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The Laurel’s $25M Penthouse Hits the Philly Market

Posted by DalyGroup on October 8, 2019
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Life at the top of Rittenhouse Square just got a price tag attached to it: $25 million.

That’s how much Southern Land Company is asking for the 48th-floor penthouse at The Laurel, the new 599-foot-tall residential tower now under construction on Rittenhouse Square’s northeast corner.

The asking price easily surpasses the $17.85 million developer Tom Scannapieco got for the bi-level penthouse at 500 Walnut in 2016. And that condo had 8,900 square feet of interior space, about 233 square feet more than this single-floor unit contains. That also makes it the most expensive property per square foot not only in the city but also in the region, at $2,885 per square foot.

And what will that $25 million get you? The renderings here should give you an idea.

“It has 14-foot-high ceilings and five balconies,” Southern Land Development Manager Brian Emmons says. “And it comes with a generous allowance for design and finish.”

How generous? That will be up for negotiation between the buyer and Southern Land. But, Emmons says, “the allowance is enough to make it the most luxurious home in Philadelphia.”

Much like what you see in these renderings, which were prepared by a local architect with some potential buyers in mind. Emmons says that a buyer will likely bring their own architect or designer with them but adds that Southern Land also has an in-house design team available to tackle the outfitting.

The unit will also offer 360-degree views of the city, something very few penthouse condos here have. And its owner will have access to all of The Laurel’s luxurious resident amenities as well as four dedicated parking spaces. Two of those are located in a very coveted lo on the ground floor, near the entrance.

Will the unit also come with the Wheels Up memberships Southern Land offered as a buyer’s incentive this past summer? “We anticipate that the buyer will already have their own jet” or access to one, says Emmons.

Will this deluxe apartment in the sky find a buyer? Emmons says it will. So far, he says, The Laurel has received 12 expressions of interest in buying this condo. “And all of them are from local Philadelphians or people with ties to this area,” he adds.

So, New Yorkers in search of more condo for less money: You’d better call now before you get frozen out by the locals.

BEDS: 4

BATHS: 4 full, 2 half

SQUARE FEET: 8,666

SALE PRICE: $25,000,000

OTHER STUFF: The monthly condo fee of $9,532 covers maintenance and of the common areas and amenity spaces, the concierge staff and building maintenance and insurance. Relative to the monthly mortgage payment, it’s a drop in the bucket.

Article written by Sandy Smith for Philadelphia Magazine

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