A Saudi retail magnate has slashed the price of an upscale penthouse at 432 Park Avenue by $39 million, while it is now asking for just $130 million.
The 8,200-square-foot apartment features six bedrooms, a private library, panoramic views of New York City, a private elevator entrance, and a 93-foot great room.
Fawaz Al Hokair has listed the luxury penthouse in Manhattan for the first time in July 2021 for $169 million, but was delisted in May 2022, only to recently revalue the property at a whopping 20 percent discount.
Hokair bought the penthouse in 2016 for $87.66 million, one of the highest prices ever paid for a New York apartment, according to filings obtained by The New York Times Wall Street Journal show.
According to listing agent Tai Alexander, Hokair hesitated but “did the right thing” by lowering the price of the penthouse “to cater to the market.”
Located on what is known as “Billionaire’s Row,” the property was once home to notable residents such as Jennifer Lopez and Alex Rodriguez.
Saudi real estate billionaire Fawaz Al Hokair has dropped the price of his 96th-floor penthouse on Park Avenue by $38 million
The breathtaking property in the legendary 432 Park Avenue skyscraper is now for sale for “only” $130 million
432 Park Avenue is the tallest building in this photo. It is one of a new generation of supertall, superthin skyscrapers that have sprung up on small lots in Manhattan in recent years
According to Alexander, the penthouse has been quietly on the market for months.
However, the condo was only recently officially put back up for sale, at a massive discount of nearly $40 million.
The 8,200-square-foot unit has never been occupied or even slept in.
The stunning penthouse offers miles of panoramic views of the Hudson and East Rivers.
The unit features six bedrooms and 12.5 foot ceilings.
In addition to the private library and elevator, the property also includes a formal dining room and an enormous master bedroom.
The master suite has two walk-in dressing rooms and two marble bathrooms.
Current owner of the property, Fawaz Al Hokair
This snapshot shows a music and dining area in the penthouse that occupies the entire top floor of the 96-story building
One bedroom in the property offers stunning views of Manhattan, including the Empire State Building
Another view of the dining area which has built in seating for guests to enjoy the view and a beautiful herringbone parquet floor
Another window, another gorgeous view: The penthouse features very high ceilings and huge windows that maximize the view of Manhattan and beyond
Pictured is the property’s expansive living room with plenty of space for entertaining
Another bedroom with double windows offering incredible views of the sunset over the Hudson and New Jersey
This bedroom is slightly smaller but still offers spectacular views over west Manhattan and the Hudson River
One of the penthouse bathrooms is shown in the picture. The windows are huge and not iced – but at this altitude there is no risk of someone outside seeing you showering
The building also features a 75-foot pool for residents
432 Park Avenue is part of a group of high-rise residential buildings on Billionaires’ Row – a collection of high-quality, multi-billion dollar developments on or near West 57th Street overlooking Central Park
Famous people who have bought properties at 432 Park Avenue include Jennifer Lopez and Alex Rodriguez (seen above in New York in 2018). The two bought a 4,000-square-foot apartment for $15.3 million in 2018 — only to sell it for $17.5 million the next year
The high price list comes two years after the building was classified as “towering in disrepair” due to structural and maintenance problems.
At the time, DailyMail.com reported that local residents said the building had suffered from leaks, flooding, broken elevators and other frequent stresses related to repairs.
Completed in 2015, the 96-story building was the second tallest skyscraper in New York City after One World Trade Center.
A major problem that the building has faced, and could face, is its height.
Strong gusts of wind cause the structure to sway, which in turn affects elevators and cables.
The swaying of the building is also causing devastating damage to the plumbing and plumbing as residents continue to complain of leaks and flooding.
Trouble could still linger as Mitch Julis of hedge fund Canyon Capital Advisors cut his unit’s price to $92 million earlier in the month, down from a $43 million cut.
However, the exact reasons for the price cuts are unclear, Alexander said.
Alexander said he hopes the property will be sold soon as the market for elite and luxury Manhattan apartments appears to be on the up.
This is shown by data from Olshan Realty In early May, 40 Manhattan contracts valued at $4 million and up were signed. That is the highest number since May 2022.
“We’re in an environment now where nobody is keen to pay the asking prices.” “People want to make a deal,” Alexander said.
“With the current level of demand, I think we’re in an area where a buyer will think they’re getting a fair deal,” he told the Wall Street Journal.
