The high demand for penthouses in the core serves as a backdrop to the recent deal that Aspen Core Ventures and managing partner Nikos Hecht made with City Council this week to save two Aspen landmarks in exchange for an approval to build a 6,900-square-foot condo on the third floor of a new mixed-use building. The city’s land-use code currently caps downtown residential units at 2,500 square feet.

DOWNTOWN ASPEN REAL ESTATE – Penthouses in the Aspen core are a hot commodity with two recent sales downtown for over $6 million each.The penthouse in the newly expanded Crandall Building, located on the corner of Spring Street at 630 E. Hyman Ave., sold in January for about $6.277 million after being on the market for 30 days. Two units on the second and third floors of the Ute City building at 308 E. Hopkins Ave. sold together for about $6.275 million in August. [Broker Tim Estin of Coldwell Banker Mason Morse represented the buyers.] Last year, the most expensive residential sale per square foot downtown was a penthouse located across from Koch Park called Aspen West. The 1,618-square-foot apartment went for $3.595 million, which comes out to about $2,220 per square foot [Listed with Renee Bowden of Coldwell Banker Mason Morse].
By Dorothy Atkins, Feb 16, 12 ADN

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(Schematic: Courtesy of BJ Adams & Co) Newly renovated Crandall Building and Penthouse located on the corner of E. Hyman/ Spring Streets directly across the street from the proposed Aspen Art Museum scheduled to break ground spring/fall 2012.