By Lynette Rice
Updated December 03, 2012 at 05:12 PM EST

First, a show of hands: Who won’t miss the way-too-compact Newman ranch?

We certainly won’t, which is why Victor Newman’s new penthouse is a welcome step in the right direction for Executive Producer Jill Farren Phelps, as she continues to put her stamp on CBS’ The Young and the Restless. EW obtained this exclusive sneak peek of Eric Braeden (Victor Newman) and Melody Thomas Scott (the beloved Nikki, who continues to suffer from selective amnesia when it comes to the father of her children) as they first set eyes on their cosmopolitan new “home.”

Fans will see the set for the first time this Wednesday. If only Miguel was there to give them a tour.

Phelps has been promising lots of changes on Y&R since taking over as executive producer in the wake of Maria Arena Bell’s exit.