$32 Million Penthouse Sets a Sale Price Record (Again)

A rendering of a possible design for the roof deck at the 500 Walnut penthouse. | Renderings: ARX Solutions, with assistance from Espenshade Interiors

Now on the market: A vanilla shell in Society Hill, two stories plus roofdeck and atrium.

8,400 square feet, 25 stories above Independence Hall. Another 2,500 square feet on top of the two stories.

All yours for only $32 million. Just bring your interior designer, or you could ask the seller for recommendations.

The seller, by the way, is Infinite Views One, which bought the two-floor penthouse at 500 Walnut from builder Scannapieco Development Corporation for the then-record-setting price of $17.03 million while work on the tower was just beginning.

Now, after putting another good chunk of change into adding some goodies and getting the unfinished space ready for final outfitting, he is ready to put the all-but-finished product on the market for $15 million more, setting a new Philadelphia sale price record.

So how did a $17 million patch of air become a $32 million finished blank canvas?

“The current owner purchased the penthouse in 2016 as completely raw space when construction was just beginning and the building was just a vision,” Paula Celletti-Baron, vice president for sales and marketing at Scannapieco, which is handling the sale on Infinite Views One’s behalf, says in an email. “They invested in the space knowing and believing in Scannapieco’s reputation to create something truly spectacular based on their experience working with Scannapieco in the past.”

Celletti-Baron could not disclose exactly how much the owner spent on the build-out, but she did note that it included significant structural and systems work. The project included adding a four-season solarium to the roof deck, finishing the two terraces flanking it, installing state-of-the-art electrical and climate-control systems with radiant heated floors throughout, building two architectural staircases, installing automated shades and a whole-house sound system, and many other things you would expect in an ultra-luxe penthouse condo.

What else will you get for your $32 million?

Master bedroom

Master bathroom

Three bedrooms, four full bathrooms and three half baths.

Foyer

Solarium

A foyer with a sculpted staircase that leads to a rooftop solarium.

A seating area with a fireplace that opens onto the foyer, plus a family room.

Dining room

A formal dining room and an eat-in kitchen with a south-facing balcony, plus a catering kitchen and storage.

That 2,500-square-foot roof deck.

A large laundry room.

And a home office and your own gym for when you don’t feel like heading down to the building’s tricked-out fitness center.

That fitness center, which also has a yoga terrace, massage room, steam room and sauna, is just one of the first-class building amenities the buyer will also get.  The others include:

• A 4,000-square-foot landscaped terrace overlooking Independence Park with several seating areas, a gazebo and a fireplace.
• A luxurious guest suite you can reserve to house visiting friends and family.
• A skylit 50-foot lap pool with hot tub.
• An entertainment space for throwing even bigger parties than you can host in your penthouse, with its own catering kitchen and lounge.
• A private boardroom for business meetings.
• A library and billiard room.
• A 24-hour concierge and a town car with driver.
• Four deeded parking spaces in the building’s robotic underground parking garage.

The renderings you see here give you an idea of what a finished penthouse apartment might look like. Your interior designer, however, will probably have ideas of their own, and so will you, we hope.

So what makes everyone think this unit will get its asking price? Says Celletti-Baron, “Twice now, Scannapieco has achieved Philadelphia’s record-breaking price for its penthouses in two separate towers before the buildings were even built. Now, with this penthouse, people have the opportunity to walk through and experience the indoor and unprecedented outdoor spaces.

“500 Walnut has proven its position as the most exclusive and successful residential building [in the city], which is reinforced by the fact that more units have sold in this building for over $7 million [than anywhere else in] Philadelphia. And when you pair this with the panoramic, bridge-to-bridge views of the Delaware River from every room and 500 Walnut’s location, privacy and features, we are fully confident that this penthouse is poised to break another record.”

Something else that should help: only one unsold unit remains at 500 Walnut. Though it’s never been occupied, this penthouse is technically a resale.

This unit is also going on the market in the middle of a robust market for luxury properties in the city, as evidenced by the recent flurry of new luxury condo construction that includes The Laurel and the Arthaus. (The Laurel’s penthouse set the most recent sale price record at $25 million.) Such demand-driven construction gives both the owner and Scannapieco confidence that a buyer will meet their price.

Will you be that buyer? You can begin to answer that question by visiting the 500 Walnut Penthouse website or calling 215-625-2552.

THE FINE PRINT

BEDS: 3

BATHS: 4 full, 3 half

SQUARE FEET: 8,400, plus 2,600 square feet of exterior space

SALE PRICE: $32,000,000

OTHER STUFF: Want to know about the other stuff? Contact the sales office and request an appointment.

The Penthouse, 500 Walnut St., Philadelphia, Pa. 19106 [Infinite Views One | Scannapieco Development Corporation]

Updated March 4th, 6:53 a.m., to correct the spelling of Celletti-Baron’s name.