Penthouse Sale For $12.762 Million Breaks Washington, D.C., Condo Record

A luxurious waterfront constructing in Washington, D.C., broke the report for the costliest rental sale within the metropolis’s historical past, promoting for $12.762 million earlier this month.

The split-level, four-bedroom Penthouse 1 has about 5,800 sq. toes of dwelling area, 5 full loos and two half baths. As well as, the rental provides three parking areas.

The constructing – generally known as Amaris, which implies “you’re beloved” in Latin – has 96 condos. The record-setting unit is one among seven situated on the twelfth ground.

The late, internationally famend architect Rafael Viñoly designed the constructing.

Michelle Giannini, a dealer for Hoffman Realty, represented the itemizing for co-developers Hoffman & Associates and Madison Marquette. She stated the constructing opened in December and is about 70% offered.

Matt McCormick of TTR Sotheby’s Worldwide Realty represented the unnamed purchaser and stated the property instantly captivated the purchaser.

“It is simply the highest-end luxurious penthouse within the metropolis. The massive out of doors terrace overlooking the water with The Wharf beneath gives D.C.’s finest waterfront views. The delicate finishes and distinctive options, just like the spiral staircase with skylight, go away fairly an impression. Probably the most spectacular issues about this residence is the floor-to-ceiling home windows all through, specifically, the cold-warped glass home windows within the dwelling areas that provide the feeling of being projected into the view,” McCormick added.

The Wharf, the place Amaris is situated, is a $3.6 billion improvement that includes motels, parks, piers, outlets and eating retailers.

This unit has 2,255 sq. toes of outside area, together with a 1,200-square-foot out of doors terrace.

Jay Bargmann, vp of Rafael Viñoly Architects, stated his favourite area within the rental is the second degree. “The area really exemplifies the constructing’s curvilinear, tapering kind and evokes a way of motion; the lightness and transparency on this degree, coupled with its huge views of the Potomac River, makes you’re feeling like you’re shifting by water,” he added.

The rental options customized Italian kitchen cabinetry, French European white oak flooring with a light-weight and darkish end, marble counter tops within the kitchen with waterfall edge islands and premium home equipment from Thermador and Bosch.

Facilities embody a health and wellness middle, a salt-water lap pool, a convention room and a automobile elevator with valet service.

Mark McFadden, Compass govt vp and senior advisor in D.C., Maryland and Virginia, stated the earlier report for a rental was $11 million in 2022. For single-family properties, the Bowie-Sever Home, a Georgetown property, listed for $28 million in 2007 and offered for $24 million. And McFadden closed on a $22 million D.C. property in 2011.

“That property is now value $40 million. However the present market is superb. Stock remains to be low, with excessive demand throughout each value vary,” McFadden stated, including that median gross sales in D.C. for properties above $1.5 million topped $2 million in March 2022 and dipped to simply beneath $1.9 million in March 2023.

“Particularly within the higher finish, due to the fluctuations in our present market, with the inventory market and inflation, actual property remains to be the popular asset class for individuals with cash. I am in Palm Seashore, and I am in a one-bedroom condominium value $1.2 million. On the following block over from me [in December], billionaire Robert Kraft, proprietor of the New England Patriots, paid $24 million for a condominium,” McFadden added, “so individuals with cash really feel significantly better proper now placing their cash in actual property versus the inventory market. Proper now, it is thought-about the most secure place to park your cash.”

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