The upper floors of the 58-story Woolworth Building on Madison Square Park are being converted into 34 luxury apartments by developer Alchemy Properties. Plans show that the ceilings will range in height from 11 to 14 feet, and residents will have their own separate lobby and elevators (the rest of the tower consists of office space).
The penthouse apartment will be at the pinnacle of the tower, and will no doubt have breathtaking views of the city. Its staggering nine-figure price tag also makes it the most expensive condominium in downtown Manhattan's real estate history, according to Bloomberg.
So what makes it worth the price? The nearly 9,000-square-foot, four-bedroom penthouse will have nine floors, its own private elevator, and a 584-square-foot terrace. There's also a library, wine cellar, and a private observation deck.
Bloomberg reports that sales for the building are scheduled to take place in fall of 2014, with new tenants moving into the luxury residence in 2016 once construction is complete. There will be a range of condos hitting the market, with prices starting at $3.5 million for a 1,209-square-foot apartment on the 44th floor to the $110 million penthouse.
The Woolworth Building was completed in 1913 and is 792 feet tall. It was the tallest building in the world until 1930, when a nearby tower on 40 Wall Street was built, followed closely by the Chrysler Building (1930) and the Empire State Building (1931).
Though the Woolworth Building's $110 million penthouse is pricey, it's not the most expensive home to ever be listed in New York City. The Residence at River House was listed for $130 million before it was taken off the market, and an Upper East Side mansion was listed for $114 million in December of last year.
Looks like nine-figure apartments in New York City could be the new norm.