Two 432 Park Ave. pads sell for $61M

The last penthouse sold for $31M

TRD 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.


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