Real Estate

Once asking $110M, this NYC ‘Pinnacle’ penthouse just sold for $30M

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Published Aug. 4, 2023, 5:48 p.m. ET
After about six years for sale, one of Manhattan's most famed penthouses has traded hands -- and for a mighty discount.
After about six years for sale, one of Manhattan's most famed penthouses has traded hands -- and for a mighty discount. Travis Mark

After some six years for sale, downtown Manhattan’s “Pinnacle” penthouse — a residence housed inside the iconic copper top of the famed Woolworth Building — has traded hands for $30 million, far less than the aerie’s original $110 million asking price.

The Wall Street Journal broke news of the transaction on Friday. The report was quickly followed by a press release sent from the Woolworth Tower Residences’ sales team announcing that, with the sale of the Pinnacle and the 49th floor in a combination, the 32-unit development has officially sold out.

The deal for the combination home, the release adds, spans more than 12,000 square feet of interior space and 408 square feet on the outside on an observatory terrace perched 727 feet above ground. The home most recently asked $59 million and sold in raw, white-box condition.

The buyer, who got quite the deal, is Scott Lynn — an art collector and CEO of Masterworks, an online platform for art investment.

The penthouse is located within the Woolworth Building's copper top.
The penthouse is located within the Woolworth Building’s copper top. Christopher Coe, Optimist Consulting
The residence, which was sold in raw condition, spans approximately 12,000 square feet.
The residence, which was sold in raw condition, spans approximately 12,000 square feet. Williams New York
A rendering of the space.
A rendering of the space. Williams New York

“On the surface, that number is not a good number,” Ken Horn, the president Alchemy Properties, which converted the upper portion of the City Hall-adjacent building into condominiums, told the Journal. He added that building it out, now on the new owner to complete, will cost tens of millions dollars more. “We realized that it would be foolish for us to spend any amount of money on renovating this place, because all these people who were coming in had their own visions.”

Those interested end-users, the Journal adds, included one person who wanted to turn the space into a one-bedroom bachelor pad and another who wanted to put a home office on a hydraulic lift that, with the push of a button, could lift him to the terrace during business hours.

The Pinnacle, since its market debut, has been known for its peculiar look — a multi-level cylindrical space surrounded by windows.

The new owner will now outfit the space to his taste and specifications.
The new owner will now outfit the space to his taste and specifications. Travis Mark
A view from the home's terrace, which is more than 700 feet above street level.
A view from the home’s terrace, which is more than 700 feet above street level. Heidi Solander
Another rendering that shows the potential for the palatial penthouse.
Another rendering that shows the potential for the palatial penthouse. Williams New York
Among the space's most prominent features: It's surrounded by windows.
Among the space’s most prominent features: It’s surrounded by windows. Heidi Solander

The Woolworth Building itself, when completed in 1913, was the world’s tallest edifice at the time. Five-and-dime store titan Frank W. Woolworth commissioned it as an office property — and the architect Cass Gilbert designed it. (The building’s lower floors are still in use for commercial means.)

Alchemy restored its stunning terracotta facade to the tune of $22 million.

Residential amenities include Frank Woolworth’s private pool for condo owners.

Alchemy handled sales with Stan Ponte and Joshua Judge of Sotheby’s International Realty. The Journal notes that the new owner didn’t have an agent.