< All Press

When is a penthouse a penthouse?

…“Back in the ’80s there were a lot of sponsors that tried taking basically the top three multiple levels of the building that were no different than the other units below,” Jonathan Miller, president and CEO of real estate appraisal and consulting firm Miller Samuel, explained….

…Some so-called penthouses in the Osborne co-ops at 205 West 57th Street and the famous Dakota at 1 West 72nd Street were once maids’ quarters, since converted to apartments that don’t offer the same amenities as the rest of the building, Miller said….

…Calling a unit a “penthouse” can also be a snappy marketing gimmick, enabling brokers to reel in the subset of buyers who confine their searches to penthouses alone, Miller said….

…“Just because you say it is doesn’t mean it is,” Miller agreed….

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
Joined October 2007