The Real Deal New York

AllianceBernstein’s former CEO Lew Sanders is buyer of
432 Park PH

Unit closed for $60M, records show
By Katherine Clarke | December 02, 2016 02:47PM

432-Park-Avenue-Tower-Looking-South-DBOX

432 Park Avenue (credit: DBOX for CIM Group/Macklowe Properties)

Lew Sanders, the former CEO of asset manager AllianceBernstein, is the mystery buyer of one of the priciest penthouses at 432 Park Avenue.

Sanders and his wife Alice dropped $60.89 million, or just under $7,600 per square foot, on the apartment, PH88, according to records filed with the city Friday.

The five-bedroom, seven-bathroom, 8,055-square-foot aerie, was first listed in May of 2014, for $76.5 million, or $9,497 per square foot.
Douglas Elliman Development Marketing represented the sponsors, CIM Group and Macklowe Properties. The buyer was represented by Robby Browne, Chris Kann and Jennifer Ireland of the Corcoran Group, all of whom declined to comment.

Sanders retired from his role at AllianceBernstein in 2008, and went on to form his own money-management firm, Sanders Capital, which reportedly has $20 billion in assets under management.

PH88 was among the last full-floor condos to sell at the Park Avenue building. Saudi retail magnate Fawaz Al Hokair paid $88 million for the highest floor at the tower.

Other buyers at the building include Douglas Elliman chair Howard Lorber and his business partner Bennett LeBow of the Vector Group, Elliman’s parent company.