432 Park Ave./Screenshot of MX-LAB YouTube video
The tallest residential tower in the western hemisphere has sold 13 out of 141 units thus far, bringing in $170 million to CIM Group and Macklowe Properties. The building has a projected sell-out of $3.1 billion in total, which means only 5 percent of anticipated sales volume has been reached since opening, according to CityRealty.
Designed by Rafael Viñoly Architects, 432 Park Avenue is 1,396 feet tall and the third-tallest structure in the U.S. behind Willis Tower in Chicago at 1,729 feet and One World Trade Center at 1,792 feet.
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The interior design team, consisting of Deborah Berke Partner, Rafael Viñoly Architects, Harry Macklowe, Bentel & Bentel and Lilla J. Smith, left little details behind for buyers willing to spend the big bucks. Condominiums consist of 10-by-10-foot windows, 12.6-foot ceilings, heated bathroom floors and climate-controlled wine cellars — the last for an additional $320,000.
Situated on Park Avenue between 56th and 57th Streets, the towering property in Midtown Manhattan is a hard-to-miss addition in the stately Billionaire’s Row, where most residential towers gracing the stretch offer incomparable views of Central Park and beyond at a price tag that only the super-wealthy can stomach.
Manhattan’s average apartment runs for $2 million, which means a buyer at 432 Park Avenue could afford 10 apartments of “average” Manhattan standards for the same price of one single condo at the towering property, CityRealty says.
Earlier this month, three apartments measuring 3,576 square feet with two bedrooms and two-and-a-half bathrooms closed at 432 Park Avenue, according to The New York Times.
According to city records, unit 58C sold for $17,287,537.59 with the help of Century 21 Metropolitan for Larisa Egorchenko and Hampstead Properties, and Pearl 51 Ltd. purchased Unit 51C for $16,218,375.09 via Douglas Elliman Real Estate. Further, unit 57C sold to JE Manhattan LLC, for $13,715,516,.59.
The $95 million dollar, 8,255-square-foot penthouse unit, consisting of six bedrooms and seven bathrooms, went into contract back in 2013 when the residential development was only 10 stories high. Reports speculated the buyer of the full-floor unit to be retail and real estate mogul Fawaz Al Hokair from Saudi Arabia, but no final confirmation was made by his team.
One penthouse unit remains on the market for $76.5 million. The apartment has 8,055 interior square feet, five bedrooms and seven-and-a-half bathrooms.
Alternatively, the least expensive condo is a $17.4 million unit on the 42nd floor with 3,575 square feet of space, two bedrooms and three-and-a-half bathrooms. The real estate taxes alone run $6,889 per month for this unit, which is only the second-lowest in taxes compared to all listed for sale.
Although the extravagant development has seen high-yielding returns, the New York City luxury sales market has recently softened, according to expert analysts. StreetEasy data shows time on the market for high-end condo sales increased by 33 days last year to reach a median 131 days on the market. And while moderate properties between $525,000 and $1.3 million appreciated in value over the past seven months, luxury homes dropped in price between May and December of 2015.
