Flurry of $4M+ deals continues in Manhattan

432 Park scores priciest contract of the week at $79M

432 Park Avenue (432 Park Avenue, Wikipedia)
432 Park Avenue (432 Park Avenue, Wikipedia)

The biggest residential sale since April 2021 entered into contract last week, asking $79 million.

The 82nd floor of CIM Group and Macklowe Properties’ 432 Park Avenue was the priciest home to go to contract between April 18 and 24. Its $79 million price tag was reduced from $90 million when it was listed in August 2020, but it still beat out every other resi sale of the past year, according to a report by Olshan Realty tracking luxury contracts priced at $4 million and above.

In 2016, the seller purchased two units on the 82nd floor from the sponsor for about $62 million and combined them into a full-floor unit. The floor has 8,000 square feet including five bedrooms, six bathrooms and two powder rooms. The unit has 13-foot ceilings and 10’x10’ windows that offer 360-degree views. Monthly common charges and real estate taxes total $40,000.

The unit enters into contract despite a $125 million lawsuit filed by the condo board against the developer alleging structural defects. In December, CIM shot back, calling the board’s lawsuit “ill-advised” and dismissed it as a “publicity campaign.”

The Rafael Vinoly-designed tower is 96 stories tall, and amenities in the building include a fitness center, 75-foot swimming pool, private dining room, parking, a garden and a children’s playroom.

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The second priciest home to enter into contract last week was Pavilion A at Alchemy Properties’ 2 Park Place, asking $23 million, reduced from $33 million when it was listed in 2019. This Woolworth Tower condo is a duplex with five bedrooms, four bathrooms and two powder rooms, spanning nearly 7,000 square feet. The unit features a 53-square-foot great room with 22-foot ceilings, along with a rooftop terrace that totals approximately 3,000 square feet.

Amenities in the 34-unit building include a fitness center, pool, wine room and onsite parking.

In total, 37 contracts worth $4 million or more were signed last week, according to Olshan. The homes’ asking prices totaled nearly $339 million, with a median price of $5.975 million. The units spent an average of 715 days on the market.

Twenty-two of the 37 units were condos, nine were co-ops and six were townhouses.

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