Home sweet home: Howard Lorber shells out $15M at 432 Park

Elliman took over sales at luxe tower in November as closings began

TRD New York /
Apr.April 20, 2016 04:35 PM

432 Park Avenue — Manhattan’s newest live-work space?

On the heels of Vector Group director Bennett LeBow closing on his $44.8 million pad at CIM Group and Macklowe Properties’ tower, LeBow’s longtime business partner, Douglas Elliman chief Howard Lorber, has just closed on his own half-floor pad, Lorber told The Real Deal.

Lorber paid just over $15 million for a half-floor spread on the 67th floor of the luxe condominium, property records show. At roughly 4,000 square feet, the price breaks down to $3,750 per foot for a three-bedroom, three-bath condo. Lorber told TRD he went into contract early, securing a “friends and family” deal on the condo.

Lorber’s neighbor paid $26.63 million for the other unit on the 67th floor. LeBow, the chairman of Elliman’s parent company Vector Group, paid $44.8 million for his full-floor, 8,000-square-foot pad on the 64th floor, roughly $5,562 per square foot.

According to property records, Lorber’s apartment – Unit 67A – was purchased through an entity known as Park Apt 58C LLC. The deed was signed by Kenneth Haber, Elliman’s executive vice president and general counsel.

Lorber, who lives at the Sherry-Netherland, took home more than $42.5 million in pay from Vector in 2015. He said he received an offer on his 17th-floor apartment at the Sherry last year from the Chinese buyer who spent $70 million on a co-op one floor above. Lorber said he named his price, but could not move out for at least a year while he waited for his condo at 432 Park to be completed.

This week, he told TRD he still doesn’t plan to move into his new digs for several months while he “fixes the place up.”

Elliman has been a consultant on 432 Park with developers CIM Group and Macklowe Properties. Closings at the 1,396-foot-tall tower started in November, three years after sales launched.

So far, an unidentified buyer closed on an $18.1 million unit (and later listed it for rent, asking $60,000 a month.) Qatari diplomat Nassir Abdulaziz Al-Nasser, a former president of the U.N. General Assembly, paid $16.2 million for a 51st-floor unit. Billionaire Saudi Arabian retail magnate Fawaz Al Hokair reportedly snagged a $95 million penthouse, but that deal has not yet closed.

In a sign of shifting buyer demand, CIM and Macklowe recently split some of the full-floor condos on the 91st through 95th floors.

Correction: A prior version misstated the size of Lorber’s apartment — it’s over 4,000 square feet on the 67th floor.

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