Luxury Guide to Buying a Penthouse Apartment in NYC

After working hard the whole day at the home office, many New Yorkers dream of having a private terrace where they can escape and take in the city skyline. For some lucky folks, purchasing a luxury penthouse suite is within grasp, and these buyers have access to some of the most spacious and uniquely designed real estate in New York City. 

The pandemic has reset how people view their home life, and affluent buyers seeking more space are increasingly gravitating towards the benefits of a penthouse apartment.

Before considering the purchase of a NYC penthouse in 2021, buyers need to consider the pros and cons of owning a skyscraping home in their favorite borough. 

What is a penthouse apartment?

While most New Yorkers understand what a penthouse entails as per popular culture, out-of-towners may scratch their heads at the idea. Like the cherry atop an ice cream sundae, these luxury apartments occupy the top floor(s) of high-rise buildings. 

The definition of a penthouse varies today, as most new developments in New York City feature "penthouse" offerings, even if the building is a five-story walk-up with no elevator. A true penthouse commands dazzling views of the city, likely provides a private terrace for owners, and sometimes even has a private elevator opening into the apartment foyer. 

Benefits of Buying a Penthouse Apartment in NYC

• Better views
• Less neighbors 
• Less street noise
• Extra amenities

Better views

People travel worldwide to see the New York City skyline from the Empire State Building and One World Trade Center, but luxury penthouse owners in NYC wake up to a private viewing platform each morning. 

Many penthouses in the Big Apple provide buyers with a spectacular view of the sprawling NYC cityscape, with the gleaming towers of the Financial District overlooking the Hudson River, and the highrises of Midtown dominating the skylines of Central Park. 

To take advantage of these views, most homeowners desire floor to ceiling windows to make the most of the sights and natural light. While some luxury condominiums tout having multiple penthouse floors, buyers owning the top floor unit of a highrise is truly when an owner can say they have a penthouse view of New York City. 

No upstairs neighbors

One aspect of NYC living that almost every resident deals with is having neighbors next to you and above you, and it is an inescapable fact of life for most living in the city. But penthouse owners are uniquely situated, with no neighbors doing calisthenics above you or any would-be chefs stinking up the floor with their latest mushroom souffle. 

While the Covid-19 pandemic continues to linger, buyers considering closing a deal on a penthouse avoid worrisome hallway shuffles, and in some luxurious instances, a private lift whisks them to and from their airy abode. 

Plus, penthouse owners can be as loud as they please, as duplex units may comprise two floors designed separately from the rest of the condo. Buyers will have a sense of comfort knowing they can enjoy their music without waking up half the floor. 

Less street noise

If there is a common denominator for all New Yorkers, it is the sound of the city that never sleeps. From honking horns to screeching sirens and howling cats, there is a cacophony of sounds that New Yorkers have to contend with when they live close to street level. 

Even units a few stories above the streets can hear the commotion going on at all hours of the night in NYC. But penthouse owners are rarely bothered by the noise below, as the apartment itself sits so high up that noises can not reach. Penthouse owners are more likely to be bothered by the whipping winds than the echoes rising from the streets many stories below. 

Extra amenities

Developers build penthouses differently, and it is for a good reason. Buyers pay top dollar for the amenities that come with owning a penthouse. Buyers closing a deal on a penthouse are purchasing stunning views and privacy. 

But these luxury units feature unique extras such as fireplaces, lofted high ceilings, multi-floor layouts, private terraces, and sometimes even private rooftop pools. The list goes on, and the more affluence a buyer has, the more they can customize their swanky pad to fit their lifestyle. 

Downsides of Buying a Penthouse Apartment in NYC

• Inclement weather
• Outdoor upkeep
• Seasonal temperatures
• Long elevator rides
• Pricey common charges

Inclement weather 

One of the factors buyers should consider when purchasing sky-high real estate is the exposure to inclement weather. While some buildings manage the upkeep of a penthouse, others push that responsibility to the buyer. The exposure to the elements means units usually accrue more damage than a typical condominium apartment will. 

NYC residents accustomed to relying on their landlord for fixes will have to adapt to penthouse living and have a rolodex of repair technicians ready if a leak springs in the roof. While private terraces are a pleasure most of the time, penthouse owners must tie down furniture during heavy wind storms so that nothing flies off the open space during bad weather. 

These challenges are par for the course for penthouse living in NYC, and affluent owners can find a service to deal with issues - for a price of course. 

Outdoor upkeep 

Penthouse owners have free reign to decorate their private terraces how they see fit, within reason. Some buyers prefer a clean space with a few lounge chairs, while others create fantastic rooftop gardens that add earthy colors to the New York City skyline. 

Regardless of preference, penthouse owners are responsible for their rooftop space and must maintain a level of cleanliness and order, as per the building rules. Some owners take pride in personally putting some TLC into their homes, but others may balk at having to clean the windows, spraying down the terraces, and taking care of the vegetation that came with the penthouse they just purchased. 

Buyers considering a penthouse should also create a plan for dealing with snow, as some buildings push shoveling responsibilities onto owners. Luckily, new penthouse owners can pay service workers to handle many of these challenges. But owners must also be aware that critical building systems are on the roof of a building. As such, penthouse owners should prepare for the eventuality that repair workers may need to traverse their terrace or even apartment to gain access and repair building systems. 

Seasonal temperatures 

Summertime in New York City can get pretty hot. The concrete, steel, and glass buildings trap heat, and warmth rises, so penthouses usually end up baking in the heat of the summer sun. 

Between the summer and winter, penthouse owners should prepare to pay a bit more in utilities, as these luxury properties are exposed directly to the elements. Most newer construction units have energy efficient HVAC units, but buyers considering an older building may have to set up their own AC units or central air if they want to keep cool while working from home. 

Of course, a penthouse owner can open their door and windows to take advantage of the cool breezes that come with living so many stories above street level. When the seasons change though, luxury owners have to adapt to the colder temperatures of wintertime. Since penthouses sit atop a condominium, these residences do not have the communal warmth emitting from the apartments flanking your unit. 

Taking the long ride down 

Select penthouses come with a private elevator entrance, and residents can take pride in knowing that the PH button brings them home. While some penthouses have private elevators for owners, most buildings have shared elevators, and buyers can expect some long ride times during commuting hours. 

Sitting atop the tower is an affluent luxury, but the long ride between the penthouse and the ground floor adds time to the morning and afternoon commutes. And like most machinery, elevators require scheduled maintenance, and penthouse owners can find themselves temporarily stuck if the elevators are out of service.

Pricey common charges

Common charge fees cover building running costs and the upkeep of amenities shared between residents in a building. These fees usually cover gym rooms, bike parking areas, plants and flowers in shared spaces, parking spots, and trash removal. 

Living in the priciest unit in a condominium does not come cheap, and some condominium boards charge a higher common charge for these residents than other tenants might pay. 

Conversely, a savvy owner living in a penthouse that they actively maintain may negotiate that they deserve a lower common charge since they do not get the same full-service treatment as residents living in the standard units. Buyers thinking of closing a deal on a penthouse should review the building’s offering plan with their real estate attorney to understand what share of the building’s expenses they will be responsible for.

How much more do penthouses cost in NYC?

Usually, penthouses can cost buyers 5% to 10% more on average than comparable luxury units on lower floors. Penthouses command such a premium due to the prestige owners get from living in a penthouse, coupled with the many amenities built into a penthouse unit. 

Private outdoor space is a sought after feature post COVID-19, as people are seeking more personal space. The added benefit of a private terrace can also add to the premium buyers will have to pay for their penthouse apartment.

Ready for your purchase?

Living in a penthouse overlooking the NYC skyline is a bucket list item for some people, and if you are considering making such a purchase, now is the time. With election uncertainty in the rearview mirror and mass vaccination against COVID-19 on the horizon, buyers are coming back to NYC, and the deals created through the market volatility are quickly fading away.

Interested in buying your dream NYC apartment? Browse listings in your favorite neighborhood and see how much you can save on your penthouse with Prevu’s Smart Buyer Rebate.