A Penthouse Sells for a Sky-High Price

The $17.85 million penthouse at 500 Walnut sets a new sale price record at the top end of the market.

The balconies at 500 Walnut are extra-large to appeal to suburbanites used to large yards. The penthouse's terrace, shown here, is especially spacious and striking - and the unit just sold for an all-time record price. | Renderings courtesy Scannapieco Development Corporation

The balconies at 500 Walnut are extra-large to appeal to suburbanites used to large yards. The penthouse’s terrace, a possibility for which is shown here, is especially spacious and striking – and the unit just sold for an all-time record price. | Renderings: Cecil Baker + Partners, courtesy Scannapieco Development Corporation

The two-story penthouse condo at 500 Walnut is stylish and very spacious. And it just set a new record for ultra-luxury sale prices locally.

Scannapieco Development Corporation announced today (June 2nd) that it has sold the 8,900-square-foot penthouse for a record $17.85 million, the highest price yet for a luxury residence in Philadelphia. In addition to breaking the record the company set six years ago with the $12.5 million sale of the penthouse unit at 1706 Rittenhouse Square, the sale also set a new record price per square foot: $2,003, also well above the previous record of $1,613 for the 1706 unit.

Details about the buyer were not disclosed in keeping with company policy.

“This exciting milestone is a testament to Philadelphia and its true world-class status,” Scannapieco Development President and CEO Tom Scannapieco said in a news release. “Ultra-high-end buyers who have endless options are choosing Philadelphia as a place to call home. We are thrilled and honored to bring to the city a tower that meets the demands of this specific buyer, enabling more residents to frequent our restaurants, retailers and attractions.”

The renderings you see here from building architect Cecil Baker + Partners offer one possible vision for the penthouse, but the unit is fully customizable and the buyer can reconfigure and redesign the interior space to suit his or her tastes and preferences.

The record price indicates strong demand for custom-built ultra-luxury residences in desirable city locations, as do the resale prices for units at 1706 Rittenhouse. According to the release, since resales of units in that building began in 2015, owners have walked away with profits of at least $1 million on each sale.

Work continues to progress on the building. Buyers will be able to move into their units in the spring of 2017.



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