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Residential
New York

432 Park nears sellout after $11.3M condo sale

Unit was initially listed for $18.3 million in 2014

432 Park Closes Condo for $11.3 million
Michael Ostad with 432 Park Avenue (LinkedIn, Percival Kestreltail, CC BY-SA 4.0, via Wikimedia Commons, Getty)

The supertall condo at 432 Park Avenue has closed on one of its last units.

Michael Ostad, a real estate lender and former doctor, spent $11.3 million on an apartment in the 125-unit Billionaires’ Row building, Crains reported. 

The high-rise, developed by Harry Macklowe and CIM Group, has been mired in lawsuits and alleged construction issues and has seen its prices slashed accordingly since units first hit the market. 

The 4,000-square-foot condo purchased by Ostad had an initial asking price of $18.3 million in 2014, before dropping its last list price to $12.4 million and ultimately closing at $11.3 million. The unit was unlisted on Streeteasy from 2015 to 2023. 

The three-bedroom, four-and-a-half-bathroom apartment went into contract on May 15 and closed on June 4, according to public records. 

Elliman’s Shari Scharfer Rollins marketed the unit. 

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The sale marks a light at the end of the tunnel for 432 Park, which has just one unclaimed residence left, unit 29E, which will require a build-out. That unit may not be far behind, as it went into contract in June after it was listed on Streeteasy for $5.8 million, a drop from its initial ask of $7 million.

While the supertall market has cooled considerably in the past few years, 432 Park has been beset by a host of alleged issues, many of which were brought to light in a 2021 lawsuit filed by building residents. 

The lawsuit claimed leaks, broken elevators and creaky walls, and was initially asking for $250 million in damages. 

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432 Park Avenue with Tal Alexander, Ryan Serhant and Noel Berk (Getty, Serhant, BFA for Douglas Elliman, Engel & Völkers)
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The developers dismissed the allegations in the suit as “massively exaggerated” while claiming to have fixed some construction issues and assuring the building’s safety. 

Some units in the building are already back on the market, including a penthouse listed at $105 million after it was initially listed for $169 million in 2021. The current listing would still net a profit, as the owner paid roughly $88 million for the apartment in 2016. 

— Jake Indursky

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