Macklowe, CIM plan another $85M penthouse at 432 Park

Developers have chopped total units while boosting overall price to $2.89B

New York /
Jul.July 09, 2013 04:00 PM

Not content to simply break the record for the tallest residential tower in New York City, the developers of 432 Park Avenue are seeking to further capitalize on the project’s height. Macklowe Properties and California-based CIM Group, which are jointly developing the luxury condominiums, want to slice the top-floor penthouse into two units atop the 1,396-foot-tall building, according to plans filed with the New York Attorney General’s office.

Additionally, the developers plan to cut the number of apartments to 125 units from 141 units, while increasing the total sale price to $2.892 billion from $2.875 billion, the plans show.

Macklowe and CIM filed the proposed amendment June 20, as developers are required to do when revising an offering plan. The AG’s office is currently reviewing the proposed revision — the seventh amendment to a plan first approved in July 2012, and the most recent since this past April.

The new 96th floor unit has an offering price of $95 million, while the 95th floor unit has a price tag of $85 million. It’s possible that the new penthouse is already spoken for, since an unidentified buyer reportedly signed a $95 million contract in May for the top penthouse.

The overall height of the Rafael Vinoly-designed tower, which is still under construction, remains the same — albeit with an additional floor. The total amount of residential space will grow to 412,637 square feet, up from 405,190 square feet in the April filing, the latest amendment reveals.

The developers created the new 96th floor by apparently using extra high ceilings in the former 95th floor unit.

“The addition of floor slabs within Residential Unit 95 has created a new floor 96… making Residential Unit 95 single height,” the filings said.

The new unit 96 received its floor area from two units on the 45th floor, which will now be used for mechanical purposes, the filing says.

The developers have two methods for counting floors: “construction,” which is the true number of stories, and “marketing,” which is the number associated with the apartments being sold. For example, there is no 13th floor. Currently, 432 Park Avenue is slated to have 84 construction floors; the top floor for marketing purposes is 101, according to the most recent offering plan. But the amendment shows 85 construction floors and identifies the top marketing floor as 102.

The developers did not immediately respond to a request for comment.

In addition, the plans reveal for the first time that the upper nine apartments — floors 85, 86, 88 and 91 through 96 — will have wood-burning (as well as gas) fireplaces, a rarity in new high-rise construction.

The plan calls for other creative adjustments to the building, including removing floors 72, 82 and 87. That gives double-height ceilings to the two apartments each on floors 71 and 81, and the five-bedroom floor-through unit on the 86th floor, priced at $73.5 million.


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