Saudi billionaire seals the deal on the city’s highest home for record $88M

Posted On Fri, September 16, 2016 By

Posted On Fri, September 16, 2016 By In Midtown East, Recent Sales

The most expensive apartment closing in New York City this year and one of the priciest sales ever is finally a done deal, reports The Real Deal. The apartment, the top penthouse at Rafael Viñoly-designed billionaire’s bunker 432 Park Avenue, is the priciest unit in the big-ticket building as well as being literally the city’s highest. As 6sqft previously reported, the buyer is Saudi retail magnate Fawaz Al Hokair. The sale price was $87.7 million—a skyscraping $10,623 per square foot.

The closing is the city’s fourth priciest apartment sale ever, behind a $100.5 million penthouse and Bill Ackman’s $91.5 million buy at One57 and Russian billionaire Dmitry Rybolovlev’s $88 million deal at 15 Central Park West. Also notable: The building’s co-developer, CIM Group, provided the buyer with a loan for $56 million–nearly two-thirds of the purchase price, a move TRD calls “rather unusual” for a project’s sponsor.

432 Park Avenue, DBOX, Macklowe Properties, Vinoly, Deborah Berke (23)

432 Park Avenue, DBOX, Macklowe Properties, Vinoly, Deborah Berke (7)

The 8,255-square-foot full-floor penthouse, which was asking $95 million, offers unparalleled views from 1,396 feet up through the tower’s signature 10-foot-by-10-foot windows as well as six bedrooms, seven bathrooms, a wood-burning fireplace and heated bathroom floors. The building’s amenities are peerless as well and include a lounge, private restaurant with an outdoor terrace, a 75-foot indoor swimming pool, a fitness center and spa, a library, a screening/performance venue, a conference room, a children’s playroom, yoga studio, in-suite dining and room service, a concierge, a 24-hour doorman, and on-site parking garage and valet services.

Al Hokair is the founder and chairman of Fawaz Al Hokair Group, Saudi Arabia’s most valuable retail and real estate company. Forbes estimates the company is worth $22 billion, with Al Hokair’s net worth estimated at $1.37 billion.

432 Park Avenue, DBOX, Macklowe Properties, Vinoly, Deborah Berke (30)

432 Park Avenue, DBOX, Macklowe Properties, Vinoly, Deborah Berke (32)

432 Park Avenue, views from 432 Park, tallest residential building, NYC starchitecture

432 Park Avenue is currently the tallest residential tower in the Western Hemisphere, but its days of holding that distinction are numbered; its height of 1,396 feet will be bested by both 111 West 57th Street and Central Park Tower (formerly known as Nordstrom Tower) when construction is complete. It was briefly the city’s most expensive residence, but has been outdone by Vornado Realty Trust’s 220 Central Park South, which holds a four-level apartment with a price tag of $250 million.

[Via TRD]

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