The Real Deal New York

Macklowe, CIM splitting full-floor units at 432 Park

Developers seeing weakening demand for $50M-plus apartments

November 10, 2015 08:00AM

From left: Harry Macklowe and 432 Park Avenue in Midtown

From left: Harry Macklowe and 432 Park Avenue in Midtown

There may be fewer buyers of full-floor, $50-million-plus units at CIM Group and Macklowe Properties’s 432 Park Avenue than the developers anticipated.

In the face of slowing sales, the partners have divided full-floor apartments on five floors, creating smaller spaces at lower price points.

The Midtown building’s 91st through 95th floors now contain two units each, one 4,400 square feet and the other 3,600 square feet.

The apartments are priced at $40.25 million and $39.75 million, respectively. A full-floor, 8,000-square-foot unit is still available at the building, on the 88th floor, is asking $76.5 million, Crain’s reported.

Back in June, The Real Deal attempted to roughly analyze global demand for the city’s most expensive condos, finding it might be more limited than developers hoped.

About 70 percent of the building’s 106 units are in contract, with closings expected by the end of January. The tower, which will top out at 1,400 feet, is set to open in middle of next year.

Buyers at the building are about 65 percent American, with about half hailing from New York, Macklowe’s Richard Wallgren told Crain’s. International buyers at the building represent countries like China, Russia, Saudi Arabia, Turkey and Greece. [Crain’s]Ariel Stulberg