Woolworth Building Sells For $80 Million Less Than Peak Price
The luxurious “Pinnacle” penthouse, located in downtown Manhattan’s iconic Woolworth Building, has finally been sold after being on the market for about six years. The penthouse was acquired for $30 million, a significant reduction from its original asking price of $110 million.
The Wall Street Journal first reported this transaction, which led to the official announcement that the entire 32-unit Woolworth Tower Residences development has now sold out, thanks to the sale of the Pinnacle and the 49th floor combined. The combination home comprises more than 12,000 square feet of interior space and a 408-square-foot observatory terrace, perched an impressive 727 feet above the ground. The penthouse was sold in its raw, white-box condition, after being listed for $59 million.
The fortunate buyer of this remarkable property is Scott Lynn, CEO of Masterworks, an online platform for art investment, and a passionate art collector. Although the final sale price might appear low, Ken Horn, the president of Alchemy Properties, the company that transformed the upper portion of the Woolworth Building into condominiums, explained that the cost of completing the build-out will still amount to tens of millions of dollars. The decision not to renovate the penthouse was due to the diverse visions of potential buyers, with some intending to create a one-bedroom bachelor pad while others wanted a home office with a hydraulic lift that could take them to the terrace during business hours.
The Pinnacle has always been known for its distinctive design, featuring a multi-level cylindrical space encircled by windows. The new owner, Scott Lynn, will now customize the penthouse to his preferences and specifications, turning it into his dream residence.
The Woolworth Building itself, completed in 1913, was the tallest building in the world at that time. Originally commissioned by Frank W. Woolworth, the founder of the five-and-dime store, as an office property, the building’s lower floors still serve commercial purposes.
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