Saudi billionaire said to be buyer of $95M penthouse at 432 Park

Sources say retail magnate Fawaz Al Hokair is the lucky new owner of city's highest residence

New York /
May.May 28, 2015 04:25 PM

The buyer of the sky-high $95 million penthouse at 432 Park Avenue is a Middle Eastern billionaire, The Real Deal has learned, with sources pointing to Saudi Arabian retail magnate Fawaz Al Hokair.

The six-bedroom, seven-bathroom pad in Macklowe Properties and CIM Group’s trophy building entered contract in 2013 for north of $11,500 per square foot, but the buyer was not revealed at the time.

The 8,255-square-foot full-floor penthouse is the loftiest residential perch in the city. At 1,396 feet tall, 432 Park boasts Manhattan’s tallest rooftop. The apartment features a wood-burning fireplace, heated bathroom floors and, of course, the building’s signature 10-foot-by-10-foot windows.

Al Hokair is the founder and chairman of Fawaz Alhokair Group, a $22 billion operation and Saudi Arabia’s most valuable retail and real estate company, according to Forbes, which pegs his net worth at $1.37 billion. The conglomerate mainly focuses on retail franchising, with 2,100 stores across the Middle East, North Africa, Central Asia and the Caucasus region for brands including Topshop, Banana Republic, Zara and Gap.

Representatives for the building declined to comment, and the sales office did not respond.

When the deal closes, it will be New York City’s second-priciest condo sale ever, after the $100.5 million deal for a penthouse at Extell Development’s One57. The record was formerly held by the $88 million sale of a 15 Central Park West penthouse to fertilizer tycoon Dmitry Rybolovlev’s daughter, Ekaterina Rybolovleva.

Two other penthouses in 432 Park are currently on the market, for $81 million and $76.5 million. The building was once the most expensive residential project in the city, based on average asking price per square foot, but may be eclipsed by Vornado Realty Trust’s 220 Central Park South.


Related Articles

arrow_forward_ios
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
JLL NY investment sales chairman Bob Knakal with 737 Park Avenue
Bob Knakal lists Park Avenue pad for $13M
Bob Knakal lists Park Avenue pad for $13M
From left: Fawaz Al Hokair; Tal and Oren Alexander; and 432 Park Avenue (International Institute for Iranian Studies, Getty Images, Trulia, iStock)
Saudi retail magnate relists 432 Park Avenue penthouse
Saudi retail magnate relists 432 Park Avenue penthouse
From left: Yossi Benchetrit and Gaëlle Pereira Benchetrit in front of 432 Park Avenue (Altice USA, Facebook/Gaëlle Pereira Benchetrit, 432 Park Avenue, iStock)
432 Park Avenue condo in $70M contract for in-house buyers
432 Park Avenue condo in $70M contract for in-house buyers
432 Park Avenue and Harry Macklowe
Condo in contract at 432 Park Avenue for $70M
Condo in contract at 432 Park Avenue for $70M
From left: Silverback Development managing principal Josh Schuster and Arch Companies managing partner Jeffrey Simpson (Google Maps, Arch Companies, Silverback Development, iStock)
Luxury lost: defect complaints rise in new residences
Luxury lost: defect complaints rise in new residences
432 Park Avenue, Whitney Duan and Maverick Real Estate CEO David Aviram (432 Park, LinkedIn)
Lender suspicious of “missing” billionaire in 432 Park foreclosure
Lender suspicious of “missing” billionaire in 432 Park foreclosure
CIM hits back at board’s allegations in 432 Park lawsuit
CIM hits back at board’s allegations in 432 Park lawsuit
CIM hits back at board’s allegations in 432 Park lawsuit
arrow_forward_ios

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

Loading...