Woolworth Building Penthouse Sells for Lowly $30M

Once one of the most publicized homes in Manhattan, the Woolworth Building’s “Pinnacle” penthouse turned out to be anything but.

After six years on the market — and multiple price cuts — the 12,000-square-foot apartment finally sold for $30 million, barely a quarter of the original $110 million asking price, the Wall Street Journal reported.

The buyer, New York-based art collector Scott Lynn, paid $2,500 per square foot for the Tribeca penthouse.

“On the surface, that number is not a good number,” Ken Horn, president of Alchemy Properties, the developer of the condos at the top of the building, told the publication.

The Woolworth Building’s “Pinnacle” penthouse (Travis Mark)

The developer said the unit was sold as an “unfinished white box” and will likely require a hefty investment from the buyer to renovate.

“We realized that it would be foolish for us to spend any amount of money on renovating this place, because all these people who were coming in had their own visions,” Horn said.

Situated between the iconic tower’s four turrets, the penthouse spans seven levels, including a private, 360-degree observatory deck. Alchemy hired architect David Hotson, who Horn said plans to work with Lynn on the renovation, to propose a design, which featured a two-story living room with a mezzanine level.

Alchemy developed 32 condos on the top floors of the Woolworth Building, thought to be the tallest in the world when it was built in 1913. The tower was originally commissioned as an office for Frank W. Woolworth, considered to be the originator of five-and-dime stores.

Sales launched in 2014, but it took nearly 10 years to sell out the building thanks to a decline in luxury sales, the introduction of another mansion tax and the pandemic. Alchemy led sales in-house along with Sotheby’s International’s Joshua Judge and Stan Ponte.

Among the amenities in the building are a wine cellar, tasting room, fitness center and Frank Woolworth’s private pool.

Lynn is the CEO and founder of Masterworks, an online art investment platform. Lynn’s personal collection has included works by Willem de Kooning and Jackson Pollock.

— Sheridan Wall