Downtown Manhattan’s “Pinnacle” penthouse, situated within the iconic copper top of the Woolworth Building, has finally sold after being on the market for six years. The penthouse, with an original asking price of $110 million, was sold for $30 million. The Wall Street Journal first reported the sale, which was quickly followed by a press release from the Woolworth Tower Residences’ sales team, announcing that the 32-unit development has officially sold out with the sale of the Pinnacle and the 49th floor combined. The new owner, Scott Lynn, an art collector and CEO of Masterworks, an online art investment platform, acquired the penthouse which spans over 12,000 square feet of interior space and 408 square feet on an observatory terrace perched 727 feet above ground. The penthouse was sold in a raw, white-box condition for $59 million.
Ken Horn, the president of Alchemy Properties, the company that converted the upper portion of the Woolworth Building into condominiums, commented on the sale, stating that it will cost the new owner tens of millions of dollars to complete the renovation. Horn explained that the decision not to renovate the space was made because potential buyers had their own visions for the penthouse. Some of these visions included turning the space into a one-bedroom bachelor pad or adding a home office on a hydraulic lift that could be raised to the terrace during business hours. The Pinnacle is known for its unique multi-level cylindrical shape surrounded by windows, and the new owner will have the opportunity to personalize the space according to their own taste and specifications.
The Woolworth Building, completed in 1913, was once the tallest building in the world. Its lower floors are still being used for commercial purposes. Alchemy preserved the building’s historic facade at a cost of $22 million. Residential amenities include access to Frank Woolworth’s private pool. The sales were handled by Alchemy in collaboration with Stan Ponte and Joshua Judge from Sotheby’s International Realty. According to the Journal, the new owner did not use a real estate agent for the purchase.
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