What is a penthouse? Understand Various Penthouse Meanings
Not every seller means the same thing when they call a unit a “penthouse.” So what is a penthouse? In this article I’ll break down different penthouse meanings, and what discerning buyers should look for before spending their money on a luxury apartment.
What is a penthouse?
Quick Penthouse Definition: A luxury apartment at the very top floor unit of a residential building.
The Significance of Penthouses
Penthouses are a status symbol of wealth and luxury, and developers will often build these units with a unique floor plans, amenities and features. This include terraces, or skyline views.
However, in today’s real estate market many sellers will be liberal with their use of the word “penthouse,” knowing that the terms luxurious aura will drive up prices. Many buildings advertise multiple units in a single apartment building as penthouses, and may change up the layout of these units to make them appear to be more unique.
Penthouse Meaning FAQ:
Why do they call them penthouses?
The word "penthouse" comes from the French word “apentis”, which translates to "attached building" or "appendage." In the 1920s, residential buildings began to erect penthouses as "smaller" homes on top of the rest of their units.
Why are penthouses expensive?
Penthouses are expensive because they have better amenities, high demand, and low availability.
Are penthouses worth buying?
While many penthouses are luxurious places to live and valuable financial assets, it’s important to take the time to asses the quality of the individual unit you’re considering.
Look for the following qualities to assess the value of a penthouse:
Does the unit have higher ceilings than the rest of the apartments in the building?
Does the unit have ample outdoor space?
Does the unit have amazing views?
Does the building own the air rights to those views?
Does the unit have luxury fixtures?
The answer to most of these questions should be “yes.”
Can there be two penthouses in one building?
Some buildings advertise multiple units in a single apartment building as penthouses. According to the traditional penthouse meaning only the very top unit truly counts. For a long time, a building by definition could only have one penthouse apartment. Nowadays real estate agents and developers might advertise multiple units with unique floor plans as such. They do this as a marketing tactic to draw more attention to expensive apartments with unique floor plans.
Are penthouses always on the top floor?
It used to be that a penthouse always had to be on the top floor. Nowadays, some buildings and real estate agents will use the term to describe a luxury sky rise unit with a unique floor plan.
Examples of NYC Buildings with Multiple Penthouses:
The top 5 floors of 423 Park Ave are marketed as Penthouse Units.
At 432 Park Avenue, also on Billionaires row, floors 91 through 96 are all marketed as Penthouse Units.
101 West 14th street is a new development smack dab in the metropolis of Chelsea. It has 4 duplex “penthouse units” that all share the same two floors of the building.
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