Sources Say Saudi Billionaire Is Buyer of $95M Penthouse at 432 Park

Posted On Fri, May 29, 2015 By

Posted On Fri, May 29, 2015 By In Midtown East, Recent Sales

The Real Deal reports that Saudi billionaire and retail magnate Fawaz Al Hokair is the buyer of the $95 million penthouse at 432 Park, the city’s current tallest residential building. The unit went into contract in 2013 for roughly $11,500 per square foot, but sources are just now coming out with his identity. Al Hokair is the founder and chairman of Fawaz Alhokair Group, the most valuable retail and real estate company in Saudi Arabia. Forbes estimates the company is worth $22 billion, and that Al Hokair’s net worth is $1.37 billion.

When the deal closes it will be the second most expensive condo sale ever in the city, stealing the title from Bill Ackman’s $91.5 million buy at One57 and following only behind the $100 million penthouse sale, also at One57.

432 Park penthouse, 432 Park Avenue, most expensive condos in NYC

432 Park penthouse, 432 Park Avenue, most expensive condos in NYC

In addition to its unparalleled views from 1,396 feet up and through the tower’s signature 10-foot-by-10-foot windows, the 8,225-square-foot, full-floor pad boasts six bedrooms and seven bathrooms. It has luxurious amenities like a wood-burning fireplace and heated bathroom floors. Two other penthouses in 432 Park are for sale for $81 and $76.5 million. As the Real Deal notes, “The building was once the most expensive residential project in the city, based on average asking price per square foot, but may be eclipsed by Vornado Realty Trust’s 220 Central Park South.”

[Via TRD]

[432 Park Avenue on CityRealty]

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Neighborhoods : Midtown East

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