Saudi retail magnate slashes price on 432 Park Ave penthouse

A Saudi retail magnate is sticking a 20 percent off sticker on his 432 Park Avenue penthouse.

Fawaz Al Hokair is marketing his 8,200-square-foot apartment again, this time at a lower price of $130 million, the Wall Street Journal reported. That still works out to nearly $16,000 per square foot.

Al Hokair has tried in vain to sell the pricey penthouse multiple times. In 2021, it was listed for $169 million, which would have been one of the most expensive sales in New York City history. After the highest unit in CIM and Macklowe Properties’ superthin supertall failed to draw a bite, Official’s Tal and Oren Alexander replaced Ryan Serhant on the listing, the price for which became “available on request.”

The Alexanders are still on the listing. 

Al Hokair, the founder of a Saudi-based hospitality and entertainment conglomerate, purchased the six-bedroom, seven-bathroom apartment for $87.7 million in 2016. Co-developer CIM Group provided a $56 million loan for the deal, 432 Park’s most expensive at the time.

The apartment has Central Park views, a fireplace, library and grand piano. Building amenities include a private restaurant, outdoor terrace, indoor pool, gym with a spa, yoga studio and screening room.

Hokair isn’t the only owner in the building dangling discounts to cut a deal. This month, a couple slashed the asking price on their 79th-floor unit, dropping from its September 2021 ask of $135 million to $92 million.

The supertall has been the site of some internal tension after the condo board in 2021 filed a lawsuit against the developers, alleging flooding, noise from building sway and an electrical explosion. CIM has called the lawsuit “ill-advised.”

Some brokers previously told The Real Deal the $169 million price tag for Alhokair’s top-floor penthouse was too high. Compass’ Richard Steinberg, part of the team that initially sold the building, called the ask “aggressive” with “no precedent.” 

A deal for the unit would mark another peak for Tal Alexander, who has been on multiple listings in the building and handled a $26 million deal in Nov. 2021 that marked the priciest closing of the previous two years.

— Holden Walter-Warner

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