The sale goes on sale most expensive penthouse of new construction in Spain. The owner of the Montalbán promotion 11, in the neighborhood of Los Jerónimos in Madrid and next to the Retiro, has just put into commercialization the jewel that remains to be sold in that building in the rehabilitation of luxury homes. It is a triplex of 750 square meters plus another 200 terrace, which has a starting price of 14.6 million euros.
The Montalbán 11 project was presented in 2017, a building with only 10 homes, whose commercialization Knight Frank has been commissioned. They already have flown the other nine houses, in just eight months. The project is driven by the company Italinmuebles, of the Venezuelan group Italcambio.
Beyond the luxury of each residence, the property has been commercialized under the idea of living in a work of art, due to the fact that both the common areas and the apartments include works by the Venezuelan sculptor Carlos Cruz-Diez, in a nod to the neighborhood in which it is located, close to the triangle of the museums of El Prado, Reina Sofía and Thyssen-Bornemisza.
Distribution. The triplex has five bedrooms and seven bathrooms. On the sixth floor of the property is the living room, kitchen, utility room, guest bedroom and one of the three terraces. On the seventh floor there are bedrooms and a terrace with barbecue and kitchen area. The upper floor is dedicated to the exclusive swimming pool and a terrace with 360 degree views, which includes the El Retiro park and the center of Madrid, since the property is the highest point of the neighborhood of Los Jerónimos.
Art and other details. Within the residence, in addition, two Cruz-Diez sculptures are included. It has a gym and spa, and Turkish bath.
The penthouse that is now on sale has three floors, five bedrooms, seven bathrooms, four parking spaces, gym and private pool.
The price of the attic, the only house that remains to be sold, was calculated two years ago at 12.5 million, but will eventually be two million more expensive. "The project has improved a lot in terms of qualities, endowments and the amount also includes the repercussion of rising prices in Madrid," he says. Carlos Zamora, director of residential in Knight Frank.
The attic reaches 17,000 euros per mtwo, one of the most expensive in Spain in new construction. In volume it is expected to exceed 14 million for which a 700-meter penthouse was sold in the Lagasca 99 building in Madrid (Salamanca neighborhood), a work promoted by the Lar España société and marketed by Colliers, although in that case reached 18,000 euros per mtwo. It will be thus the most expensive attic of the country between the new promotions, according to the consulted sources.
It also improves the amount of the most expensive attic of the Canalejas project, driven by OHL and the founder of PokerStars Mark Scheinberg next to Puerta del Sol In that case it reached 10 million and around 15,000 euros per mtwo. The 22 houses of this complex, called Four Seasons Private Residences Madrid, are commercialized by the Colliers and Knight Frank intermediaries.
The firm Mabel Real Estate, meanwhile, develops in the Madrid district of Las Salesas another promotion of even higher price per square meter, of around 20,000 euros, according to market sources. In this promotion in the street of General Castaños is driven by Abel Matutes Prats, son of the former minister popular Abel Matutes, and according to these sources has a structure similar to that of a club with large investors who become owners, among which would be Amancio Ortega and Rafael Nadal, according to published different media.
Knight Frank's strategy to find a buyer is to use the entire network of this London firm in 60 countries, in Europe, Asia, the Middle East, Latin America and the United States (associated in this case with Douglas Elliman). "It will have a good reception, but you have to get to the final buyer," says Zamora. "The market is robust in number of transactions, also at the macro level and with rising prices. It's a good time to get this product, "he explains.
Precisely Italinmuebles has left for the end the commercialization of the jewel, taking advantage of the upward moment of the housing cycle. In the segment of luxury residences, prices rose 10% in 2017 and another 7% in 2018, according to the figures of Knight Frank, which justifies the price increase of the triplex in just two years.
On the nationality of the most frequent buyer in this market in Madrid, Zamora points out Latin Americans, mostly Venezuelans and in recent months rich Mexicans who have decided to invest outside their country after the coming to power of the leftist Andrés Manuel López Obrador.