A Saudi retail tycoon has slashed the price of a high-end penthouse at 432 Park Avenue by $39 million, now asking just $130 million.
The 8,200-square-foot apartment has six bedrooms, a private library, panoramic New York City views, a private elevator, and a 93-foot-long great room.
Fawaz Al Hokair listed the luxurious Manhattan penthouse for the first time in July 2021 for $169 million but delisted in May 2022, only to refurbish the property recently with a whopping 20% markdown.
Hokair bought the penthouse in 2016 for $87.66 million, one of the highest prices ever paid for an apartment in New York, records achieved by the the wall street journal to show.
According to listing agent Tai Alexander, Hokair was reluctant but “did the right thing” by lowering the price of the penthouse “to respond to the market”.
The property sits along what is commonly known as “Billionaire’s Row” and previously had notable residents like Jennifer Lopez and Alex Rodriguez.
Saudi real estate billionaire Fawaz Al Hokair has slashed the price of his 96th-floor Park Avenue penthouse by $38 million
The stunning property, in the iconic 432 Park Avenue skyscraper, is now on sale for ‘just’ $130 million
432 Park Avenue is the tallest building in this photograph. It’s part of a new generation of super-tall, super-skinny skyscrapers that have sprung up in small swathes of Manhattan in recent years.
According to Alexander, the penthouse has been quietly on the market for months.
It was only recently, however, that the apartment was officially relisted and with the massive discount of nearly $40 million.
The 8,200 square foot unit has never been lived in and hasn’t even slept.
The magnificent penthouse offers panoramic views of the Hudson and East rivers and the views stretch for miles.
The unit has six bedrooms and 12.5 foot ceilings.
Besides the private library and elevator, the property also includes a formal dining room and a huge master bedroom.
The master suite has two dressing rooms and two marble bathrooms.
Current owner of the property, Fawaz Al Hokair
This shot shows a music room and dining room in the penthouse, which takes up the entire top floor of the 96-story building
A bedroom in the property offers stunning views of Manhattan, including the Empire State Building
Another shot of the dining room, which has built-in seating to allow people to enjoy the view, and gorgeous herringbone parquet
Another window, another masterful view: the penthouse has very high ceilings and huge windows that maximize views of Manhattan and beyond
The property’s expansive living room is pictured and has substantial space for entertaining
Another bedroom with dual aspect windows offering incredible sunset views of the Hudson and New Jersey
This room is a bit smaller – but still has a spectacular view of western Manhattan and the Hudson
One of the penthouse bathrooms is pictured. The windows are huge and unfrosted – but at this height there’s no danger of someone outside seeing you shower
The building also has a 75 foot long swimming pool for residents.
432 Park Avenue is one of several residential skyscrapers located on Billionaires’ Row – a cluster of multi-billion dollar high-end developments on or near West 57th Street that overlook Central Park
Famous celebrities who have purchased 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 unit in 2018 for $15.3 million – only to sell it the following year for $17.5 million.
The high price list comes two years after the building was branded a “heavy failure” due to structural and maintenance issues.
At the time, DailyMail.com reported that residents said the building was suffering from leaks, flooding, faulty elevators and other running costs caused by repairs.
The 96-story building was completed in 2015 and was the second tallest skyscraper in New York behind One World Trade Center.
A major problem the building has faced and may still face is its height.
Strong gusts of wind cause the structure to sway, affecting elevators and cables.
The swaying of the building is also taking its toll on pipework and plumbing as residents continue to complain of leaks and flooding.
The problems may still be present as earlier this month, Mitch Julis of hedge fund Canyon Capital Advisors cut the price of his unit to $92 million, a cut from $43 million.
The exact reasoning behind the price cuts is unclear, however, Alexander said.
Alexander said he hopes the property will sell soon, as the market for elite and luxury apartments in Manhattan appears to be on the rise.
Data from Olshan Realty shows that 40 Manhattan contracts were signed at $4 million and up in early May. This is the highest number since May 2022.
“We are now in an environment where no one necessarily wants to pay the asking price. People want to make a deal,” Alexander said.
“At his current request, I think we’re in the area where a buyer will think they’re getting a fair deal,” he told the Wall Street Journal.