Buyers grab penthouses at Queens condo tower - Queens, New York, New York; condominiums

Real Estate Weekly, Nov 11, 1992

Five of the seven penthouses at The Pinnacle are now sold - four of them purchased during the last two months - according to CrossLand Federal Savings Bank, sponsor of the 27-story condo tower in this Queens neighborhood.

These large, duplex residences, offering up to three bedrooms and 2,654 square feet of living space, were acquired at prices ranging from $410,000 to $650,000 - at the top end of The Pinnacle's price structure, reports CrossLand vice-president David Hale.

Still available are a two- and a three-bedroom penthouse, priced at $479,000 and $780,000 respectively, he adds.

"Upscale New Yorkers have always had a special affection for penthouses," said Hale. "The prospect of living at the top of a building in lavishly-designed, limited-edition houses in the sky has a certain panache.

"But since The Pinnacle's pricing is one-third of that charged for the same Manhattan residences," he added, "and its country-club lifestyle rivals the most upscale Manhattan condo building, buyers have responded positively to the inherent value and amenities of these extraordinary homes."

Aside from cost, buyers are also attracted to the exceptional design and lavish amenities of The Pinnacle's penthouses, according to Adrienne Albert, president of the Marketing Directors, the building's marketing and sales agent.

These include up to 1,400 square feet of multiple balconies in each home, up to 10-foot-high ceilings, walls of wrap-around glass in living rooms, windowed kitchens, marble bathrooms and some of the best views in Queens.

Some penthouse buyers at the Pinnacle have taken advantage of the opportunities for customizing presented by these large residences, noted Albert.

"One purchaser combined two penthouse units," she said, "to create a spectacular five-bedroom residence with 3,600 square feet of living space. After extensive redesigning, the home will feature 1,900 square feet of outdoor terrace, a fitness room with its own jacuzzi and an incredible corner living room with a huge expanse of glass windows."

More than 65 percent of The Pinnacle's 219 residences has been contracted for sale, of which more than 55 percent are closed. Available one-bedroom residences start at $146,000, two-bedroom homes from $179,000, and three-bedroom residences from $324,000.

A doorman and concierge are on duty 24 hours a day. A conference room is available for business meetings and banquet facilities accommodate most party requests. And the just-completed Pinnacle Club - reportedly one of the largest and most comprehensive facilities of its type in the city - offers 12,500 square feet of fitness, recreational and social space.

Designed and professionally managed by American Leisure Corporation, the Pinnacle Club includes a completely equipped health facility with lap pool, whirlpool, and work-out rooms.