Penthouse at 432 Park Ave. in contract for $95M

TRD New York /
May.May 20, 2013 09:30 AM

The top penthouse at Harry Macklowe’s 432 Park Avenue is in contract for $95 million, the New York Times reported.

The skinny 84-story tower on Park Avenue at 56th Street, which is slated to be the tallest residential tower in the Western Hemisphere, has already generated nearly $1 billion in apartment sales contracts, Macklowe told the Times. Total sales for the $1.25 billion building, being jointly developed with CIM Group, are expected to cross the $3 billion mark, he added.

The sales activity at 432 Park Avenue is a sign of Manhattan’s ultraluxury housing and construction boom and echoes the borough’s cachet with international buyers. Indeed, the number of Manhattan condo buildings with apartments selling for more than $15 million has risen to 49, up from 33 in 2009, according to CityRealty.

Izak Senbahar, the developer of 56 Leonard, a 60-story tower in Tribeca, told the Times that the building signed contracts with buyers for 70 percent of the 140 top-end apartments in just 10 weeks.

“We were all surprised,” Senbahar said. “This was not what we expected. There’s a pent-up demand for condos with helicopter views.” [NYT]  – Hiten Samtani


Related Articles

arrow_forward_ios
Harry Macklowe and the GM Building at 767 Fifth Avenue (Getty, Michele Ursino via Flickr)

Harry Macklowe is behind on rent for HQ at GM Building: report

Harry Macklowe is behind on rent for HQ at GM Building: report
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
John Tashjian (center) with Harry Macklowe and 200 East 59th Street (Credit: Emily Assiran Photography)

Life after Macklowe: New sponsor cuts prices at condo tower

Life after Macklowe: New sponsor cuts prices at condo tower
Harry and Linda Macklowe (Credit: Getty Images, iStock)

The Macklowes’ massive art collection nears auction

The Macklowes’ massive art collection nears auction
432 Park Avenue with apartment unit #65A and Luis Felipe (Credit: StreetEasy and Getty Images)

A 432 Park condo has traded hands 4 times — this time at a loss

A 432 Park condo has traded hands 4 times — this time at a loss
Harry Macklowe (Credit: Getty Images)

Macklowe’s brazen Hamptons act recalls Times Square scandal

Macklowe’s brazen Hamptons act recalls Times Square scandal
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
A rendering of Tower Fifth with Harry Macklowe (Credit: Getty Images)

Harry Macklowe just got $192M closer to building his Midtown skyscraper

Harry Macklowe just got $192M closer to building his Midtown skyscraper
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...