In today’s luxury real estate market, where more is more, and consequently better, developers and their architects have been busy designing penthouse additions to affix atop buildings that they are already converting into condos.
Developers sometimes seek out conversion projects because the structures themselves are historic and of value. Other times they take this route because undeveloped land in New York City is so scarce and can be prohibitively expensive. Adding floors to the building, particularly when they include an expansive penthouse or two, can help increase profits, but the process can be daunting. Constructing additional stories is often complex and pricey, costing as much as 50 percent more than development from the ground up. And in the case of a structure with landmark status, developers must first secure approvals that can tack on months to the process.
