There are several reasons you should consider buying a penthouse in NYC.
High-end penthouses represent the epitome of luxury in high-rise living, and this exclusivity comes with an additional attractive perk – privacy. When you are living in a penthouse in NYC, you often occupy an entire top floor or at least an isolated segment of the top floor. You don’t share walls with any neighbors or live below another apartment, so there is no noise. Also, since penthouses are usually quite high above, the outside noises are adequately muffled as well. Many penthouses come with their own lift access, and since penthouse owners might not have to share common spaces with the other residents of the buildings, interacting with others becomes a choice rather than a social obligation.
Penthouses in NYC tend to cost far more than the average apartments in the same building, and this high price is typically accompanied by a host of luxury amenities. A private lift is one such amenity, which may open up inside the penthouse. Other amenities include a private wine cellar, swimming pool, outdoor kitchen, etc. The amenities may differ from building to building, but in most cases, developers furnish the penthouse with more amenities or, at least, the more luxurious version of amenities compared to the rest of the residents to ensure that they stand out from the rest.
By virtue of their placement, penthouses tend to be far larger and more spacious than the typical apartments in a building. This is more than just about the square footage that would be at your disposal when you buy a penthouse. An extreme example would be the Central Park Tower penthouse, which offers about 17,000 square feet of indoor space. Considering the average size of a one-bedroom apartment in the city (866 square feet), you can fit in about 19 and a half one-bedroom apartments in one penthouse. You also get better ceiling height, typically double the usual height for the apartments below. This adds to the spaciousness of the apartments, and you also get more daylight.
One of the most substantial perks of owning a penthouse is when you get outdoor space and all the features and amenities that come with it. This may include a dedicated desk, your own private pool, an outdoor kitchen, grills, outdoor dining tables, an outdoor terrace, and even your own private garden. This is perfectly complemented by the views a penthouse may offer to its residents. The height of a penthouse may allow you an unobstructed view stretching out miles and miles (even if you can’t see that far).
The privacy, amenities, and outdoor spaces can have a strong positive impact on your lifestyle, and it gives you more options when it comes to your lifestyle. The privacy and sizable indoor/outdoor space may allow you to host parties and entertain company without bothering the neighbors. If you seek a quiet lifestyle, the privacy of the penthouse, combined with the outdoor space that allows you to get close to nature, can be quite helpful. Whether you are creative or highly driven to develop an environmentally friendly living space, you will get more freedom to incorporate these elements in your penthouse compared to other apartments.
Penthouses are luxury real estate, out of reach for the majority of the buyer pool. Buyers that can afford luxury properties like penthouses may not be deterred by market elements like interest rates. This protects the value of penthouses and, consequently, your investment from market volatility.
A few reasons you shouldn’t consider buying a penthouse in NYC are:
Privacy is important for penthouse buyers/owners, but a penthouse may not be as private as you want it to be if the space is frequently visited by people responsible for building maintenance. They may have to gain access through your penthouse. It may be an occasional thing, and the workers will most likely be respectful of your space, but if it’s a frequent occurrence, it may significantly undermine the privacy benefit you get from buying a penthouse. So make sure you have a clear idea of how frequent building maintenance is and how it will impact your privacy before you make the buying decision.
Beautiful panoramic views might be one of the factors that attract you to a penthouse, but what if the view is obstructed by new construction? It may happen, and you should be mentally prepared for that eventuality. You should have a clear idea of how important an unobstructed view is to you, and if it overshadows the other reasons you might buy a penthouse, you should consider a penthouse where the chances of your view being obstructed are quite low.
Exposed To Elements
Ample outdoor space also comes with the consequence of being exposed to natural elements. The indoor space will be safe, but a penthouse is more susceptible to extreme weather conditions and snow piling up on the roof. You may get more leeway if the building is responsible for maintaining the outdoor spaces for you, but if it’s not, the exposure to elements can undermine some of the benefits of owning a penthouse, at least in some parts of the year.