The Real Deal New York

A flipping loss: Owner loses money on yet another unit at 432 Park

Apartment on 65th floor was listed for $32.5M
By Kathryn Brenzel | July 25, 2018 04:30PM

432 Park Avenue

Why the face? Maybe because this buyer’s flipped two units at 432 Park Avenue at a loss.

An LLC by the name of “WHY THE FACE” just sold a unit on the tower’s 65th floor for $24.2 million, records filed with the city’s Department of Finance show. That’s down from the $25.6 million the buyer paid in March 2016, and $8.3 million less than what the apartment was initially listed for in April 2017.

The apartment spans 4,000 square feet and features three bedrooms and a library.

This mysterious buyer sold another unit at a slight loss — roughly $73,500 — on the 28th floor. The unit was purchased, according to city records, on the same day as the other apartment. The buyer paid $1.8 million and then sold the unit in June.

The perils of flipping luxury apartments in today’s market are well-documented. As prices fall and a steady of flow product continues to hit the market, turning a profit is increasingly difficult. WHY THE FACE’s latest deal is one of many recent resales at Macklowe Properties and CIM Group’s supertall.