegas, many viewed its success with skepticism. Although the Strip’s hotels featured opulent suites for high rollers, was Vegas ready for multimillion-dollar penthouses and luxury lifestyles? The answer seems to be a resounding yes. With two of the four towers complete, the three penthouses in each—ranging from 6,500 to 9,000 square feet—have been sold for $3.5 million to $6 million. Owners include a Hollywood producer, the owner of a recent Kentucky Derby winner and the owner of a national supermarket chain. Their neighbors include actors James Caan and Lee Majors and comedians Alan King and Rita Rudner.
advertisement
