The Real Deal New York

Mystery buyer snags 432 Park spread for $59M

In building’s priciest closed sale yet, Unit 79 traded for $7,337 per foot

June 07, 2016 01:03PM
By E.B. Solomont

From left: Howard Lorber, rendering of 432 Park, Fawaz and TK

From left: Howard Lorber, rendering of 432 Park (Credit: DBOX for CIM Group/Macklowe Properties), Fawaz Al Hokair and Nassi Abdulaziz Al-Nasser

A mystery buyer has closed on a $59.1 million purchase of a full-floor pad at 432 Park Avenue – the priciest done deal yet at Macklowe Properties and CIM Group’s ritzy supertall condominium.

A Los Angeles-based corporation, 432 Crotona Park Avenue LLC, is listed as the buyer, according to property records filed with the city on Tuesday. On a per square foot basis, the LLC paid roughly $7,337 per foot for the pad, a combination of two half-floor units that together span more than 8,000 square feet.

Closings at the Rafael Viñoly-designed tower began this past fall, and while $59 million is a sales record for the time being, that’s bound to change very soon.

Saudi billionaire Fawaz Al Hokair is reportedly in contract to buy a penthouse for $95 million, or $11,508 per foot. Last month, an unknown buyer inked a deal for an 8,000-square-foot penthouse asking $76.5 million, or $9,497 per foot. Neither deal has closed.

Since closings began, known buyers include Bennett LeBow, chairman of Douglas Elliman’s parent company Vector Group, who paid $44.8 million, or $5,600 per foot, for a full-floor apartment. Meanwhile, Elliman chief and Vector CEO Howard Lorber shelled out $15 million, or roughly $3,750 per foot, for a half-floor pad on the 67th floor, and Qatari diplomat Nassi Abdulaziz Al-Nasser, a former president of the U.N. General Assembly, paid $16.2 million for a 51st-floor spread.

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