• The 9,680-square-foot penthouse of New York City's iconic Woolworth Building is back on the market for $79 million, Business Insider learned from Alchemy Properties.
• It was first listed in 2017 for $110 million.
• The penthouse, dubbed "The Pinnacle," occupies floors 50 through 58 and comes with a 360-degree observatory terrace 727 feet in the sky.
• After a five-year restoration, the 106-year-old downtown Manhattan tower is unveiling a set of 32 luxury residences that start at $2.85 million.
• The penthouse comes as a "white-box" unit, meaning it's fully unfurnished, with no finishings or appliances, so that the buyer can customize everything to his or her tastes.
• Visit Business Insider's homepage for more stories.

The 9,680-square-foot penthouse of New York City's iconic Woolworth Building is back on the market for $79 million, Business Insider learned from the developer, Alchemy Properties.

Dubbed "The Pinnacle," the luxury condo occupies the top eight floors of the 106-year-old building in downtown Manhattan. It was first listed back in 2017 for $110 million — $31 million more than it's asking today.

"We realize that the market has fallen a bit, and we're realistic," Alchemy Properties CEO Ken Horn told The Wall Street Journal's Katherine Clarke.

The apartment, which is being sold by Alchemy Properties and Stan Ponte and Joshua Judge of Sotheby's International Realty. will come as a "white-box" unit, without any furniture, finishings, or appliances, so that the buyer can customize every last detail to his or her tastes. Alchemy Properties tapped architect David Hotson to imagine how the interior space could look when it's fully finished.

The Pinnacle is one of 32 new luxury residences being unveiled in the Woolworth Building, which was once solely a commercial tower. Originally developed by the F.W. Woolworth Company as an office building, the Woolworth Building was nicknamed the "Cathedral of Commerce" and housed tenants such as Nikola Tesla and the Manhattan Project.

One of New York City's most historic and iconic towers, the 792-foot building was the tallest in the world for 17 years, from its completion in 1913 until 1930, at which point the Chrysler Building overtook it.

After the penthouse, the most expensive residence in the building is Pavilion A, a $29.85 million condo that spans half the 29th floor and comes with skylights and 2,770 square feet of terrace space. The remaining units start at $2.85 million.

Residents of the Woolworth Building get access to a 50-foot swimming pool, a hot tub and sauna, and a wine tasting room and cellar with individual wine vaults for each residence.

The Woolworth's penthouse is not the only luxury condo in the city being sold as a white box.

The most expensive current listing of that type in New York City is a $98 million, five-story penthouse on Madison Avenue near the Empire State Building.

The listing agent for the $98 million condo, Raphael Sitruk of Keller Williams NYC, told Business Insider that offering it white box is "like having an infinite white canvas and designing the unique apartment you're dreaming about."

Watch: How a 2.5-story model of the Empire State Building is made

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