The below article by reporter Duane Shimogawa was originally published on Pacific Business News on May 5, 2016.
A penthouse unit in a luxury tower The Howard Hughes Corp.’s Honolulu plans to build on the site of Honolulu's Ward Warehouse is being priced at $23 million, according to a sales document obtained by PBN.
The $23 million price tag on a three-bedroom, 3.5-bathroom, 4,456-square-foot penthouse unit at the Gateway Cylinder Tower, which was designed by the renowned architecture firm Richard Meier & Partners, is about $13 million less than the price of the grand penthouse unit at the Texas developer’s nearby Waiea luxury condo.
The Gateway Towers at Ward Village, designed by the renowned architecture firm Richard Meier & Partners, is seen in this rendering. The Howard Hughes Corp., the project's developer, has priced the grand penthouse in the Gateway Cylinder Tower at $23 million.
The Waiea condominium’s $36 million grand penthouse is the highest asking price for a unit of its kind in Hawaii.
But in terms of price per square foot, the Gateway Cylinder Tower tops Waiea’s penthouse by about $2,000.
The penthouse unit at Gateway Cylinder Tower is priced at about $5,000 per square foot, while Waiea’s penthouse is priced at about $3,000 per square foot.
Honolulu currently commands an average between $3,000 and $4,000 per square foot for its luxury condo units, with more room to ascend. When compared to other markets, including London, New York and Hong Kong, Honolulu’s luxury condo market pales in comparison, with those markets capturing between $12,000 and $16,000 per square feet.
However, Hawaii is finally starting to create the product that compares to the other buildings on the market. Read more about how Honolulu’s luxury condo market and how far it has come throughout the years in the April 29 print edition of Pacific Business News.