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
Clockwise from left: Los Angeles, Miami, New York, and Chicago (Credit: iStock)

Tons of apartments will hit the US market this year. They’re for the rich

Aaron Kirman’s “Listing Impossible” is a beach house “sex dungeon”

Aaron Kirman’s “Listing Impossible” is a beach house “sex dungeon”

Lower Manhattan (Credit: iStock)

Pricey Manhattan home sales dropped nearly 40% in Q4

WeWork CCO Miguel McKelvey  and 18 West 11th Street (Credit: Getty Images and Google Maps)

WeWork’s Miguel McKelvey lists townhouse for $21M

London, Los Angeles and Sydney skylines (Credit: iStock)

These global luxury markets are set to improve in 2020

Clockwise from top left: New York, Jakarta, Shanghai (inset), Vancouver and Manila (Credit: iStock)

These were the world’s hottest luxury markets in the 2010s

Tamara Mellon and her former home at 155 West 11th Street (Credit: Getty Images)

Jimmy Choo co-founder Tamara Mellon sells condo for $19M

Time Warner Center and 154 East 63rd Street (Credit: StreetEasy, Wikipedia and iStock)

Busiest December in years for Manhattan luxury property deals

arrow_forward_ios
Loading...