Macklowe, CIM splitting full-floor units at 432 Park

Developers seeing weakening demand for $50M-plus apartments

New York /
Nov.November 10, 2015 08:00 AM

There may be fewer buyers of full-floor, $50-million-plus units at CIM Group and Macklowe Properties’s 432 Park Avenue than the developers anticipated.

In the face of slowing sales, the partners have divided full-floor apartments on five floors, creating smaller spaces at lower price points.

The Midtown building’s 91st through 95th floors now contain two units each, one 4,400 square feet and the other 3,600 square feet.

The apartments are priced at $40.25 million and $39.75 million, respectively. A full-floor, 8,000-square-foot unit is still available at the building, on the 88th floor, is asking $76.5 million, Crain’s reported.

Back in June, The Real Deal attempted to roughly analyze global demand for the city’s most expensive condos, finding it might be more limited than developers hoped.

About 70 percent of the building’s 106 units are in contract, with closings expected by the end of January. The tower, which will top out at 1,400 feet, is set to open in middle of next year.

Buyers at the building are about 65 percent American, with about half hailing from New York, Macklowe’s Richard Wallgren told Crain’s. International buyers at the building represent countries like China, Russia, Saudi Arabia, Turkey and Greece. [Crain’s]Ariel Stulberg


Related Articles

arrow_forward_ios
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
432 Park Avenue with Tal Alexander, Ryan Serhant and Noel Berk (Getty, Serhant, BFA for Douglas Elliman, Engel & Völkers)
432 Park Avenue is doing just fine, thanks
432 Park Avenue is doing just fine, thanks
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
432 Park pad trades for $26M, supertall’s priciest deal since 2019
Joe Chetrit and a rendering of the Two Bridges project (SHoP Architects)
Joe Chetrit buying Two Bridges site
Joe Chetrit buying Two Bridges site
Photo illustration of Harry Macklowe and Linda Macklowe (Getty/Illustration by Kevin Rebong for The Real Deal)
Buyers go bonkers as Macklowe art auction fetches $676M
Buyers go bonkers as Macklowe art auction fetches $676M
Lloyd and Barbara Macklowe with the home at  51 West End Avenue (Google Maps, Getty)
Harry Macklowe’s brother lists Hamptons home for $60M
Harry Macklowe’s brother lists Hamptons home for $60M
Macklowe Properties CEO Harry Macklowe, CIM Group Co-Founder Richard Ressler and 432 Park Avenue (Getty, CIM)
432 Park Avenue residents sue developers for $250M
432 Park Avenue residents sue developers for $250M
arrow_forward_ios

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

Loading...