Thirty-two stories above West Hollywood, California, there is a big, empty space. A sweeping, 7,000-square-foot penthouse in the storied, iconic Sierra Towers that has been stripped down to the bare concrete bones.
Listed at $58 million, with sweeping 360-degree terrace views of Los Angeles, the fact that it is empty apparently makes it more valuable.
The new strategy, which is becoming increasingly popular in luxury real estate markets like New York and Los Angeles, is called “white-boxing.” Strip out all the finishings, all the amenities, even the highest of the high-end kitchens and baths, and then you can charge more for the space.
More bang for less work! Why not? 