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June 02, 2016

Unbuilt penthouse becomes priciest residential sale in Philadelphia history

The anonymous buyer is not Jay Z or Beyonce

Real Estate Penthouse
060216_Penthouse Source/Scannapieco Development Corporation

Rendering of Penthouse at 500 Walnut.

An agreement of sale on Philadelphia's most expensive residential purchase in history just took place for a vaunted property that doesn't yet exist.

New Hope-based Scannapieco Development Corporation announced Thursday that the two-story penthouse at 500 Walnut, a 26-story luxury high-rise planned to loom over Independence Square, was sold to an anonymous buyer for $17.85 million.

Source/Scannapieco Development Corporation

Rendering of penthouse at 500 Walnut.

The property generated intrigue last spring when rumors surfaced that it would be purchased by none other than New York City power couple Jay Z and Beyonce. Ultimately, that was just a real estate agent's wily maneuver to boost the anticipated value of the penthouse.

In total, the property will cover 8,900 square feet, including a posh rooftop terrace, several balconies and a private elevator.

Prices at 500 Walnut as a whole will range anywhere from $3 million to $17.85 million, well above the $715,000 to $6.5 million range at One Riverside on 25th and Locust streets, which opened last week, according to the Philadelphia Inquirer.

Source /Scannapieco

Aerial rendering of 500 Walnut.

The agreement of sale surpasses the previous record holder by a wide margin, according to Curbed Philly. In 2010, Scannapieco sold the penthouse at 1706 Rittenhouse Square for $12,500,000, or $1,613 per square foot. The agreement for the penthouse at 500 Walnut comes to $2,003 per square foot.

Amenities at the luxury high-rise will include an automated 80-space parking facility, a two-story fitness center, a three-lane glass enclosed lap pool, and a communal fire pit to go with 24-hour concierge service, among other business and entertainment facilities. 

The project, pictured below, is expected to be completed in the spring of 2017.


Rendering of 500 Walnut.