A 432 Park condo has traded hands 4 times — this time at a loss

The unit first sold in 2017 for $27M

TRD New York /
Dec.December 16, 2019 03:34 PM
432 Park Avenue with apartment unit #65A and Luis Felipe (Credit: StreetEasy and Getty Images)

432 Park Avenue with apartment unit #65A and Luis Felipe (Credit: StreetEasy and Getty Images)

It’s been just three years. But one 65th-floor apartment at the ultra-luxury supertall 432 Park Avenue has traded hands four times.

And this time, the price marks a roughly $3 million drop from when the half-floor pad was first taken off the market in 2016.

Buyer WMC Property Holding LLC, linked to Ying Yu and with Li Wen Zhou as authorized signatory, shelled out $23.98 million for unit 65A at the Billionaires’ Row tower, according to the records that hit the city’s finance database Monday morning.

The 4,019-square-foot condominium came on the market in July, with an asking price of $29.9 million according to StreetEasy. The closed deal works out to about 5,967 per square foot.

The sale came almost exactly two years after the seller, an entity linked to Anheuser-Busch Inbev executive Luis Felipe Pedreira Dutra Leite, picked up the home for $26.4 million from sponsors CIM Group and Macklowe Properties. (That executive in September closed on Luca Orlandi’s Upper East Side townhouse at 18 East 73rd Street for $27 million.)

The developers had bought back the unit for $27.9 million a couple of months prior to allow the unit’s first owner to trade up and buy a pricier condo 15 stories up.

Douglas Elliman’s Shari Scharfer Rollins had the listing. She did not immediately return a request for comment.

The price drops with each sale of 65A appear to reflect the turbulence in the Big Apple’s condo market. About a quarter of new condos units built since 2013 are unsold, and 38 percent of those units that have sold are being marketed as rentals, one recent analysis found.


Related Articles

arrow_forward_ios
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
421 Broome Street (Google Maps)

Soho penthouse buy sets record despite price chop

Soho penthouse buy sets record despite price chop
209 Dean Street and 315 Adelphi Street (Google Maps)

Sprawling Brooklyn townhouses drive week’s priciest deals

Sprawling Brooklyn townhouses drive week’s priciest deals
Nelson Rockefeller and 812 Fifth Avenue Photos via Getty; StreetEasy; Google Maps)

Fifth Ave co-op owned by Rockefeller family hits market

Fifth Ave co-op owned by Rockefeller family hits market
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
A view of Billionaire's Row (Photo by Gary Hershorn/Getty Images)

Blow to luxury market from Covid worse than impact of 9/11

Blow to luxury market from Covid worse than impact of 9/11
Adam Neumann and Rebekah Paltrow Neumann with 69 Girdle Ridge Road in Katonah (Neumanns by by Ben Gabbe/Getty Images for Time; Realtor)

Adam Neumann parts with Westchester home

Adam Neumann parts with Westchester home
Sarah Jessica Parker with 20 East 10th Street and 150 Charles Street (Getty, Google Maps)

SJP’s former townhouse tops luxury contracts in Manhattan

SJP’s former townhouse tops luxury contracts in Manhattan
arrow_forward_ios

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

Loading...