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A luxury apartment is a type of apartment that is intended to provide its occupant with higher-than-average levels of comfort, quality and convenience. While the term is often used to describe high-end regular apartments, or even typical apartments as a form of aspirational marketing, a true luxury apartment is one that is variously defined as being in the top 10% of transactions on the market, [1] or having a total value of more than $4–5 million US dollars, with "ultra-luxury" apartments being valued above US$10 million. [2] However, it can also mean any apartment with extra amenities, such as a doorman, yoga studios or bowling alleys, among others. [1]
The term "luxury apartment" was used since the postwar era, although its definition was less grandiose than in recent times. In the 1980s, for example, having a doorman for the building was sufficient to mark an apartment as "luxury". [1] Competition to make the most luxurious apartment increased due to the growth of the Internet, which allowed potential buyers to cross-check apartment listings. [1]
As of 2016, three out of every four new apartment buildings in New York City were luxury designs targeted towards high-end buyers. [3] This luxury boom is centered in the fastest-growing American cities, but also includes smaller, less-dense cities. [3] It has been linked to the movement of affluent Americans away from suburbs to cities, also known as The Great Inversion. [3]
The 2010s was marked by the construction of many new luxury condominium towers in New York City, often appealing to wealthy overseas buyers, such as One57 and Central Park Tower. [4] Billionaire's Row became known as the location of many of these towers. Williamsburg, Brooklyn had the highest rent increase, rising by 54% on average from 2010 to 2019. Global economic headwinds and unfavorable changes to property and transfer taxes cooled demand, causing a glut of unsold luxury condos. [4] As of 2019, one in four luxury apartments that were built since 2013 were unsold. [5]
Luxury apartments in London comprise at least around 1,000 sq ft of space and would include high specification fittings such as underfloor heating, air conditioning, marble bathrooms, kitchens with granite or quartz worktops, underground carparks and/or garages, a 24 hour concierge service and an on-site residents-only leisure centre.
On the Spanish Mediterranean coast you can find luxury flats or villas with sea views, to enjoy the warm climate with more than 300 days of sunshine a year. An example are the towns of Jávea [6] or Ibiza. Where the price often exceeds one million euros.
Hong Kong has long been recognised as one of the most expensive property markets in the world, with countless exclusive residential offerings. Though many of the city's famed apartment complexes are found atop the Victoria Peak, there are several other luxury apartments in areas such as Repulse Bay, Deep Water Bay, Mid-Levels, Union Square, Kadoorie Hill, Kowloon Tong and more.
The Dubai Marina in Dubai, also known as the "tallest block in the world", is home to seven of the ten tallest residential buildings in the world. Marina Quays in Dubai Marina is a complex with luxury apartments and villas. The development has shops and other outlets. The three residential buildings are joined by a shared podium. It has luxury apartments with panoramic views of the marina. [7] [8] The buildings are Quay East, Quay West, and Quay North. [9] The two shorter buildings are cantilevered, extending 20m over the Dubai Marina waterway. [10] Amenities include a movie theatre, 24-hour security, a pool, concierge service, and a swimming pool. [11] [7] As of 2016, luxury penthouses in the buildings sold for in excess of 10 million Dirham. [12] In 2018, five million tonnes of rock was added to create a breakwater for Marina Quays. [13]
A penthouse is an apartment or unit on the highest floor of an apartment building, condominium, hotel, or tower. Penthouses are typically differentiated from other apartments by luxury features. The term 'penthouse' originally referred, and sometimes still does refer, to a separate smaller 'house' that was constructed on the roof of an apartment building. Architecturally it refers specifically to a structure on the roof of a building that is set back from its outer walls. These structures do not have to occupy the entire roof deck. Recently, luxury high rise apartment buildings have begun to designate multiple units on the entire top residential floor or multiple higher residential floors including the top floor as penthouse apartments, and outfit them to include ultra-luxury fixtures, finishes, and designs which are different from all other residential floors of the building. These penthouse apartments are not typically set back from the building’s outer walls, but are instead flush with the rest of the building and simply differ in size, luxury, and consequently price. High-rise buildings can also have structures known as mechanical penthouses that enclose machinery or equipment such as the drum mechanisms for an elevator.
Emaar Properties is an Emirati multinational real estate development company located in the United Arab Emirates. It is a public joint-stock company, listed on the Dubai Financial Market, and has a valuation of US$16.8 billion as of August 2023 against the Net Asset Valuation of US$37.6 billion as of December 2022 based on the valuation of assets done by third party valuer. With six business segments and 60 active companies, Emaar has collective presence in 36 markets across the Middle East, North Africa, Asia, Europe and North America.
Dubai Marina, aka Marsa Dubai, is a district in Dubai, United Arab Emirates. It is an artificial canal city built along a 3-kilometre (2 mi) stretch of the Persian Gulf shoreline. As of 2018, it has a population of 55,052. When the entire development is complete, it will accommodate more than 120,000 people in residential towers and villas. It is located on Interchange 5 between Jebel Ali Port and the area which hosts Dubai Internet City, Dubai Media City, and the American University in Dubai. The first phase of this project has been completed. Dubai Marina was inspired by the Concord Pacific Place development along False Creek in Vancouver, BC, Canada.
Olympic Tower is a 51-story, 620 ft-tall (190 m) building at 641 and 645 Fifth Avenue, between 51st and 52nd Streets, in the Midtown Manhattan neighborhood of New York City. Designed by Skidmore, Owings & Merrill (SOM), the mixed-use development contains condominium apartments, office space, and retail shops. The tower is named after Olympic Airways, whose president Aristotle Onassis jointly developed the tower with the Arlen Realty and Development Corporation between 1971 and 1974. It was the first skyscraper to be constructed within a special zoning district to encourage retail and mixed-use development along Fifth Avenue.
The Tower, Meridian Quay is a residential tower in Swansea, Wales, United Kingdom. It is the tallest building in Wales. Standing at 107 m, Meridian Quay is the only skyscraper in Wales and one of several high-rises in Swansea. It is the 106th tallest building in the United Kingdom in joint place with the Shell Centre in the London Borough of Lambeth.
The St. James is a luxury residential skyscraper in Washington Square West, Philadelphia, Pennsylvania, United States. The 498 feet (152 m), 45-story high-rise stands along Walnut Street and Washington Square and is the 15th tallest building in Philadelphia.
The Murano is a residential skyscraper in Center City Philadelphia. Part of a condominium boom occurring in the city, the Murano was announced in 2005 and was developed jointly by Thomas Properties Group and P&A Associates. The building, named after Murano, Italy, was completed in 2008 at a cost of US$165 million. The site, previously occupied by a parking lot, was the location of the Erlanger Theatre from 1927 to 1978.
The VUE or The VUE Charlotte is a 576-foot (176 m) tall skyscraper in Charlotte, North Carolina. It was completed in 2010 and has 51 stories. A luxury apartment tower, the VUE is the tallest residential building in the state. The leasing center for The Vue is located at the corner of 5th Street and W. Pine.
15 Central Park West is a luxury residential condominium along Central Park West, between 61st and 62nd Streets adjacent to Central Park, on the Upper West Side of Manhattan in New York City. It was constructed from 2005 to 2008 and was designed by Robert A.M. Stern Architects in the New Classical style. The building consists of two sections: "the House", a 19-story structure occupying the eastern part of the city block, and "the Tower", a 35-story structure occupying the western part of the block. It has approximately 200 apartments, of which two-thirds are in the Tower and one-third are in the House.
Downtown Dubai or The DubaiDowntown is a large-scale, mixed-use complex in Dubai, United Arab Emirates. It was developed by Emaar Properties. Before 2000, the place was called Umm Al Tarif. It is home to some of the city's most notable landmarks, including Burj Khalifa, The Dubai Mall, and The Dubai Fountain. It covers an area of 2 square kilometres (0.77 sq mi), at an estimated cost of US$20 billion upon completion and, as of 2017, has a population of 13,201.
One57, formerly known as Carnegie 57, is a 75-story, 1,005 ft (306 m) supertall skyscraper at 157 West 57th Street between Sixth and Seventh Avenues in the Midtown neighborhood of Manhattan in New York City. The building has 92 condominium units above a 210-room Park Hyatt Hotel that serves as the flagship Hyatt property. The tower was developed by Extell Development Company and designed by Christian de Portzamparc. It was the first ultra-luxury condominium tower along a stretch of 57th Street called Billionaires' Row.
Wardian London is an ultra-luxury residential complex located in the centre of Canary Wharf’s financial district from Eco World-Ballymore and designed by architect firm Glenn Howells. The scheme consists of two skyscrapers that completed in 2020, is one of the tallest residential developments in London and the United Kingdom.
The Knightsbridge Apartments is a luxury apartment complex in Knightsbridge, London.
720 Park Avenue is a historic residential building in Lenox Hill on the Upper East Side of Manhattan in New York City, USA. A cooperative, the building has 34 apartments, a gymnasium and storage spaces. It is secured by a full-time doorman.
Four Seasons Private Residences at 706 Mission Street, San Francisco is a 43-story, 510 ft (160 m) residential skyscraper under construction in the South of Market district of San Francisco, California. Located across the street from Yerba Buena Gardens and Moscone Center, the tower site is bounded by Mission Street on the south and 3rd Street on the east, and will incorporate the historic Aronson Building in its design. The tower will contain up to 190 condominiums on the upper floors and a permanent home for the Mexican Museum on the bottom four floors.
Billionaires' Row is the name given to a group of ultra-luxury residential skyscrapers and the area surrounding them around the southern end of Central Park in Manhattan, New York City. Several of these buildings are in the supertall category, taller than 1,000 feet (300 m), and are among the tallest buildings in the world. Since most of these pencil towers are on 57th Street, the term can refer to this street, too.
20 East End Avenue is a residential condominium apartment building located in the neighborhood of Yorkville on the Upper East Side of Manhattan in New York City. It was designed in a New Classical style by Robert A.M. Stern Architects. The building consists of 43 apartments, including two duplex townhomes, one maisonette and two penthouses.
The Emerald is a mixed-use 40-story skyscraper in downtown Seattle, Washington, United States. The tower includes 262 luxury condominiums, retail space, and amenity spaces on outdoor terraces. It began construction in July 2017 and was completed in October 2020.
225 East 86th Street is a luxury condominium on 86th Street between Second Avenue and Third Avenue in the Yorkville neighborhood of the Upper East Side of Manhattan, New York City. It is a 15-story building that was built in 1981 and converted to a condo in 1986. The building was described in great detail and was quoted as being "Post-Baroque fun with windows" in the AIA Guide to New York City. The building is formally known as The Buckingham East.
The Arc is a residential development located beside Abercorn Basin in the Titanic Quarter of Belfast, Northern Ireland. It contains 474 residential properties, a hotel, and a number of retail units, split across three buildings. The name "Arc" is an abbreviation for Abercorn Residential Complex, and also refers to the curved design of the buildings.