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

The unit first sold in 2017 for $27M

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

Fredrik Eklund (Credit: Getty Images)

Fredrik Eklund talks LA condos, the mega-luxury market and patience

Boise, Idaho (Credit: iStock)

These small US cities have exploding luxury markets

Ian Bruce Eichner and Madison Square Park Tower

Ian Bruce Eichner gets $45M for Flatiron penthouses

Ken Griffin and Calvin Klein’s Hamptons compound (Credit: Getty Images, Google Maps)

Ken Griffin in contract for Calvin Klein’s Hamptons compound

A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)

New city rule requires luxury rental buildings to house homeless families

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Lauren Sanchez and Jeff Bezos with the property at 1441 Angelo Drive (Credit: Getty Images and Redfin)

A $90 million patch of dirt: A look at Jeff Bezos’ other record LA deal last week

1 Central Park South, 1007/1009 and Valery Kogan (inset)

Opulent Plaza Hotel unit listed for $45M