The top floor of a controversial super-luxury building in Manhattan known as “432 Park Avenue” hit the market Monday for $169 million, making it Manhattan’s most expensive.
The six-bedroom, seven-bath, two-bedroom penthouse is located on the 96th floor of a “toothpick-like” building that resonates with creaks, floods, and design flaws.
However, the seller received several offers last month when he listed the 8,255-square-foot property for sale, Ryan Serhant told The Post. But the offers don’t seem to be high enough to entice sellers to make a deal.
“We wanted to maximize value” by bringing it to market, says Serhant.
The apartment with its massive floorplan has been redone and filled with furniture by Fendi, Bentley and Hermès, a curated art collection, herringbone white oak floors, high-end finishes and a library that, according to the list, requires almost twice what. seller paid for it 5 years ago.
Saudi retail and real estate billionaire Fawaz Al Hokair purchased the apartment for $87.7 million in 2016, according to property records and reports at the time.
If it sells for what it claims, the penthouse will be the second most expensive known real estate sale in New York City ever. Hedge fund manager Ken Griffin bought the most expensive home in America – an apartment at 220 Central Park South – for $238 million in January 2019.
Listing broker Serhant told The Post: “Records are meant to be broken. This list is also Serhant’s most expensive singles list to date.
Only one 432 Park Avenue
So what makes this penthouse the best-priced apartment in Manhattan, worthy of being the most expensive one in the Big Apple? Serhant says it’s the building.
“Anyone can have a large apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue,” said Serhant. “432 Park Avenue is one of the finest creations in the world.”
But the worldwide reputation of 432 Park Avenue has not always been positive. Cramps, flooding and design flaws are said to have upset owners, and The Post previously reported that visitors said they were “nauseous” and “panic” by the shaking. lu.
“I can’t speak to anyone else,” he told The Post. “It’s a super tall skyscraper.” No comments have been made.
The apartments have hardwood floors, high ceilings and floor-to-ceiling windows. The kitchen features marble countertops and floors, seamless white lacquer and oak cabinets, and top-of-the-line Miele appliances including double ovens, double sinks, wine coolers and double dishwashers. Some even have built-in espresso machines, according to the 432 Park Ave website.
The highest sales in the building came from an anonymous buyer in 2019, who purchased three apartments on the 92nd and 93rd floors for $91.12 million, The Post previously reported.
And the building once again caught the eye when couple Jennifer Lopez and Aaron Rodriguez sold their 4,000-square-foot land in the Midtown Tower for $15.75 million in 2019, nearly $2 million less than the original price. offer for sale.
Will it sell?
Such super-expensive properties can often take years to sell, as evidenced by the $39 million Regalia penthouse near Miami, now priced at $25.5 million, has hit the market. since 2017. And the $70 million Hearst Estate. in California, for the first time for $195 million, has been on the market since 2016.
Plus, brokerages in New York say the rich have shied away from penthouses, The Post previously reported.
Herbert Chou of Christie’s International Real Estate told The Post last year: “A lot of my clients find that the new penthouses are overpriced. “The perspective is actually a bit better in the range from the 28th to the 40th floor, depending on the neighborhood. From a penthouse, you are looking down. You get so far that you are cut off from your surroundings. “
But as the New York City real estate market cools down, it could be the right time to attract wealthy buyers.
The average luxury sales price increased nearly 20% to $7.75 million in the second quarter compared with this winter. After a difficult year due to the pandemic, April, May and June were the third fastest growing quarters in a decade, according to New York-based broker Douglas Elliman.
According to New York-based brokerage Douglas Elliman, there were 26 closures for $20 million+ homes in Manhattan in the first half of 2021, nearly a third of which were in June. .
“It is a very unique time in the world right now. It is unique to real estate and it is unique to the rich. They are looking to diversify their cash and asset holdings,” Serhant told the Post. “Real estate is an incredible investment, whether you use it or not, because it is a hedge against inflation.”
https://www.marketwatch.com/story/manhattans-most-expensive-listing-just-hit-the-market-for-169-million-see-inside-11626989567?rss=1&siteid=rss | Manhattan’s most expensive listing just hit the market for $169 million — see inside