Matthew Adell on selling a $20M penthouse at The Wales + 25 new development penthouses on the market

By CityRealty Staff | From Future New York Thursday, August 29, 2024

The penthouse at The Wales, which is in contract with a $19.5 million ask (Corcoran Group)

Matthew Adell, the owner of Adellco LLC, has been a key figure in the New York City real estate market for over 25 years. Under his leadership, Adellco has become one of the city’s premier developers, responsible for creating some of Manhattan's most sought-after residential rental and condo buildings that more recently includes d’Orsay, 27 East 79th Street, and The Wales.

Earlier this month, a 4,179-square-foot, 5-bedroom penthouse at The Wales fell into contract reportedly near its last asking price of $19.5 million. The deal would make it the highest condo sale in Carnegie Hill so far this year. The Wales itself, once a beloved turn-of-the-century hotel -turned boutique condo, is also nearly sold out of its 21 studio to five-bedroom residences.

We caught up with Mr. Adell to discuss the penthouse and the success his firm has achieved with the building. Plus, since The Wales penthouse is now spoken for, we’ve included a selection of two dozen new development penthouses currently on the market across New York City.

Did you know the layout of the penthouse prior to going to Landmarks? Did you think the general Landmarks Preservation Commission's rule that new additions should not be visible from the street was too limiting?

MA: Our presentation to Landmarks always suggested something like this. We did know the apartment would be of this size, with an expansive second-floor terrace. I don’t feel the rules are limiting at all. There is a precedent, and one presents the range of possibilities that the Commission would approve. We came up with a design that is set back from the perimeter of the street wall that fits well within the neighborhood.

What drew you to the Parisian firm Cabinet Alberto Pinto?

MA: Their pedigree. The office is well-known for its designs worldwide. We looked at their work, which includes hotels, yachts, and private airplanes, and thought they were perfect for this Upper East Side location in Carnegie Hill. They created a sophisticated, elegant design that the market received extremely well.

Did you ever stay at The Wales when it was a hotel?

MA: I thought it was necessary. I stayed there just after we acquired the building, and frankly, it was a delightful hotel. It was well-served by those staying in the area for family visits, folks attending The Met Gala, and other events. However, it had a worn patina that couldn’t be renovated, so it had to be renewed. The market responded well to the restoration of the historic and gorgeous exterior with brand-new interiors inside—a combination of old and new. The homes are very comfortable and warm to live in.

Was the addition always going to host a singular penthouse, or did you consider having multiple top-floor units and/or a rooftop amenity?

MA: Yes, we looked at it from a developer’s standpoint, aiming to attain the most value for this particular site. The decision was to sell it as a singular residence. We also considered how creating an amenity would affect the value of all units within the building. Of course, if we had a larger footprint or were in a different neighborhood, it might have worked. But in this location, the value lies in the sellable square footage, and this penthouse was absolutely the right choice.

The Wales penthouse floor plan (Adellco)

For units of this size, is it a given that there must be space for live-in staff or an au pair?

MA: This residence has five bedrooms, and one of the bedrooms is configured in a way that could be used for staff, a home office, or simply another bedroom slightly removed from the primary suite. While providing live-in quarters for staff was not critical from the onset, as a developer, one balances whether it will add value to the unit. Given the size of the residence, if a buyer was committed to having live-in staff, we wanted to accommodate that desire.

The unit’s private elevator must have been quite expensive to install. How was that decided, and what is the cost?

MA: Yes, it’s a stand-alone, two-stop elevator. We believed that in the market for high-end penthouses, you should have an elevator that goes from one level to the other. Suppose an occupant wanted to bring up something heavy from the kitchen to the terrace —people don’t want to risk injuring themselves.

The elevator also enhances the living experience. The penthouse buyer is very discerning, likely having visited many homes and started life at other points. As a result, having the ability to go floor-to-floor without using the stairs is important to them. We developed this feature to not miss this audience, and it sets this penthouse apart from those that don’t have one. It definitely struck a positive chord.

What other attributes helped The Wales penthouse stand out?

MA: The quality of finishes and the atmosphere when you walk into this residence. When combined with the many small details and the size of the outdoor space, the canvas is completely filled in. One of my pleasures is providing a home that the resident will love.

How will what you’ve done at The Wales and the attention it’s received inform your future projects?

MA: The experience at The Wales has been very positive in terms of identifying the vision of what the building could be, and getting a building full of residents. It has given me confidence — more experience in evaluating and developing in more markets.

Available New Development Penthouses

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Avanti, #PHE
$950,000

Flatbush | Condominium | 3 Bedrooms, 2 Baths | 1,042 ft²

Avanti, #PHE (Corcoran Group)

From the Listing: These newly released homes include a 3-bedroom penthouse with wide open views. With comfort, convenience, and function at the forefront of design, these beautiful condominiums offer plenty of room for living, dining, storage and more. King-sized bedrooms, commodious foyers, private terraces, and an array of in-unit and building amenities elevate the standard of living to the next level at 1462 Flatbush Avenue. All residences feature private balconies or terraces, walls of double paned Pella windows and doors allowing light to stream in throughout the day. See full details here.

The Diana, #PH505
$999,000

Bedford-Stuyvesant | Condominium | 1 Bedroom, 1 Bath | 683 ft²

The Diana, #PH505 (Compass)

From the Listing: Immediate occupancy! PH505 comes with 325 square feet of outdoor space. Every residence features top-of-the-line appliances and fixtures, artful design finishes, floor to ceiling windows that lead to private outdoor terraces, and access to inviting common areas. Features include in-unit laundry, customizable HVAC, granite and marble finishes, and new oak flooring. Sponsor is offering one year of common charges for free on full price offers! See full details here.

322 Lincoln Road, #PH
$1,295,000

Prospect Lefferts Gardens | Condominium | 2 Bedrooms, 2.5 Baths | 1,116 ft²

322 Lincoln Road, #PH (REAVIS PARTNERS LLC)

From the Listing: Elegant modern luxury comes to Prospect Lefferts Gardens in this stunning full-floor penthouse with two large private outdoor spaces and stylish finishes. A key-locked elevator opens into a central gallery with a deep coat closet and easy access to the living area and bedroom wing. The open-concept living room, dining room, and kitchen flows out to an expansive terrace with stone pavers. For a limited time, sponsors are offering fully furnished homes at no additional cost to purchasers. See full details here.

One Sixteen, #PHF
$1,400,000

Rockaway Park | Condominium | 3 Bedrooms, 2 Baths | 1,625 ft²

One Sixteen, #PHF (Douglas Elliman Real Estate)

From the Listing: Beach One Sixteen is proud to present Penthouse F, which spans 1,625 interior and 140 exterior square feet, offering 3 bedrooms and 2 bathrooms in this sunbathed beach home. Expansive ceilings and floor-to-ceiling windows absorb the natural light throughout the thoughtfully designed residence. Enjoy exposures with direct views to the beach and city skyline. See full details here.

524 Halsey Street, #PH3
$1,825,000

Bedford-Stuyvesant | Condominium | 3 Bedrooms, 2 Baths | 1,317 ft²

524 Halsey Street, #PH3 (Douglas Elliman Real Estate)

From the Listing: Stuyvesant Heights history meets contemporary luxury in this beautiful penthouse featuring exceptional materials, a loft-like layout and glorious private outdoor space at 524 Halsey Street - the newest offering from The Brooklyn Home Company. Inside this 1,317-square-foot home, tall ceilings with ultra-thin recessed LED lighting rise above seven-inch-wide Madera engineered white oak flooring and oversized windows facing north and south. The thoughtful layout begins with a spacious open-plan living/dining room and a signature gourmet kitchen. Enjoy seamless indoor-outdoor living and entertaining on the main 467-square-foot terrace featuring porcelain pavers, water and electricity. See full details here.

179 Jackson Street, #6
$2,250,000

Williamsburg | Condominium | 4 Bedrooms, 2 Baths | 1,736 ft²

179 Jackson Street, #6 (Serhant LLC)

From the Listing: The Penthouse at 179 Jackson Street is a four-bedroom, two-bathroom duplex overlooking a serene tree-lined street and boasts 1,736 square feet of interior space, providing scale for comfortable living. The expansive living room welcomes you with high ceilings to create a grand and welcoming ambiance. The open layout seamlessly connects the kitchen to the inviting living and dining areas, making it ideal for entertaining guests or enjoying intimate dinners. See full details here.

The Gramercy North, #PH2
$2,775,000

Gramercy Park | Condominium | 2 Bedrooms, 2 Baths | 1,535 ft²

The Gramercy North, #PH2 (Douglas Elliman Real Estate)

From the Listing: This floor-through, two-bedroom, two-bath plus den residence marries sleek design with extraordinary comfort and convenience. Natural light fills the open living-dining-kitchen area and tickles your senses as you arrive via private elevator. Wall-to-wall windows along the south exposure illuminate the interior even on gloomy days. Enjoy designer touches such as 7-inch-wide pale hardwood floors, custom light fixtures, and Italian-made LEMA custom closets and Effebiquattro doors. Two years of common charges covered on contracts signed by Labor Day! See full details here.

The Solaire, #PHA
$3,125,000

Battery Park City | Condop | 3 Bedrooms, 3 Baths | 1,594 ft²

The Solaire, #PHA (Corcoran Sunshine Marketing Group)

From the Listing: Enjoy Hudson River views and breathtaking sunsets through floor-to-ceiling windows from this sundrenched 1,594-square-foot northeast corner three-bedroom Penthouse residence. Interiors have been designed by the acclaimed, environmentally focused architecture firm COOKFOX, and feature 4" wide plank white oak flooring in a custom satin finish, and custom Italian kitchens with matte-lacquered millwork. Beautiful and durable Quartzite slab countertops frame fully integrated Sub-Zero and Cove appliances, a Wolf range, and stainless steel Julien sink with a polished nickel faucet. Pay no maintenance for 12 months! See full details here.

Vandewater, #PH32B
$4,150,000

Morningside Heights | Condominium | 3 Bedrooms, 3.5 Baths | 2,001 ft²

Vandewater, #PH32B (Brown Harris Stevens Development Marketing LLC)

From the Listing: Gracious Penthouse, thoughtfully designed with breathtaking Manhattan skyline views. This 2,001-square-foot penthouse has amazing eastern and southern views of Central Park as well as wide-open northern views of the GW Bridge and Hudson River. The unit features a generous foyer leading to large elegant living and dining area and vented chef's kitchen with a beautiful Quartzite island. The primary bedroom has southern and eastern exposures, a windowed en-suite marble bath and abundant closet space. Limited offer: 3-bedroom residences receive a $100,000 closing credit. See full details here.

212W93, #PHB
$4,595,000 (-8%)

Broadway Corridor | Condominium | 3 Bedrooms, 3.5 Baths | 2,361 ft²

212W93, #PHB (Douglas Elliman Real Estate)

From the Listing: This spectacular full floor residence boasts 2,361 square feet of exceptional interior square footage with 391 square feet of private outdoor space. Upon entry, the gallery wall lends way to the light filled living and dining room. The chef's kitchen centers the home, featuring custom-stained wood and Ghiaccio grey lacquer cabinetry with bevel detailing, hand-selected European high-honed Volakas marble countertops and backsplash, and a best-in-class suite of Miele appliances with wine refrigerator. See full details here.

Monogram, #PHD
$4,989,700

Midtown East | Condominium | 2 Bedrooms, 2 Baths | 1,377 ft²

Monogram, #PHD (Douglas Elliman Real Estate)

From the Listing: Penthouse D is a one-of-a-kind luxury 2-bedroom/ 2-bathroom triple-exposure corner home with private outdoor space. It features 15'+ ceilings, oversized kitchen with chef's island, grand outdoor loggia with electric barbecue grill, and sweeping south, east, and north views which encompass iconic New York City vistas and landmark architecture. Designed by Neri&Hu, the kitchen emphasizes tranquility, with clean, vertical lines and the use of natural materials to create a serene ambiance. See full details here.

324 West 108th Street, #PHA
$5,000,000

Riverside Dr./West End Ave. | Condominium | 3 Bedrooms, 3 Baths | 2,362 ft²

324 West 108th Street, #PHA (Sothebys International Realty)

From the Listing: Experience luxury living in Penthouse A, one of the two exclusive penthouses at 324 West 108th Street. This stunning 3-bedroom, 3-bathroom residence occupies the entire fifth floor, offering a unique blend of historic charm and modern elegance. Step into your home directly from the private keyed elevator and be welcomed by an expansive south-facing terrace with breathtaking Hudson River views. See full details here.

Bergen Brooklyn, #PH707E
$5,500,000

Boerum Hill | Condominium | 4 Bedrooms, 4 Baths | 2,872 ft²

Bergen Brooklyn, #PH707E (AVDOO & PARTNERS DEVELOPMENT MARKETING INC)

From the Listing: Introducing Penthouse 707E, a truly one-of-a-kind four bedroom, three and a half bathroom residence blending traditional elements with a stylish modern design. Upon entering this grand home through a custom-designed foyer, you’re greeted by 10’3” ceilings with south, east and northern exposures creating a warm, light filled ambiance. This impressive home offers a directly accessible 1,130-square-foot private roof terrace with a temperature controlled plunge pool, gas grilling station and open views. See full details here.

Quay Tower, #PH2C
$5,995,000 (-11.2%)

Brooklyn Heights | Condominium | 3 Bedrooms, 3.5 Baths | 2,554 ft²

Quay Tower, #PH2C (Serhant LLC)

From the Listing: Welcome to Quay Tower, an incomparable residential development that redefines waterfront living in Brooklyn Heights. This penthouse features 3 bedrooms, 3 full bathrooms, and two powder rooms spread across 2,554 square feet. This amazing residence enjoys a generously sized gallery and entertaining spaces, a chef-inspired kitchen, a full-size vented Whirlpool washer/dryer, pre-wiring for motorized shades, multi-zone heating and cooling, and UV-insulated floor-to-ceiling windows with triple exposures. See full details here.

Sixty Six Clinton, #PH
$6,395,000

Lower East Side | Condominium | 3 Bedrooms, 3 Baths | 2,195 ft²

Sixty Six Clinton, #PH (Douglas Elliman Real Estate)

From the Listing: Presenting the Penthouse residence at 66 Clinton: a thoughtfully designed 3-bedroom, 3-bathroom home boasting 2,195 interior square feet delivered with an exceptional 1,018 square feet private terrace. A harmonious blend of form and function, each TALLITIEN designed kitchen is carefully considered with generous open plan layouts that seamlessly integrate the kitchen-living space. See full details here.

108 Leonard, #14B
$6,495,000

Tribeca | Condominium | 2 Bedrooms, 3 Baths | 2,134 ft²

108 Leonard, #14B (Douglas Elliman Real Estate)

From the Listing: Salon Penthouse 14B is a one-of-kind residence set within The Crown Collection at 108 Leonard. Upon arrival, one is greeted by abundant southern light streaming in from the expansive great room which features architectural windows of epic proportion and an elegant marble fireplace. The great room has exceptional ceiling heights of approximately 15' 9", one of only a few residences with such dramatic scale found within 108 Leonard. This residence is finished in the ash palette and features wide plank medium gray oak flooring in a chevron pattern running throughout public spaces. See full details here.

Forena, #PHB
$6,500,000

Chelsea | Condominium | 3 Bedrooms, 3.5 Baths | 2,052 ft²

Forena, #PHB (Douglas Elliman Real Estate)

From the Listing: Presenting PHB: a premier 3-bedroom, 3.5-bathroom residence offering 634 feet of private outdoor space across three expansive terraces. With incredible exposures to the north, south, and west, this gracious home boasts ceiling heights up to 13'1", 5" white oak flooring throughout, and oversized tilt-and-turn windows with enhanced noise reduction that are pre-wired for window treatments. Outfitted with a large closet, the entry foyer leads into a light-filled living and dining area. The centerpiece of the custom Morris Adjmi-designed kitchen is the large island. Final remaining sponsor residence. See full details here.

200E20th, #PHB
$6,895,000

Gramercy Park | Condominium | 3 Bedrooms, 3.5 Baths | 2,231 ft²

200E20th, #PHB (Douglas Elliman Real Estate)

From the Listing: This three-bedroom full-floor penthouse showcases a captivating open view of the Manhattan skyline and Gramercy Park from its panoramic floor-to-ceiling windows. Brilliant light from four exposures, approximately 11' ceilings, Italian White Oak wide plank flooring, a large private terrace off of the primary suite, and a private elevator landing all compliment this spectacular and luxurious residence. The residence unfolds its meticulously designed spaces with effortless sophistication from laundry closets, equipped with Miele washer and dryer to the elegant neutrals that pervade the primary bath palette. See full details here.

378 Broome Street, #PH
$7,000,000

NoLiTa/Little Italy | Condominium | 4 Bedrooms, 3 Baths | 2,709 ft²

378 Broome Street, #PH (Compass)

From the Listing: This stunning four-bedroom penthouse with additional den, media room, and private terrace offers unparalleled sophistication and exclusivity in the heart of New York City. As you emerge from the private keyed elevator, you are instantly enveloped in beaming sunlight and captivating city views streaming through three expansive panoramic casement windows in a loft-like, open layout with large art walls and decorative brick. As evening descends, this Great Room transforms into a mesmerizing space for hosting unforgettable gatherings with the city skyline and landscape as your backdrop. The chef's kitchen is a culinary masterpiece. See full details here.

Greenwich West, #PH29C
$8,385,000

SoHo | Condominium | 2 Bedrooms, 2.5 Baths | 2,005 ft²

Greenwich West, #PH29C (Corcoran Sunshine Marketing Group)

From the Listing: At the pinnacle of 110 Charlton Street, Penthouse 29C is a remarkable two-bedroom, two-and-a-half-bath condominium residence that offers mesmerizing views of the Hudson River and Manhattan skyline. This beautiful residence boasts three distinct outdoor terraces, allowing you to enjoy the splendor of the surroundings. Oversized casement windows usher in abundant natural radiance, illuminating the wide-plank European white oak flooring. The kitchen is a true masterwork, with Miele appliances seamlessly put into walnut cabinetry. See full details here.

135W52, #PH5
$8,650,000

Midtown West | Condominium | 5 Bedrooms, 4.5 Baths | 4,373 ft²

135W52, #PH5 (Douglas Elliman Real Estate)

From the Listing: This magnificent duplex penthouse spans an impressive 4,373 square feet of living space, featuring 5 bedrooms and 4.5 bathrooms. Step into a world of elegance where 18-foot ceilings and floor-to-ceiling windows provide breathtaking views of Central Park and the iconic city skyline. The expansive living spaces are perfect for entertaining, with a dramatic double-height great room featuring a white marble fireplace and spacious wraparound terraces that offer stunning panoramas. See full details here.

Park House Chelsea, #PHW
$8,950,000 (-5.7%)

Chelsea | Condominium | 3 Bedrooms, 3.5 Baths | 3,005 ft²

Park House Chelsea, #PHW (Compass)

From the Listing: The elevator door opens directly into Penthouse A, which features a gracious entry gallery that leads you to a large living room anchored by a gas fireplace leading out directly to a private 252-square-foot terrace - one of two terraces - overlooking the High Line Park, with impressive views west and north. The adjoining dining area also accesses this terrace and is adjacent to the chef's kitchen. Private storage is included. Prepaid five-year membership at Chelsea Piers or Equinox. See full details here.

The Boutique at Gramercy Square, #PH
$9,345,000

Gramercy Park | Condominium | 4 Bedrooms, 4.5 Baths | 3,777 ft²

The Boutique at Gramercy Square, #PH (Douglas Elliman Real Estate)

From the Listing: The duplex penthouse at Gramercy Square's Boutique building presents a striking 4-bedroom, 4.5-bathroom residence, complete with a rooftop entertainment room. Upon stepping out of the elevators, you're welcomed by a sunlit landing with garden views, leading seamlessly into the expansive great room with open kitchen, and adjacent library/guest-suite. See full details here.

520 Fifth Avenue, #PH76
$9,950,000

Midtown West | Condominium | 3 Bedrooms, 3.5 Baths | 2,555 ft²

520 Fifth Avenue, #PH76 (Corcoran Sunshine Marketing Group)

From the Listing: Penthouse 76 at 520 Fifth Avenue is a stunning full-floor residence featuring panoramic views of the entire New York City skyline, including the Empire State Building, from river to river in every direction. Offering four bedrooms, four bathrooms, and a powder room stretching over an expansive 2,555 square feet of interior space and 417 square feet of exterior space this special residence, designed by Charles & Co, showcases a palette of crafted interior finishes along with approximately 10.5' ceilings, 7" wide plank white oak flooring, and a four-pipe HVAC system for year-round heating and cooling. See full details here.

Would you like to tour any of these properties?

This is your member's center

In this article:

Did you know the layout of the penthouse prior to going to Landmarks? Did you think the general Landmarks Preservation Commission's rule that new additions should not be visible from the street was too limiting?

What drew you to the Parisian firm Cabinet Alberto Pinto?

Did you ever stay at The Wales when it was a hotel?

Was the addition always going to host a singular penthouse, or did you consider having multiple top-floor units and/or a rooftop amenity?

For units of this size, is it a given that there must be space for live-in staff or an au pair?

The unit’s private elevator must have been quite expensive to install. How was that decided, and what is the cost?

What other attributes helped The Wales penthouse stand out?

How will what you’ve done at The Wales and the attention it’s received inform your future projects?

Select which properties are of interest to you:

Avanti, #PHE
$950,000

The Diana, #PH505
$999,000

322 Lincoln Road, #PH
$1,295,000

One Sixteen, #PHF
$1,400,000

524 Halsey Street, #PH3
$1,825,000

179 Jackson Street, #6
$2,250,000

The Gramercy North, #PH2
$2,775,000

The Solaire, #PHA
$3,125,000

Vandewater, #PH32B
$4,150,000

212W93, #PHB
$4,595,000 (-8%)

Monogram, #PHD
$4,989,700

324 West 108th Street, #PHA
$5,000,000

Bergen Brooklyn, #PH707E
$5,500,000

Quay Tower, #PH2C
$5,995,000 (-11.2%)

Sixty Six Clinton, #PH
$6,395,000

108 Leonard, #14B
$6,495,000

Forena, #PHB
$6,500,000

200E20th, #PHB
$6,895,000

378 Broome Street, #PH
$7,000,000

Greenwich West, #PH29C
$8,385,000

135W52, #PH5
$8,650,000

Park House Chelsea, #PHW
$8,950,000 (-5.7%)

The Boutique at Gramercy Square, #PH
$9,345,000

520 Fifth Avenue, #PH76
$9,950,000

This is your member's center

In this article:

Did you know the layout of the penthouse prior to going to Landmarks? Did you think the general Landmarks Preservation Commission's rule that new additions should not be visible from the street was too limiting?

What drew you to the Parisian firm Cabinet Alberto Pinto?

Did you ever stay at The Wales when it was a hotel?

Was the addition always going to host a singular penthouse, or did you consider having multiple top-floor units and/or a rooftop amenity?

For units of this size, is it a given that there must be space for live-in staff or an au pair?

The unit’s private elevator must have been quite expensive to install. How was that decided, and what is the cost?

What other attributes helped The Wales penthouse stand out?

How will what you’ve done at The Wales and the attention it’s received inform your future projects?

Select which properties are of interest to you:

Select which properties are of interest to you:

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