Two 432 Park Ave. pads sell for $61M

The last penthouse sold for $31M

New York /
Jun.June 28, 2019 09:00 AM
432 Park Avenue 

432 Park Avenue

Not a bad day for Macklowe Properties and CIM Group.

Two luxury condominiums at the developers’ 432 Park Avenue sold for $61 million combined, according to property records filed Thursday with the city’s finance department. And it looks like there’s just one more sponsor unit up for grabs.

A living trust for Roy T. Eddleman snapped up the last penthouse — #94 — in the 96-story building for $31.5 million, a cut from the $41 million it had been asking. Eddleman appears to have been CEO and chairman of Spectrum Inc., a life sciences company that was acquired in 2017 by Repligen Corporation.

The three-bedroom home measures 3,952 square feet, pricing the deal at roughly $7,971 per square foot.

Meanwhile, an 86th-floor unit went to philanthropists Roger and Susan Hertog, who shelled out over $29.5 million, or about $7,334 per square foot. Roger Hertog co-founded investment firm Sanford C. Bernstein & Co., which merged with Alliance Capital Management in 2000 and later became AllianceBernstein. Hertog retired in 2006 but remains vice-chairman emeritus.

The three-bedroom, 4,028-square-foot condo was on the market with an asking price of $39.5 million.

Through a spokesperson, the developers declined to comment on the sales. Douglas Elliman, who is handling sales at the building, didn’t immediately return a request for comment.

The remaining sponsor unit on the market is the 34th floor. The 8,088-square-foot home is being marketed as a “white box,” or an opportunity for a buyer to come in and design whatever she wants. It’s asking $28 million, or about $3,462 per square foot. A handful of the remaining sponsor units are in contract but have yet to close, according to the developer’s spokesperson, Joey Arak.

The deals come soon after Jennifer Lopez and Alex Rodriguez recently parted with their apartment at the tallest residential building in the Western Hemisphere, selling it to an anonymous buyer for $15.75 million.

Sales launched at the development in 2013.


Related Articles

arrow_forward_ios
From left: Ken Griffin, Marc Andreessen, and Larry Ellison along with 220 Central Park South in New York City, 3 Carlton Gardens in London, and Casa Del Sole on The Palm Jumeirah in Dubai (Photo Illustration by Steven Dilakian with Getty Images, B1 Properties, No Swan So Fine, CC BY-SA 4.0 - via Wikimedia Commons, and Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Sizing up the booming global market for trophy real estate
Sizing up the booming global market for trophy real estate
John Catsimatidis with 48 Haights Cross Road (Getty, Elite Auctions)
John Catsimatidis gets 87-acre Westchester estate for a steal
John Catsimatidis gets 87-acre Westchester estate for a steal
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Rise of the renderer: How DBOX became the Ferrari of real estate marketing
Related Companies' Stephen M. Ross and the Time Warner Center at 10 Columbus Circle (Getty Images)
Steve Ross’ Time Warner Center pad in contract for nearly 50% off ask
Steve Ross’ Time Warner Center pad in contract for nearly 50% off ask
Annie Leibovitz with 495 West Street (Getty, Google Maps)
Annie Leibovitz snaps up West Village condo
Annie Leibovitz snaps up West Village condo
26 Verandah Place and 30 Front Street in Brooklyn (StreetEasy, Getty)
Brooklyn luxury contracts end September on a low note
Brooklyn luxury contracts end September on a low note
Rupert Murdoch with 23 East 22nd Street
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
Corcoran's David Mayer and Compass' Augusto Bittencourt (Corcoran, Compass, Getty)
Foreign investors shift real estate strategies as dollar strengthens
Foreign investors shift real estate strategies as dollar strengthens
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...