The Real Deal New York

Macklowe closes on purchase of 432 Park’s retail for $411M

Developer and its partner QInvest went in contract two years ago

June 30, 2016 12:00PM
By Konrad Putzier

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From left: A rendering of the Park Avenue Cube and Harry Macklowe

Harry Macklowe and Qatari investment bank QInvest closed on a deal to buy 432 Park Avenue’s retail space for $411.1 million almost two years after entering contract, according to property records filed with the city.

Fund manager CIM Group, which is developing the 1,396-foot condo tower in partnership with Macklowe, is the seller. The deal went through on June 20.

It wasn’t immediately clear what caused the delay in closing, but legal roadblocks could have played a role.

In September, Saudi investor Ramza Al Kholi sued Macklowe Properties, alleging he was cut out of a partnership to buy the space. Court records show that the parties agreed to take the dispute out of court in November and settle it through mediation.

Last month, Macklowe Properties released renderings for a glass retail cube it is building next to the tower. The cube will include 6,600 square feet of retail space and will be connected to 20,000 square feet of retail space in the tower itself through a 30,000-square-foot underground concourse.

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