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.


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