A view of the living room in a Dynasty Penthouse at the Waldorf Astoria Las Vegas Wednesday, Feb. 21, 2024. A similar penthouse at the Waldorf Astoria Las Vegas recently sold for $9.5 million.
Saturday, March 16, 2024 | 2 a.m.
Rising 47 stories above the Las Vegas Strip, this Waldorf Astoria penthouse offers sweeping skyline views of the bright casino lights and the steady stream of jets slipping in and out of the city.
With properties such as Park MGM and New York-New York in the sightline, it’s the quintessential million-dollar view.
But million-dollar views don’t come so cheap anymore. This view carries a price tag of $9.95 million.
That’s the asking price for a 3,980-square foot condominium at one of the most exclusive high-rise buildings on the Strip. The three-bedroom, four-bathroom property at Harmon and Park avenues is a simple five-minute walk to the Strip.
“Walking into this building was just different,” said Frank Napoli, whose Napoli Group is selling the unit. He’s also a resident. “It was ‘Mr. Napoli, how are you? Here’s a bottle of water, let us get you your car, is there anything we can help you with?’ But they treat everybody that way.”
In February, 61 high-rise condo units sold in Las Vegas, said Merri Perry, president of the Las Vegas Realtors trade group. She says it best, “Luxury real estate and high-rise real estate is on fire.”
That could be because of the amenities offered such as concierge services, a private lobby, secluded elevator and valet at the Waldorf Astoria building. There’s a monthly maintenance fee of $4,326, which also covers internet, water and gas.
Waldorf Astoria Las Vegas is split roughly in half, with the bottom half of floors being hotel rooms and the top half being residential units. Residents of the building enjoy the same amenities as hotel guests, including 24-hour room service, spa and pool access, and housekeeping.
Napoli, whose real estate group is affiliated with Berkshire Hathaway HomeServices Nevada Properties, said there’s been a shift in the demographics of buyers of high-rise condos. Many buyers also own other properties in multiple locations, viewing a purchase in Las Vegas as an investment opportunity to rent out the unit.
Living in a high-rise smack in the middle of the Strip also offers the benefit of a walkable living situation like New York, with restaurants and other development close by. The Waldorf Astoria building is located next to Aria and Park MGM. It’s also close to T-Mobile Arena and the proposed Major League Baseball stadium on Tropicana Avenue and Las Vegas Boulevard.
“The Waldorf Astoria is the highest-level brand in the Hilton organization,” said Napoli. “Not only is it a national name but Waldorf Astoria is synonymous with high-end luxury.”
Take a penthouse that was recently sold in the building for $9.5 million by the Napoli Group.
The 3,922-square-foot luxury penthouse was remodeled by Pedram Rahimi, a renowned designer in Las Vegas who specializes in build-design projects, the group said. The property includes modern technology like electric shade control and remote lighting, temperature and music.
The property’s kitchen has a custom backsplash from artist Alex Turco and high-end appliances, including a wine fridge, they said. The primary bathroom resembles a spa with heated limestone flooring, stand-alone jacuzzi tub and exclusive finishes.
Napoli said the success of this business model reflects a larger shift toward luxury in Las Vegas.
“The days of the $5.99 buffet are long behind us,” he said with a laugh. “But rightfully so, Vegas has truly improved their offering. They’ve brought in better restaurants. They’ve improved their level of service. We have professional sports, we have higher-quality entertainment, our modes of transportation, we made it a lot easier for people to access Las Vegas.”
Perry said the local housing market, like the rest of the nation, faces challenges from high interest rates and affordability. The median sales price of a single-family home in the Las Vegas area in February was $460,000, marking an 8.2% increase from $424,995 in February of 2023, according to Las Vegas Realtors.
But when it comes to high-end real estate, that’s hardly the case, she said. Buyers with millions to spend aren’t facing the same hurdles as others.
They want luxury — and that’s something Vegas has plenty of on the Strip.
“If you want to talk about luxury, I mean, we’re the mega capital of the world now,” Perry said. “We have the Stanley Cup that (the Golden Knights) just won, we have the Raiders, we have women’s basketball (Aces) … what don’t we have anymore?”
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