NY TIMES SUNDAY REAL ESTATE August 29, 2013 The Top Floor? You’re All InvitedBy ALISON GREGOR With some buyers paying what seems like the annual budget of a small country for a Manhattan penthouse, the last thing you might expect property developers to do is share a piece of the sky by devoting high floors to common areas. Back in the 1960s, ’70s and ’80s, before prices soared to their current... [more]
NY TIMES SUNDAY REAL ESTATE
August 29, 2013
The Top Floor? You’re All InvitedBy ALISON GREGOR
With some buyers paying what seems like the annual budget of a small country for a Manhattan penthouse, the last thing you might expect property developers to do is share a piece of the sky by devoting high floors to common areas.
Back in the 1960s, ’70s and ’80s, before prices soared to their current heights, a series of towers did just that, offering gyms, pools and lounges on the top floors. The buildings in question included the Concorde and the Waterford Condominium on the Upper East Side, and 30 Lincoln Plaza near Lincoln Center.
Now, in a small revival of this practice, the developers of some towers have been trading in the penthouse spaces for amenities. With sales activity strong and rents at record levels, some seem to see more value in setting the amenities on high than in simply raking in top-floor penthouse proceeds..."
http://www.nytimes.com/2013/09/01/realestate/the-top-floor-youre-all-invited.html?_r=1&[less]
