NYC Park Avenue Penthouse Can Be Yours – For $ 169 Million

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The top floor of the controversial Manhattan supertall known as “432 Park Avenue” went on sale Monday for $ 169 million, earning it the rank of Manhattan’s most expensive ad.

The six-bedroom, seven-bathroom, two-powder room penthouse sits on the 96th floor of a “toothpick-shaped” building that has earned a reputation for cracking, flooding and alleged design flaws .

Nonetheless, the seller received several offers in the month before the 8,255-square-foot property went up for sale, Ryan Serhant told The Post. But the bids apparently weren’t high enough to entice the seller to close a deal.

“We wanted to maximize the value” by bringing it to market, said Serhant.

The unit with a massive floor plan has been redone and filled with Fendi, Bentley and Hermes furniture, an organized art collection, white herringbone oak floors, high end finishes and a bookcase , according to the listing, which asks almost twice what the seller paid for it five years ago.

Saudi retail and real estate billionaire Fawaz Al Hokair bought the unit for $ 87.7 million in 2016, according to real estate records and reports at the time.

Donna Dotan

Manhattan's most expensive list drops to $ 169 million

The list is also Serhant’s most expensive single list to date.

Donna Dotan

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Saudi retail and real estate billionaire Fawaz Al Hokair bought the unit for $ 87.7 million in 2016, according to real estate records and reports at the time.

If it sells for what it asks for, the penthouse would be the second most expensive real estate sale ever in New York City. Hedge fund manager Ken Griffin bought America’s most expensive home – a condo at 220 Central Park South – for $ 238 million in January 2019.

“Records are made to be broken,” listing broker Serhant told The Post. The list is also Serhant’s most expensive single list to date.

Manhattan's most expensive list drops to $ 169 million

The library could be used as a seventh bedroom, Serhant said.

Donna Dotan

Manhattan's most expensive list drops to $ 169 million

Incredible details in the library.

Donna Dotan

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Manhattan's most expensive list drops to $ 169 million

The six-bedroom, seven-bath, two-powder house received several offers in a month of off-market promotion, Serhant told The Post.

Evan Joseph Studios

Manhattan's most expensive list drops to $ 169 million

The house has a wonderful view of the city.

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The view from Billionaire's Row: the top floor of Manhattan's 96-level supertall known as the
The View from Billionaire’s Row: The top floor of Manhattan’s 96-story supertall known as “432 Park Avenue” went on sale Monday for $ 169 million, earning it the rank of the world’s largest listing. most expensive in Manhattan.
Donna Dotan

There is only one 432 Park Avenue

So what makes this penthouse the best home in Manhattan, to deserve its status as the Big Apple’s most expensive home? Serhant said it was the building.

“Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue, ”Serhant said. “432 Park Avenue is one of the best creations in the world. “

But 432 Park Avenue’s global reputation has not always been positive. Crackles, flooding and supposed design flaws have plagued homeowners, and The Post previously reported that visitors were saying “nauseous” and “panicked” by the swing.

“I can’t talk to anyone else,” he told The Post. “It’s a very tall skyscraper.” No further comments were given.

The units have solid oak floors, high ceilings and floor to ceiling windows. Kitchens have marble floors and counters, seamless white lacquer and oak cabinetry, and high-end Miele appliances, including a double oven, double sink, wine cooler, and two dishwashers. Some even have a built-in espresso machine, according to the 432 Park Ave..

The building’s best sales came from an anonymous buyer in 2019 who purchased three units on the 92nd and 93rd floors for $ 91.12 million, The Post previously reported.

And the building made headlines again when then-couple Jennifer Lopez and Aaron Rodriguez sold their 4,000-square-foot lot in the Midtown Tower for $ 15.75 million in 2019, nearly $ 2 million below asking price.

Kitchens have marble floors and counters, seamless white lacquer and oak cabinetry, and high-end Miele appliances, including a double oven, double sink, wine cooler, and two dishwashers.  Some even have a built-in espresso machine, according to the 432 Park Ave website.
Kitchens have marble floors and counters, seamless white lacquer and oak cabinetry, and high-end Miele appliances, including a double oven, double sink, wine cooler, and two dishwashers. Some even have a built-in espresso machine, according to the 432 Park Ave website.
Evan Joseph Studios
The breakfast table offers a breathtaking view of the city.
The breakfast table offers a breathtaking view of the city.
Donna Dotan
“Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue, ”Serhant said. “432 Park Avenue is one of the best creations in the world. “
Donna Dotan

will it sell?

These very expensive real estate can often take years to sell, as evidenced by the likes of the former $ 39 million Regalia penthouse near Miami, which is now asking for $ 25.5 million, which is on and off the market. since 2017. And the $ 70 million Hearst Estate. in California, initially asking for $ 195 million, has been on and off the market since 2016.

Additionally, New York City brokers have said the wealthy have avoided penthouses, The Post previously reported.

“A lot of my clients find the new penthouses too tall,” Herbert Chou of Christie’s International Real Estate told The Post last year. “The outlook is actually a bit better in the 28th to 40th floor range, depending on the neighborhood. From a penthouse, you look down. You are so far away that you are detached from your surroundings.

Manhattan's most expensive list drops to $ 169 million

Serhant jumps into the tub during her YouTube tour of the property.

Donna Dotan

Manhattan's most expensive list drops to $ 169 million

One of the luxury bathrooms in the house is shown.

Donna Dotan

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But as the New York real estate market thaws, now may be the time to attract high net worth buyers.

Average selling prices for luxury goods rose nearly 20% to $ 7.75 million in the second quarter from this winter. After a difficult year due to the pandemic, April, May and June were the fastest third quarter in a decade, according to New York brokerage firm Douglas Elliman.

The top floor of Manhattan's 96-story supertall known as the
The top floor of Manhattan’s 96-story supertall known as “432 Park Avenue” went on sale Monday for $ 169 million, earning it the rank of Manhattan’s most expensive ad.Donna Dotan

There were 26 closings of homes over $ 20 million in Manhattan in the first half of 2021, with nearly a third in June alone, according to New York brokerage firm Douglas Elliman.

“It’s a very unique time in the world right now. It’s unique for real estate, and it’s unique for the rich. They are looking to diversify their cash flow and holdings, ”Serhant told the Post. “Real estate is an amazing investment whether you use it or not, because it is inflation hedge. “


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