Latest News

Realtor.com: Justin Timberlake Made an Insane Profit on His NYC Penthouse, and This Picture Explains Why

0

Justin Timberlake is likely feeling the lyrics to his hit tune “Can’t Stop the Feeling!” these days, particularly the part that goes, “‘Cause I got that sunshine in my pocket.” But in Timberlake’s case, his pocket’s filled with an extra $9 million, thanks to the recent sale of his New York City penthouse. 

According to property records obtained by the New York Post, Timberlake and his wife, Jessica Biel, sold their swanky four-bedroom, 4.5-bathroom apartment in Tribeca just before Christmas for an eye-watering $29 million. They had bought this eighth-floor home for $20.2 million in 2017 (after landing a deep discount on the original $25 million listing).

The insane profit after just four years of homeownership is good news for the couple, whose previous “starter penthouse,” located in New York’s SoHo, languished on the market before selling for a loss at $6.35 million in 2017. 

The couple must have learned from their real estate mistakes, as they clearly picked a winning property this time around. So what’s so special about this place? Allow us to explain. 

Why Justin Timberlake’s penthouse turned such a profit

Rendering of 443 Greenwich St.
Realtor.com

Located at 443 Greenwich St., the brick building—a converted, 19th-century warehouse once used for bookbinding—occupies a block in the chic Tribeca neighborhood. Timberlake and Biel’s apartment boasts a combination living, dining, and kitchen space; a floating staircase; wide-plank wood floors; and a kitchen with stained oak cabinets. 

But are an open floor plan and wood floors really worth millions? It is when you factor in the neighborhood, where real estate prices have shot up significantly over the past year. 

“This historical prewar building with stunning architectural details is located in prime Tribeca,” says Amy Herman, licensed real estate salesperson at Serhant, who works with a number of high-profile clients in New York City. “In isolating Tribeca properties that traded for above $20 million, the average price per square foot increased 32%, to $5,151 per square foot, over the last two years.”

But what makes this particular building so appealing is that it’s “paparazzi-proof.” The photo below speaks volumes: Timberlake and Biel need not show their faces coming and going from the building. Instead, they can drive in and out undetected via an underground parking lot (with valet service, of course). 

James Bond would approve.
Realtor.com

Meanwhile, the building features a secondary lobby for residents who prefer to take their own private elevators straight to their floors rather than mixing with the hoi polloi.

“The developer for this building added many features to ensure the privacy of the residents,” says Wendy Flynn of the Keller Williams Wendy Flynn Team in College Station, TX. “This allows celebrities to live a more normal life, especially if they have a family.” (Timberlake and Biel are parents to two young sons.)

In the bustling Big Apple, privacy is hard to find, making this residence a true rarity. 

“Paparazzi-proof buildings are quite rare,” says Herman. “So 443 Greenwich is extremely private and unusual in that there is a covered entrance via the building’s private garage to help A-list celebrities get in and out with ease.”

Not surprisingly, this building boasts a number of famous residents present and past. Harry Styles and Rebel Wilson currently live there, as does Jake Gyllenhaal. And if you think Timberlake and Biel’s apartment was pricey, Formula One star Lewis Hamilton sold his pad there for a mind-boggling $50 million in December 2021.

Another penthouse in the same building highlights the building’s light, air, and space.
Realtor.com

Another reason the “Bye Bye Bye” singer may have made such a tidy profit? Residents of 443 Greenwich St. have access to amazing amenities. They include 24/7 concierge service—in case you have a hankering to book Broadway theater tickets at 3 a.m. There’s also a valet service and a 71-foot indoor swimming pool.

Did Justin Timberlake do the “SexyBack”-stroke here?
Realtor.com

Other amenities include a children’s playroom, 5,000-square-foot landscaped roof terrace, central courtyard, fitness center, and private yoga and Pilates studio. Still need more? How about a sauna and a Turkish bath. 

You can likely see the Hudson River from here.
Realtor.com

“The privacy plus luxury amenities draws ultrahigh net worth clients—CEOs and celebs alike—as they have their own private club and community within the residential building,” says Herman.

It’s not surprising why celebrities are attracted to this property, adds Jason Gelios, an award-winning real estate professional and author.

“It truly offers an oasis for those seeking to get away from it all without having to purchase an island,” says Gelios.

This story was originally published on Realtor.com.

Market Extra: Junk-bond ETFs on pace for worst start to a year since 2016

Previous article

Market Pulse: Wall Street’s ‘fear gauge’ is on track for its sharpest rise to start a year ever as stocks tumble on inflation, Fed worries

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News