DETROIT, MI - Arguably one of the best views in Detroit is from atop the Book Cadillac Building, and that view is for sale.

The company brokering the 64 apartment units above the Westin Hotel rooms there has two penthouse apartments that have sat vacant since the would-be owners’ financing fell apart with the downturn in the national and global economies four years ago.

Both units are partially finished. Both would be the site of some envious cocktail parties, with a panoramic backdrop of two cityscapes (including Windsor, Ontario).

If you're in to that sort of thing, then you need about $1.8 million. The two units are each selling for $1.2 million and $1.1 million, respectively, but need an estimated $400,000 to $700,000 to be completed, according to The Loft Warehouse broker Matt O'Laughlin.



O'Lauhglin said he has already had some interested parties comer check the units out. Aside from the location and the view, O'Laughlin said another selling point is extremely low property taxes, which run about $300 per year, because the $200 million redevelopment of the Book Cadillac building is in a Neighborhood Enterprise Zone.

Detroit’s relatively cheap real estate has been the source of interest for many, from developers to every day shoppers, so I’ve decided to do a quick compare and contrast:

The two penthouse units for sale at the Book Cadillac are a 4,470-sq.-ft. apartment for $1.1 million and a 3,478-sq.-ft. one for $1.2 million. The latter is more expensive despite being smaller because it is more finished, and because it has access to almost the entire roof.

In downtown Chicago, there is a 5,000-sq-ft penthouse listed for $3,250,000, and there is a 3,200-sq.-ft. unit listed for $2.1 million.

In New York City’s Manhattan, a regular (not a penthouse), 2,355-sq-ft unit is listed for $4.7 million.

We’ll have more rooftop photos and other details on the Book Cadillac “penthomes” coming soon. In the meantime, check out some of the photos from a recent tour and let us know in the comments section below what what you think.

I've also included a few photos of a typical two-bedroom unit, which is about 1,300 square feet and sells for $344,000. About half of the building's 64 units have been sold and are occupied, O'Laughlin said.