The Real Deal New York

432 Park unit sells at 24% discount

The condo sold for $31M
By Meenal Vamburkar | August 01, 2018 01:35PM

432 Park Avenue as a coupon (Credit: 432Parkavenue and kisspng)

A sponsor unit at 432 Park Avenue sold for $31 million — roughly $10 million lower than its listing price.

The condo was marketed for $40.75 million when it went into contract in May, according to StreetEasy. Douglas Elliman’s Richard Steinberg and Sabrina Saltiel had the listing. The buyer is listed in property records as Iair Rosencranz.

The 93rd floor unit spans nearly 4,000 square feet. The apartment includes a library and master bedroom suite with dual walk-in closets. The suite and kitchen have marble floors.

As developers Macklowe Properties and CIM Group have sought to offload sponsor units, they’ve been competing with owners’ resale listings. Sponsor unit 80B sold last fall for $39.3 million, an 11 percent discount. Two 91st floor units sold for a combined $60 million — after each had been on the market for roughly $40 million.

Meanwhile, in mid-March, the building had 10 resale listings on the market, more than any other new development condo building. On average, they were asking 22 percent higher than the original sales price.

Earlier this year, an entity tied to Ace Hotel co-owner Stefanos Economou sold two 71st-floor units at 432 Park Avenue for $60 million. In May, unit 65B sold for $24 million, after it was asking $32.5 million when it first hit the market in April 2017.