432 Park buyers can finally start closing on their apartments

Elliman will take over sales office in bid to spur interest in remaining units

TRD New York /
Nov.November 13, 2015 06:52 PM

The time has finally come for the billionaire buyers of 432 Park Avenue to move into their new homes.

The CIM Group and Macklowe Properties, the tower’s developers, received their certificate of occupancy, meaning closings can now begin at the luxe, 1,396-foot-tall tower.

It also means that the developers can finally open an on-site sale office, nearly three years after sales first launched at the property.

In a recent effort to spur transactions and reach more price-sensitive buyers, the partners recently divided some of the building’s full-floor apartments on the 91st through 95th floors into smaller units.

Approximately 70 percent of the building’s 106 units are currently in contract, according to a  project spokesperson. The remaining apartments are priced between $16.95 million and $76.5 million. The tower’s priciest unit overall, a $95 million penthouse, sold to Saudi Arabian retail magnate Fawaz Al Hokair.

In another tell-tale sign that sales have plateaued, the developers have brought in real estate brokerage Douglas Elliman to manage the on-site sales office.

While Elliman previously had a co-exclusive on the project, the prior off-site sales space was run by an in-house team at Macklowe Properties.

The Macklowe team, led by Richard Wallgren, is still involved in sales, but Elliman appears to be taking the lead for the first time.

The developers confirmed the change but declined to be interviewed.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
(iStock)

Manhattan apartment vacancy smashes 5% barrier

Manhattan apartment vacancy smashes 5% barrier
(iStock)

Suburban housing market surged in August while Manhattan trailed

Suburban housing market surged in August while Manhattan trailed
Douglas Elliman chairman Howard Lorber (Lorber by Chip Somodevilla/Getty Images; iStock)

Douglas Elliman’s New York revenues fall by half

Douglas Elliman’s New York revenues fall by half
In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter (iStock)

Home prices set new records as inventory falls across Long Island

Home prices set new records as inventory falls across Long Island
David Simon and 625 Park Avenue (Getty, Google Maps)

Mall magnate David Simon lists Park Ave pad for $33M

Mall magnate David Simon lists Park Ave pad for $33M
arrow_forward_ios

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

Loading...