The Mid-Atlantic's Most Expensive Urban Condos

These extremely pricey, ultra-luxury, ultra-extravagant, ultra-exclusive properties cater to celebrities, CEO's, and power brokers

This past spring a 6,737 sq. ft. condominium unit in Friendship Heights, MD sold for $8.65 million to an undisclosed buyer, a new record for the Washington D.C. area. This happened barely a year after the same unit set the previous sale record at $7.95 million. The 18th-floor penthouse unit located at the exclusive Parc Somerset high-rise has five bedrooms, five bathrooms, 300-degree views, multiple balconies, and a solarium. 

In light of this record-breaking sale and the resurgence of the urban luxury condo market, this is a great time to look at the most expensive condominium units in the major urban areas of the Mid-Atlantic. As you'll see below, New York is clearly the champion (by a mile) of commanding stratospheric prices for condo units.

Washington D.C. Area

Parc Somerset

Parc Somerset

Highest price for unit: $8.65 million
Building height: 18 stories
Location: Friendship Heights, MD

Located just a half mile across the border from Washington D.C. in the urban Friendship Heights neighborhood of Chevy Chase, MD, Parc Somerset is part of a three building condo complex collectively called Somerset House which is composed of high-rises 18 to 21 stories tall. Despite being nestled in a gated 17-acre park-like oasis that includes tennis and racquetball courts, clubhouse, and gym, residents are within walking distance of plenty of shopping and transportation amenities. These include ultra-high end stores such as Saks 5th Avenue, Cartier, Bulgari, Ralph Lauren, Jimmy Choo, Bloomingdale's, Neiman Marcus, and Tiffany's which line a segment of Wisconsin Ave known as the "Rodeo Drive of DC," a plethora of upscale restaurants, Whole Foods and Giant grocery stores, and a Metro station on the Red Line. Residents include former National Football League Commissioner Paul Tagliabue and JLL CEO Colin Dyer.

Upcoming competition:
The Lauren Bethesda

The Lauren Bethesda

Under construction in the heart of downtown Bethesda, just 10 minutes up ritzy Wisconsin Ave from Parc Somerset, is a condo development likely to challenge the Somerset's reign as the most exclusive condo in the DC Area. This 7-story, 40-unit project named The Lauren will boast direct access elevators, private rooftop terraces for select units, home automation systems featuring iPad control, and private wine cellars. In addition, the building will also be within walking distance of a Red Line station and high-end shopping/restaurants. Sale prices for typical units will range between $2.5 and $5 million. The 5,700 sq. ft. penthouse (which comes with a "butler pantry" and maids quarters') "will be priced fairly dearly," according to the developer.

In addition to The Lauren, luxury home-builder Toll Brothers is preparing to construct their own 7-story condo building practically next door on the same block. There are three other condo projects on the near term horizon in Downtown Bethesda, the current hotspot for luxury condos in the Washington D.C. Area.

Philadelphia Metro Area

1706 Rittenhouse Square Street

1706 Rittenhouse

Highest price for unit: $12,459,000
Building height: 31 stories
Location: Center City, Philadelphia, PA

Located in one of the most desirable neighborhoods in Philadelphia, this 31-story luxury high-rise was completed in 2010 and is currently 100% sold. The building is currently home to surgeons, pediatricians, real estate magnates, CEOs, and two Phillies pitchers. Each 4,200 sq. ft. unit is comprised of a full floor (with the exception of the two-story penthouse) and has a floor-plan customized by the buyer. One special amenity of note is an automated, 64-space underground parking garage. Residents use their fob to call for their vehicle from the garage or from within one of the two elevator banks.



Upcoming competition:
500 Walnut

500 Walnut

A follow up on the successful 1706 Rittenhouse project, 500 Walnut will be located at the corner of Fifth and Walnut Streets across Independence National Historical Park from Independence Hall. The building will be 26 stories tall and will have 37 condo units. It will include "ultra-luxury" amenities such as a two-story fitness center fully equipped with yoga room, massage room and steam room, as well as a a large outdoor terrace overlooking National Historic Park. Two two-story, 8,400 sq. ft. penthouse units will be available, each featuring a private elevator, multiple balconies, and fireplaces. Like it's older sibling, 1706 Rittenhouse, 500 Walnut will also boast a fully automated underground parking system for over 80 vehicles. Groundbreaking is expected Spring 2015 with delivery in Spring 2017.





Baltimore Metro Area

Ritz-Carlton Residences Baltimore

Ritz-Carlton Residences

Highest price for unit: $12.6 million
Building height: 3-6 stories
Location: Inner Harbor, Baltimore, MD

The Ritz-Carlton Residences is at the pinnacle of Baltimore's luxury housing pyramid. While the condos may not be the tallest in the city--the units are spread over multiple 3 to 6-story buildings (the neighboring Waterview Condominium is 27 stories tall)--they definitely set the high watermark in terms of amenities. The condo units are 1-3 bedroom homes generally varying in size from 1,600 sq. feet to more than 5,000 sq ft. In addition to the usual wood-paneling and high-end appliances, units also include direct access elevators.  

Where the Ritz-Carlton really stands apart is the community amenities. Located directly on the Inner Harbor waterfront, the complex boasts a marina with 21 slips accommodating boats up to 100 ft. in length, with meals and refreshments available to be delivered directly to your boat. Across Key Highway is the famous Federal Hill Park and the complex has 40,000 sq. ft. of formal French parterre gardens. Hurt significantly by the recession shortly after its opening in 2008, sales at the Ritz-Carlton have been steadily picking up recently. Given the palatial, resort-like setting it's no wonder that world-renowned author and Maryland native Tom Clancy (who passed away earlier this year) purchased an enormous, 12,000 sq. ft. penthouse unit (created by combining three separate units) for a record $12.6 million in 2009.

Upcoming competition:
Four Seasons Residences

Four Seasons Residences (center)

Nestled among a number of other high-rises, this partially completed Four Seasons Hotel & Residences was originally planned as a 44-story hotel/condo high-rise. The hotel portion was built on the first 21 floors, but the rest of the project was delayed due to lack of financing during the recession. The project has recently been revived to complete the condo section, but with only 63-83 units over 6-8 floors (totalling 27-29 floors), compared to the originally planned 150 units over 23 floors (total 44 floors). The developer plans to build and show model condos to prospective buyers this summer to gauge interest and determine how tall the addition should be. If all goes to plan construction should begin this fall. The developer has reported a high amount of interest from "high-profile" locals as well as international travelers.

New York City Metro Area

15 Central Park West

15 Central Park West
Highest price for unit: $88,000,000
Building height: 35 stories
Location: Central Park West, New York, NY

Unlike in the other 3 major Mid-Atlantic cities, condos at the very high-end of the luxury scale in New York (particularly in Manhattan near Central Park) are for the extremely wealthy. Those with net worths not at least in the hundreds of millions need not apply to the ultra-luxury penthouse units perched at the top of the city's extravagant condo towers. 

One of these condo towers, 15 Central Park West (completed in 2008), happens to be the current cream of the condo crop in the city. Confirming this is the skyscraper's long list of celebrity tenants including: Denzel Washington, Bob Costas, Goldman Sachs CEO Lloyd Blankfein,  former Citigroup executive Sandy Weill, NASCAR driver Jeff Gordon, and Yankees player Alex Rodriguez. In 2011 the daughter of Russian billionaire Dmitriy Rybolovlev paid a record $88 million for a 4-bedroom unit. Amenities for this ridiculously expensive condo include a private driveway and motor court, a private 20-seat theater, 20 wine cellars, 29 staff suites, room service, a private in-house chef, a fully stocked library, and a massive health club with a 75 foot long lap pool. The building itself is actually divided into two towers--one 19 stories tall and one 35 stories tall.

Upcoming Competition
432 Park Avenue, One57, 115 West 57th Street, 225 West 57th Street

Rendering of the new generation of 'supertall' NYC condos: 432 Park Ave, 111 West 57th Street, One57, 225 West 57th Street (four tallest in image from L to R)

As absurdly expensive as 15 Central Park West is, a new generation of ultra-luxury "supertall" condos along the very desirable 57th St corridor are sure to outshine it in terms of exclusivity, amenities, height, and, of course, cost. Not only will these opulent skyscrapers challenge 15 Central Park West's record for most expensive condo in NYC (and probably the nation), they pretty much have already broken it. 

In 2012, the under construction penthouse of One57 (delivery fall 2014) on the 75th and 76th floors went under contract for $94 million (a jaw dropping $13,000/sq. ft.). Just four blocks down from One57 is the even taller (89 stories/1,398 ft. vs 75 stories/1,005 ft.) 432 Park Ave (delivery spring 2015), the 6-bedrooms, 7+2-bathroom penthouse unit of which has already beaten the prospective sale price record of One57 by $1 million, going under contract for for a whopping $95,000,000. Both of these units include high-end amenities such as 360 degree panoramic city views, ultra-high-end finishes, 20+ ft ceilings, and radiant heated floors. By 2018, two more towers, 111 West 57th St (74 stories/1,350 ft) and 225 West 57th St (92 stories/1,775 ft) will push the ultra-luxe condo markets to new heights (literally and figuratively). The latter tower is set to be the 2nd tallest building in the United States as well as the tallest residential tower in the world upon completion.

The race to the first $100 million condo isn't just for new properties though. Several existing condo units throughout Manhattan have been priced near (or over) $100 million, although none have sold at those prices (so far). Most notable of these has been the penthouse unit (actually a combination of three separate units) of the Pierre, a historic luxury hotel on East 61st St. In April 2013, the unit was priced at a borderline-absurd $125 million. Unsurprisingly, the price of the admittedly very elegant, 16-bedroom (yes, sixteen bedroom) triplex unit was cut to a more 'reasonable' $95 million by December. 

Also in April 2013, billionaire hedge fund manager Steve Cohen put his One Beacon Court two-story duplex penthouse unit on the market for $115 million. This was just eight years after he originally purchased the unit for $24 million. Of course by December 2013 common sense prevailed and the price was cut to $98 million. Finally, this past June it was announced that the top nine floors (50-58) of the historic Woolworth Building in Lower Manhattan will be converted into a penthouse priced at $110 million. Whether the unit sells at this price or not, one thing is for sure: the $100 million condo is coming...