A nearly century-old Rittenhouse Square penthouse with a 60-foot terrace has sold for 39 percent under its initial asking price after 10 months on the market, writes Lisa Dukart for the Philadelphia Business Journal.

Named, “the Crown,” the 19th-floor penthouse was sold to an undisclosed buyer for $2 million.

Despite the reduced rate, the listing agent sees it as part of a positive trend driving interest in higher-end condos in Center City.

The property has had its price reduced twice. Listed last May for $3.3 million, the price was first reduced in September by $400,000 to $2.9 million, and again in November when it was slashed another $400,000 to $2.5 million.

The sale, however, puts it nearly on par with the city’s most recent valuation, as for 2024, the city assessed the penthouse’s market value at $2,085,800.

“The buyer pool dictates the price … At the end of the day, we felt that this was a fair number for the work that it needed,” said listing agent Alon Seltzer of Compass’ Seltzer Group.

Seltzer noted that he has seen a “night and day” contrast in calls for such properties compared with a year ago.

Read more about the Rittenhouse Square penthouse that was recently sold and how the market is currently looking at the Philadelphia Business Journal.

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