The Real Deal New York

432 Park crosses the $2B sales milestone

According to its developers, it's now NYC's highest-grossing building ever
By E.B. Solomont | February 07, 2018 01:30PM

432 Park Avenue and Harry Macklowe

Six years after launching sales, the developers of 432 Park Avenue say they’ve sold $2 billion worth of luxury condominiums — the most of any new New York City residential project to date.

According to Macklowe Properties and CIM Group, the milestone puts the supertall ahead of its peers based on the total dollar volume of its initial closings. To get to the $2 billion mark, the developers said 48 units sold for more than $20 million each. Sources said fewer than 10 units are still available, including a penthouse asking $82.2 million, according to StreetEasy.

Since closings began in 2015, the tower has racked up some of the city’s priciest deals.

In 2017, 432 Park accounted for four of the year’s top 10 most expensive residential sales.

Among them was the tower’s priciest deal yet: the $91.1 million sale of three units that will be combined into a 11,906-square-foot spread. The building’s second-priciest deal closed in 2016, when Saudi retail magnate Fawaz Al Hokair reportedly paid $87.7 million for the tower’s top penthouse.

Designed by Rafael Viñoly, the 1,396-foot tower has a total of 106 units that start 356 feet above street level. The building has 30,000 square feet of amenities, including a private restaurant.

When 432 Park launched sales in 2012, it had a total projected sellout of $2.4 billion — among the largest in New York City history. (After price increases, its total sellout is now $3.1 billion, according to the New York Attorney General’s office.) By comparison, Zeckendorf Development’s 15 Central Park West — one of the most successful New York City condo projects — had an initial sellout of $1.7 billion, and Extell Development’s One57 had an initial sellout of $2 billion. One57 also holds the distinction of being home to New York City’s most expensive condo, a penthouse that sold for $100.5 million in 2015.

New projects on the horizon could blow those numbers out of the water, though. Extell’s Central Park Tower, which has yet to officially launch sales, has a total projected sellout of $4 billion. Vornado Realty Trust’s 220 Central Park South’s sellout is pegged at $3.4 billion, including a $250 million penthouse.