Sales officially launch at 432 Park; building is more than 30 percent in contract

TRD New York /
Mar.March 20, 2013 12:30 PM

It’s been 18 months since news broke that a 1,396-foot tower would rise at the former site of the Drake Hotel. Now, 432 Park Avenue has officially debuted, its developers CIM Group and Macklowe Properties announced today.

While the much-anticipated project has been quietly selling for the last several months, its sales office is now officially open at Nearby 767 Fifth Avenue, the prices have been released and the website has launched. More than one third of the building’s residences are already under contract, the development team said in a statement today, with completion of the tower slated for 2015. Units available range in price from $20 million to $82.5 million, according to a spokesperson for the developers.

The Midtown property is commanding “exceptional levels of interest from a wide array of prominent New Yorkers as well as national and international purchasers,” developer Harry Macklowe said, noting that “the building has been designed for, and discreetly marketed to, a sophisticated audience.”

The Rafael Viñoly-designed property, slated to be the tallest building in New York City, will feature 30,000 square feet of amenities, including a private restaurant, an outdoor garden, a spa and fitness center, a 75-foot swimming pool, a library, a children’s play area and a screening room and performance venue. When purchasing an apartment, prospective buyers have the option to add climate-controlled wine cellars, office suites, staff apartments, and storage facilities.

The building’s 126 units have a total asking price of $2.7 billion, it was previously reported, the highest price ever sought by a New York City condo –Katherine Clarke


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