Excluding Central Park, most ground has been built on in New York City. The only way to build and develop properties is upwards. For decades, penthouses have been a very exclusive architectural design. Often associated to a luxurious lifestyle and residents that can afford a high square footage glassed in with high walls, the trend is shifting. Speyer is introducing penthouse layouts to offices. On the 58th floor of 200 Park Avenue, Speyer used new technology and careful planning to build a 24 thousand square foot penthouse.
The company has also developed a nearly 23 thousand share foot penthouse on the 43rd floor of 520 Madison Avenue. Over 2 thousand of that square footage is a terrace overlooking the greenery of Central Park. The typical structure of penthouses include high ceilings, thorough glass lighting, floor to ceiling windows, and attached terraces or balconies. They are usually open concept and allow for larger companies to be in one place. Having departments scattered throughout a building, block, or city is a platform for disorganization.
For both residential and commercial purposes, penthouses are advantageous. “The penthouse at 200 Park Avenue was quickly leased and it is anticipated that the 520 Madison Avenue penthouse with a terrace will draw significant interest as well” (robspeyer.com). The majority of the mark-up and pricing related to renting these penthouses are associated with the views. The view of Central Park or the New York City skyline is a difficult one to put a price tag on. For that reason, Speyer among many other property developers use air rights to protect the views that make their penthouses so valuable. Creativity is key when building in an overdeveloped city. New lots are scarce so finding adjacent lots to buildings to still acquire a view is even harder.
That is why Speyer is the best property development company. The company has developed the majority of New York City’s admirable and famous buildings because of their creativity and ability to recognize architectural trends. Understanding that penthouses can work both for residents and commercial tenants was essential for their continued success in New York City. That is one of the many reasons why they dominate their industry in NYC. The Park Avenue penthouse is so well developed and thought-out that you feel like you can touch the tip of the Chrysler Building. That innovation can only be found at Speyer.