The Real Deal New York

Vector director Bennett LeBow paid $45M for 432 Park pad

His business partner Howard Lorber owns a unit three floors up

April 14, 2016 05:27PM
By Kathryn Brenzel

432 Park Avenue (inset: Bennet LeBow)

432 Park Avenue (inset: Bennet LeBow)

Bennett LeBow, chairman of Douglas Elliman’s parent company Vector Group, paid $44.8 million for a new pad in 432 Park Avenue.

LeBow bought a half-floor condominium unit on the 64th floor in Macklowe Properties and CIM Group’s ritzy supertall, according to property records filed with the city Thursday. He joins partner Howard Lorber, who bought a half-floor unit on the slightly higher 67th floor.

For his new digs, LeBow dropped more than the value of his shares in Vector — estimated last year to be worth roughly $34.7 million. A representative for LeBow did not immediately return a request seeking comment.

In May, The Real Deal learned that Saudi Arabian retail magnate Fawaz Al Hokair bought the tower’s penthouse for $95 million, though it appears that the sale has not yet closed. Other buyers in the building include Nassir Abulaziz Al-Nasser, former president of the United Nations, and Miami real estate investor Rene Dahdah.

The luxury tower may attract some high-end clientele, but the inspiration for the tower’s outward design was an ordinary object. The 1,396-foot-tall building was modeled after a trash basket.

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