Real Estate

NYC Park Avenue penthouse can be yours – for $169M

The highest ground of the controversial Manhattan supertall generally known as “432 Park Avenue” hit the market Monday asking $169 million, incomes the rank of Manhattan’s most costly itemizing.

The six-bedroom, seven-bathroom, two-powder-room penthouse sits on the 96th ground of a “toothpick-like” constructing that has garnered a status for creaking, floods and supposed design flaws.

However, the vendor acquired a number of affords within the month earlier than he listed the 8,255-square-foot property on the market, Ryan Serhant advised The Put up. However the affords apparently weren’t excessive sufficient to entice the vendor to strike a deal.

“We needed to maximise worth” by bringing it in the marketplace, Serhant mentioned.

The unit with a large ground plan has been re-done and crammed with Fendi, Bentley and Hermès furnishings, a curated artwork assortment, herringbone white oak flooring, high-end finishes and a library, in accordance with the itemizing, which asks virtually twice what the vendor paid for it 5 years in the past.

Most expensive Manhattan listing drops for $169 M

Saudi retail and actual property billionaire Fawaz Al Hokair bought the unit for $87.7 million in 2016, in accordance with property information and studies on the time.

Donna Dotan

Most expensive Manhattan listing drops for $169 M

The itemizing can also be Serhant’s most costly single itemizing to this point.

Donna Dotan

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The large signal commissioned by health inlfuencer Deborah Capaccio exhibits…


Saudi retail and actual property billionaire Fawaz Al Hokair bought the unit for $87.7 million in 2016, in accordance with property information and studies on the time.

If it sells for what it’s asking, the penthouse can be the second most costly recognized New York Metropolis actual property sale ever. Hedge-fund supervisor Ken Griffin bought the most costly home within the U.S. — a apartment at 220 Central Park South — for $238 million in January 2019.

“Information are supposed to be damaged,” itemizing dealer Serhant advised The Put up. The itemizing can also be Serhant’s most costly single itemizing to this point.

Most expensive Manhattan listing drops for $169 M

The library might be used as seventh bed room, mentioned Serhant.

Donna Dotan

Most expensive Manhattan listing drops for $169 M

Unimaginable detailing within the library.

Donna Dotan

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The large signal commissioned by health inlfuencer Deborah Capaccio exhibits…


Most expensive Manhattan listing drops for $169 M

The six-bedroom, seven-bathroom, two-powder-room residence acquired a number of affords in a month of off-market promotion, Serhant advised The Put up.

Evan Joseph Studios

Most expensive Manhattan listing drops for $169 M

The house has attractive views of the town.

Evan Joseph Studios

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The large signal commissioned by health inlfuencer Deborah Capaccio exhibits…


The view from billionaire's row: The top floor of the 96-level Manhattan supertall known as "432 Park Avenue" hit the market Monday asking $169 million, earning the rank of Manhattan's most expensive listing.
The view from billionaire’s row: The highest ground of the 96-level Manhattan supertall generally known as “432 Park Avenue” hit the market Monday asking $169 million, incomes the rank of Manhattan’s most costly itemizing.
Donna Dotan

There is just one 432 Park Avenue

So what makes this penthouse the perfect itemizing in Manhattan, to advantage its standing as the most costly itemizing within the Massive Apple? Serhant mentioned it’s the constructing.

“Anybody can have a giant house or have a full ground someplace. However there is just one penthouse at 432 Park Avenue,” mentioned Serhant. “432 Park Avenue is without doubt one of the finest creations on the planet.”

However 432 Park Avenue’s worldwide status has not at all times been a optimistic one. Creaking, floods and supposed design flaws have plagued house owners, and The Put up beforehand reported that guests mentioned they have been “nauseated” and “freaked out” by the swaying.

“I can’t communicate to anybody else,” he advised The Put up. “It’s a supertall skyscraper.” No additional remark was given.

Models have stable oak flooring, excessive ceilings and floor-to-ceiling home windows. Kitchens have marble flooring and counter tops, seamless white-lacquer and oak cabinetry and top-of-the-line Miele home equipment together with a double oven, a double sink, a wine cooler and double dishwashers. Some actually have a built-in espresso maker, in accordance with the 432 Park Ave. web site

High gross sales within the constructing got here from an nameless purchaser in 2019 who bought three items on the 92nd and 93rd flooring for $91.12 million, The Put up beforehand reported.

And the constructing once more made headlines when then-couple Jennifer Lopez and Aaron Rodriguez bought their 4,000-square-foot pad within the Midtown tower for $15.75 million in 2019, virtually $2 million below the asking value.

Kitchens have marble floors and countertops, seamless white-lacquer and oak cabinetry, and top-of-the-line Miele appliances including a double oven, a double sink, a wine cooler and double dishwashers. Some even have a built-in espresso maker, according to the 432 Park Ave. website.
Kitchens have marble flooring and counter tops, seamless white-lacquer and oak cabinetry, and top-of-the-line Miele home equipment together with a double oven, a double sink, a wine cooler and double dishwashers. Some actually have a built-in espresso maker, in accordance with the 432 Park Ave. web site.
Evan Joseph Studios
The breakfast table has vast views of the city.
The breakfast desk has huge views of the town.
Donna Dotan
"Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue," said Serhant. "432 Park Avenue is one of the best creations in the world."
“Anybody can have a giant house or have a full ground someplace. However there is just one penthouse at 432 Park Avenue,” mentioned Serhant. “432 Park Avenue is without doubt one of the finest creations on the planet.”
Donna Dotan

Will it promote?

Such super-expensive actual property can usually take years to promote, as evidenced by the likes of the as soon as $39 million Regalia penthouse close to Miami, now asking $25.5 million, which has been on and off the market since 2017. And the $70 million Hearst Property in California, first asking $195 million, has been on and off the market since 2016.

Plus, New York brokers mentioned that the wealthy have shied away from penthouses, The Put up beforehand reported.

“Plenty of my shoppers discover new penthouses to be too excessive,” Herbert Chou of Christie’s Worldwide Actual Property advised The Put up final 12 months. “The attitude is definitely a little bit higher within the Twenty eighth-to-Fortieth-floor vary, relying on the neighborhood. From a penthouse, you’re looking down. You’re to date up that you’re indifferent out of your environment.”

Most expensive Manhattan listing drops for $169 M

Serhant jumps within the bathtub in his YouTube tour of the property.

Donna Dotan

Most expensive Manhattan listing drops for $169 M

One of many residence’s luxurious bogs is pictured.

Donna Dotan

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The large signal commissioned by health inlfuencer Deborah Capaccio exhibits…


However because the New York Metropolis actual property market de-frosts, it could be the fitting time to entice rich consumers.

Common luxurious gross sales costs rose virtually 20% to $7.75 million within the second quarter in comparison with this winter. After a rocky 12 months because of the pandemic, April, Might and June have been the third fastest-paced quarter in a decade, in accordance with New York-based brokerage Douglas Elliman.

There have been 26 closings on $20 million+ Manhattan houses within the first half of 2021, virtually a 3rd of which have been in June alone, in accordance with New York-based brokerage Douglas Elliman.

“It’s a really distinctive time on the planet proper now. It’s distinctive for actual property, and it’s distinctive for the rich. They want to diversify their money and holdings,” Serhant advised the Put up. “Actual property is an unbelievable funding, whether or not you utilize it or not, as a result of it’s a hedge in opposition to inflation.”

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