Chinese buyer shells out $91M at 432 Park

Buyer snagged three units with 12K sf combined

TRD NEW YORK /
Dec.December 19, 2017 03:38 PM

432 Park Avenue and Harry Macklowe (Credit: Emily Assiran)

Sources said a Chinese buyer just shelled out $91.1 million for a trio of apartments at 432 Park Avenue — becoming the priciest deal at the supertall condominium to date.

The buyer — 432 Park Joy LLC — went into contract on units 92, 92B and 93B on Dec. 4, according to public records. With a total of 11,906 square feet spread over two floors, the units were asking a combined $120 million.

Until now, the priciest deal at Macklowe Properties and CIM Group’s supertall was a penthouse that traded for $87.7 million last year. Sources said the buyer was Saudi retail magnate Fawaz Al Hokair. That deal was unusual in that CIM provided a loan for $56 million, nearly two-thirds of the purchase price.

The latest deal will combined three units — each asking more than $40 million — spread over the 92nd and 93rd floors. The Corcoran Group’s Susanna Lendrum represented the buyer.

The purchase price works out to $7,651 per square foot — a relative steal compared to other big-ticket deals. Al Hokair reportedly paid $10,623 per foot for the top penthouse last year. In July, real estate executive Gongwen Dong — who also bought Bob Diamond’s condo at 15 Central Park West — scooped up an 86th-floor condo at 432 Park for $33 million, or $8,190 per foot.

Douglas Elliman’s Richard SteinbergSabrina SaltielRoger Erickson and Shari Scharfer-Rollins are marketing the project for Macklowe Properties and CIM Group.


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