The New York Times recently ran an article about penthouse living not being what it used to be. The article makes a valid point about the fact that new developments offer a multitude of “penthouse” units that often are stacked one on top of the other, which makes you ask what defines a penthouse?
When most people think of a penthouse they usually conjure up a grand palace in the sky that sits atop the world with the best views in the city. No one above you, because you are the king of the mountain in the midst of the concrete jungle. Today, the reality doesn’t match the dream. Developers across the country have realized they can increase their profits by adding more than one “penthouse” unit to their properties. This practice doesn’t always prove to be an issue especially in buildings like 45 Province and the W where penthouse units can be at opposite ends of the same floor. This provides incredible views while maintaining the fact that you are at the top.
The question remains however, do buyers out there care when purchasing a “penthouse” if there is another unit above them? I personally think the answer is yes! We can look at some local buildings as proof of that. The W has sold at least 1 of its penthouse units (they don’t have anything above them), but the Clarendon which has 3 stacked penthouse units hasn’t sold any. Now it would be unfair to say that this is the only reason that they haven’t sold any of their penthouse units but it’s probably a factor for some people. So I’ll ask, would it make a difference to you?