Shapiro & Sher Group Arranges Record High-Rise Deal in Sin City
- Dec 22, 2016
Las Vegas—Shapiro & Sher Group, one of the leading luxury real estate teams in the U.S., has announced that the company has secured a record-breaking sale of the entire 34th floor of Panorama Tower II located at 4575 Dean Martin Drive in Las Vegas. The 14,176-square-foot grey shell unit, which includes an additional 2,200 square feet of buildable terrace, traded for nearly $6 million. The estimated renovation and interior unit design cost ranges from $7-10 million.
“We’re definitely seeing a resurgence of interest in the Las Vegas high-rise market. And those that are the best in their class or really unique are selling more quickly. This particular unit was very unique. It has the most expansive Strip and city views of any high-rise unit in Las Vegas and it comprises the entire top floor of Panorama Tower II. It has floor-to-ceiling windows and wrap-around terraces that give it 360-degree views of the Strip and the entire Las Vegas valley. It is also completely unfinished. This gives the new owners abundant opportunities to design it exactly the way they want it,” Sher said in a prepared statement.
“The grey shell also allows you to do whatever you want with it. We found a great advantage was its ceiling height at over 13 feet. Other units are generally limited in ceiling heights, but this one allowed for more flexibility with lighting and mechanical functions,” said Renee Smith of Assemblage Studio in Las Vegas, in prepared remarks.
The deal marks the largest sale price in 2016 for a grey unfinished shell unit in Las Vegas. Ivan Sher represented the seller in the transaction.
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