A penthouse apartment atop 432 Park Avenue is back on the market, this time at a 20 percent discount. The 8,255-square-foot Manhattan aerie is now available for $130 million.
The home, owned by Saudi retail and real-estate tycoon Fawaz Al Hokair, has been privately shopped in the six months prior to relisting with the $39 million price reduction. This isn’t the first price cut to find a property in the building. Another notable unit dropped it’s asking price by $42 million to $92 million earlier in the month, according to the listing on StreetEasy.
The $130 million apartment on the 96th floor has 12.5-foot ceilings throughout, ornamented with 24 10-by-10-foot windows, circling the full-floor unit to offer views of Manhattan in every direction—including both the Hudson and East Rivers. The home contains six bedrooms, seven bathrooms, two powder rooms, a library with a wood-burning fireplace, a formal dining room, a private elevator entrance, and a 93-foot-long great room for entertaining with another wood-burning fireplace.
The chef’s kitchen also touts grand views, as well as a more intimate dining space with white lacquer cabinets, Miele appliances, and contrasting marble on the floor and counters. Meanwhile, the primary suite boasts a corner view of Midtown and Central Park. In addition to two walk-in dressing rooms, the suite has a pair of bathrooms adorned with more marble and a freestanding tub situated in front of a large window with an expansive view. The other five bedrooms have similarly impressive views and en-suite bathrooms.
The building offers residents additional amenities, including a private restaurant with indoor and outdoor seating, an outdoor terrace, a 75-foot indoor pool, a gym, a yoga studio, a screening room, a children’s playroom, and a steam and sauna room.
Situated on the so-called Billionaire’s Row, 432 Park Avenue is one of the tallest residential buildings in the world. It has had its fair share of controversy, however. In 2021, the building’s condo board filed suit against the building’s developer, a group controlled by the Los Angeles-based CIM Group, leveling allegations that the building suffered “intolerable” noise, swaying, flooding issues and elevator malfunctions. With 96 floors, elevator problems can quickly become a significant issue. The developer said the building is “without a doubt, safe” in response to court filings. It also said many of the issues raised by the board had already been addressed.
Tal Alexander, who represents the apartment with his brother Oren, told the Wall Street Journal it isn’t entirely clear whether the price drops on the building’s units are a consequence of these allegations or just the result of the ebb and flow of high-end real estate in New York. Either way, says Alexander, the seller “did the right thing by heeding our advice to adjust to meet the market.”
Al Hokair reportedly purchased the apartment for $87.7 million more than six years ago. Though it appears the next buyer will get the opulent penthouse just like new. The listing claims the owner has never lived in the apartment.
