Real Estate – September 13, 2013

Luxury Double-Penthouse

Photo: Courtesy of One Ala Moana

When one penthouse isn’t enough, why not combine two? That’s what’s happened at One Ala Moana, the luxury tower being built above Nordstrom at Ala Moana Center, where a pair of condos recently fetched a combined price of $17 million, according to developer B.J. Kobayashi.

One Ala Moana is a collaboration between The HowardHughes Corp., The MacNaughton Group and The Kobayashi Group. In January, the 206-unit project sold out in just 29 hours, before construction had even begun, which proves the market for luxury condos in Honolulu is strong, Kobayashi says.

Photo: Courtesy of One Ala Moana

“There are only a handful of condos in the entire state that are really luxurious. We have only four, and the market is definitely larger than four,” he says.

What do you get for $17 million? Each penthouse at One Ala Moana is anywhere from 3,500 to 4,000 square feet, with two floors, elegant 12-foot ceilings, mountain and ocean views, and opulent finishes unlike those in other units. This particular penthouse was a combination of two units; the other two sold for $10 million and $7 million respectively.

Construction began in April and is expected to be completed in November 2014.


Leasehold Properties: A Deal or a Drain?