65th-floor unit at 432 Park changes hands for the third time in a year-and-a-half

Posted On Thu, December 28, 2017 By

Posted On Thu, December 28, 2017 By In Midtown, Recent Sales

The end of 2017 has seen a lot of record-setting headlines for 432 Park Avenue, namely the $91 million, three-penthouse sale that was the city’s most expensive all year. And a sale at the supertall that came through city property records today makes it clear that there’s no sign of slowing down. Unit 65A, a half-floor, three-bedroom spread, first sold in June of 2016 for $27 million to an anonymous LLC dubbed “432 Holdings LLC.” This past September, the building’s developers CIM Group and Macklowe Properties bought back the apartment for $27.9 million in a presumed attempt to let the seller buy a larger unit in the building. As The Real Deal reported, the seller did just that, upgrading to an 80th-floor unit that cost $39 million. But as of today, the developers have all but made their money back, as the 65th-floor residence sold yet again for $26.4 million to another LLC called “Mallow Enterprises.”

As Jonathan Miller explained to The Real Deal this fall, since 432 Park had been suffering from the overall luxury slowdown, it was “smart unit management” for the developers to buy back the unit. They only lost about $1 million on the trade-in but unloaded a unit that was more than $10 million pricier.

The said unit spans 4,019 square feet and has three bedrooms, four-and-a-half bathrooms, and a private elevator landing.

In other 432 Park news, Mansion Global reports that two 71st-floor units listed today as a potential full-floor combo for $68.5 million, the second-most-expensive listing in the building.

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[Listing: 432 Park Avenue, 65A by Richard J Steinberg, Sabrina Saltiel, J. Roger Erickson, and Shari Scharfer-Rollins of Douglas Elliman]

Images courtesy of Douglas Elliman

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Neighborhoods : Midtown

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