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New York

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

A rendering of 432 Park Avenue (image via dbox for CIM Group & Macklowe Properties)
A rendering of 432 Park Avenue (image via dbox for CIM Group & Macklowe Properties)

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.

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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

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Harry Macklowe