The Crown Penthouse at 212 Fifth Avenue, a five-bedroom, 10,079 square foot residence listed at $73,800,000 is considered a modern masterpiece. Located on Madison Square Park, the apartment was designed by Pembrooke and Ives and covers three floors. The home includes 5,730 square feet of breathtaking outdoor terrace space.
“The penthouse at 212 Fifth Avenue is distinguished by an unparalleled style, sophistication, an array of exceptional luxury finishes, from the materials on the door handles, to the marble countertops, to the wood selected for the flooring,” said Nikki Field of Sotheby’s International Realty, which is handling the listing.
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The home has four exposures that provide 56 feet of frontage along the Park and views of downtown Manhattan’s most iconic buildings. Housed in a pre-war structure, the home features elegantly arched windows, while the foyer reveals a spectacular atrium with a magnificent bronze staircase as its centerpiece. The Crown displays high ceilings and gallery-sized walls, which make it ideal for art collectors.
The residence also includes a marble foyer, a private elevator, a grand ballroom, a library with a marble and glass fireplace, and an expansive seven-room master suite. The second floor has a skylit entertainment area and an enormous terrace that spans the full length of the building. The patio features copper molding and a parapet to ensure privacy. Meanwhile, the third-floor includes a 950 square foot terrace with views of the Empire State Building, the Flatiron Building, and the World Trade Center.
The penthouse has been designed with smart home technology and features luxury amenities, such as a 24-hour doorman and concierge services, a state-of-the-art fitness room, a golf simulator, a screening room, and a children’s playroom, among others.
The Crown is the fourth most expensive listing in New York City. It spent 96 days on the market before construction was finished, but had no takers. “The problem was nobody had the imagination,” said Robert Gladstone of Madison Equities, the building’s developer. Potential buyers “walked through and said, ‘It’s great but I don’t get it.’ You couldn’t see it before because there were table saws in the way. Now you can.”
The home is now ready for a buyer. “If they want a pool, that would add some time. But incidentally, fall and early spring are the best times to build a pool,” Gladstone said. While the penthouse was being built, other developers in the area were dividing their penthouses into smaller units. However, Gladstone did the opposite, he added more square footage. “I felt that it’s far more special to say I live in the penthouse at 212 Fifth and not one of them,” he said.
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