The Real Deal New York

432 Park buyers can finally start closing on their apartments

Elliman will take over sales office in bid to spur interest in remaining units

November 13, 2015 06:52PM
By Katherine Clarke

432 park model 1

The model unit for 432 Park Avenue

The time has finally come for the billionaire buyers of 432 Park Avenue to move into their new homes.

The CIM Group and Macklowe Properties, the tower’s developers, received their certificate of occupancy, meaning closings can now begin at the luxe, 1,396-foot-tall tower.

It also means that the developers can finally open an on-site sale office, nearly three years after sales first launched at the property.

In a recent effort to spur transactions and reach more price-sensitive buyers, the partners recently divided some of the building’s full-floor apartments on the 91st through 95th floors into smaller units.

Approximately 70 percent of the building’s 106 units are currently in contract, according to a  project spokesperson. The remaining apartments are priced between $16.95 million and $76.5 million. The tower’s priciest unit overall, a $95 million penthouse, sold to Saudi Arabian retail magnate Fawaz Al Hokair.

In another tell-tale sign that sales have plateaued, the developers have brought in real estate brokerage Douglas Elliman to manage the on-site sales office.

While Elliman previously had a co-exclusive on the project, the prior off-site sales space was run by an in-house team at Macklowe Properties.

The Macklowe team, led by Richard Wallgren, is still involved in sales, but Elliman appears to be taking the lead for the first time.

The developers confirmed the change but declined to be interviewed.