NYC Park Avenue penthouse can be yours – for $169M



The high flooring of the controversial Manhattan supertall generally known as “432 Park Avenue” hit the market Monday asking $169 million, incomes the rank of Manhattan’s most costly itemizing.

The six-bedroom, seven-bathroom, two-powder-room penthouse sits on the 96th flooring of a “toothpick-like” constructing that has garnered a fame for creaking, floods and supposed design flaws.

Nevertheless, the vendor acquired a number of presents within the month earlier than he listed the 8,255-square-foot property for sale, Ryan Serhant informed The Post. But the presents apparently weren’t excessive sufficient to entice the vendor to strike a deal.

“We wanted to maximize value” by bringing it on the market, Serhant mentioned.

The unit with a large flooring plan has been re-done and crammed with Fendi, Bentley and Hermès furnishings, a curated artwork assortment, herringbone white oak flooring, high-end finishes and a library, based on the itemizing, which asks virtually twice what the vendor paid for it 5 years in the past.



Saudi retail and actual property billionaire Fawaz Al Hokair bought the unit for $87.7 million in 2016, based on property information and studies on the time.

Donna Dotan



The itemizing can also be Serhant’s most costly single itemizing up to now.

Donna Dotan

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Saudi retail and actual property billionaire Fawaz Al Hokair bought the unit for $87.7 million in 2016, based on property information and studies on the time.

If it sells for what it’s asking, the penthouse would be the second most costly recognized New York City actual property sale ever. Hedge-fund supervisor Ken Griffin bought the costliest home within the U.S. — a rental at 220 Central Park South — for $238 million in January 2019.

“Records are meant to be broken,” itemizing dealer Serhant informed The Post. The itemizing can also be Serhant’s most costly single itemizing up to now.



The library may be used as seventh bed room, mentioned Serhant.

Donna Dotan



Incredible detailing within the library.

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The six-bedroom, seven-bathroom, two-powder-room house acquired a number of presents in a month of off-market promotion, Serhant informed The Post.

Evan Joseph Studios



The house has beautiful views of the town.

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The view from billionaire’s row: The high flooring of the 96-level Manhattan supertall generally known as “432 Park Avenue” hit the market Monday asking $169 million, incomes the rank of Manhattan’s most costly itemizing.
Donna Dotan

There is just one 432 Park Avenue

So what makes this penthouse one of the best itemizing in Manhattan, to benefit its standing as the costliest itemizing within the Big Apple? Serhant mentioned it’s the constructing.

“Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue,” mentioned Serhant. “432 Park Avenue is one of the best creations in the world.”

But 432 Park Avenue’s worldwide fame has not at all times been a optimistic one. Creaking, floods and supposed design flaws have plagued homeowners, and The Post beforehand reported that guests mentioned they have been “nauseated” and “freaked out” by the swaying.

“I can’t speak to anyone else,” he informed The Post. “It’s a supertall skyscraper.” No additional remark was given.

Units have stable oak flooring, excessive ceilings and floor-to-ceiling home windows. Kitchens have marble flooring and counter tops, seamless white-lacquer and oak cabinetry and top-of-the-line Miele home equipment together with a double oven, a double sink, a wine cooler and double dishwashers. Some actually have a built-in espresso maker, according to the 432 Park Ave. website

Top gross sales within the constructing got here from an nameless purchaser in 2019 who bought three models on the 92nd and 93rd flooring for $91.12 million, The Post beforehand reported.

And the constructing once more made headlines when then-couple Jennifer Lopez and Aaron Rodriguez offered their 4,000-square-foot pad within the Midtown tower for $15.75 million in 2019, virtually $2 million below the asking value.

Kitchens have marble flooring and counter tops, seamless white-lacquer and oak cabinetry, and top-of-the-line Miele home equipment together with a double oven, a double sink, a wine cooler and double dishwashers. Some actually have a built-in espresso maker, based on the 432 Park Ave. web site.
Evan Joseph Studios
The breakfast desk has huge views of the town.
Donna Dotan
“Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue,” mentioned Serhant. “432 Park Avenue is one of the best creations in the world.”
Donna Dotan

Will it promote?

Such super-expensive actual property can usually take years to promote, as evidenced by the likes of the as soon as $39 million Regalia penthouse close to Miami, now asking $25.5 million, which has been on and off the market since 2017. And the $70 million Hearst Estate in California, first asking $195 million, has been on and off the market since 2016.

Plus, New York brokers mentioned that the wealthy have shied away from penthouses, The Post beforehand reported.

“A lot of my clients find new penthouses to be too high,” Herbert Chou of Christie’s International Real Estate informed The Post final year. “The perspective is actually a little better in the 28th-to-40th-floor range, depending on the neighborhood. From a penthouse, you are looking down. You are so far up that you are detached from your surroundings.”



Serhant jumps within the bathtub in his YouTube tour of the property.

Donna Dotan



One of the house’s luxurious loos is pictured.

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But because the New York City actual property market de-frosts, it would be the fitting time to entice rich consumers.

Average luxurious gross sales costs rose virtually 20% to $7.75 million within the second quarter in comparison with this winter. After a rocky year because of the pandemic, April, May and June have been the third fastest-paced quarter in a decade, according to New York-based brokerage Douglas Elliman.

There have been 26 closings on $20 million+ Manhattan properties within the first half of 2021, virtually a 3rd of which have been in June alone, according to New York-based brokerage Douglas Elliman.

“It’s a very unique time in the world right now. It’s unique for real estate, and it’s unique for the wealthy. They are looking to diversify their cash and holdings,” Serhant informed the Post. “Real estate is an incredible investment, whether you use it or not, because it’s a hedge against inflation.”




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