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  #201  
Old Posted Mar 22, 2021, 10:54 PM
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  #202  
Old Posted May 21, 2021, 12:28 AM
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  #203  
Old Posted Jun 26, 2021, 3:13 AM
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  #204  
Old Posted Jul 22, 2021, 4:12 PM
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https://www.bloomberg.com/news/artic...at-169-million

Penthouse at Manhattan’s 432 Park Ave. Listed at $169 Million






By Maria Heeter
July 22, 2021


Quote:
The six-bedroom, seven-bath unit overlooking Central Park was purchased for $87.7 million in 2016. Now, the 8,255-square-foot (767-square-meter) apartment is being offered along with all its furniture and artwork, according to StreetEasy.

The listing, by broker Ryan Serhant, calls the penthouse “a trophy unlike any other in the world,” with a private elevator landing, herringbone white oak floors and designer furniture from Fendi, Bentley and Hermes.

Manhattan’s luxury condo market is surging back after the doldrums of the pandemic, thanks largely to seller discounts that are helping to chip away at a pileup of empty units from the post-financial crisis construction boom.
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  #205  
Old Posted Jul 22, 2021, 4:24 PM
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  #206  
Old Posted Aug 19, 2021, 4:25 PM
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New video from Architectural Digest: Inside The $169M Most Expensive Penthouse In Manhattan

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  #207  
Old Posted Sep 3, 2021, 4:39 PM
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  #208  
Old Posted Sep 4, 2021, 10:46 PM
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I went to the Edge with a couple visiting nieces yesterday and one of them pointed right at 432 and asked "is that a prison?"

Once I recovered from laughing I said, "yes dear, a prison for money".
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  #209  
Old Posted Sep 15, 2021, 1:26 AM
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Should have participated in the color scheme...

https://www.instagram.com/p/CTvQOoBM8tP/

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  #210  
Old Posted Sep 24, 2021, 9:32 PM
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Quote:
Condo board at luxe NYC skyscraper sues over 1,500 design flaws

The board-hired consultant identified more than 1,500 construction and design defects in the building — “many of which are described as life safety issues,” according to the suit.
https://nypost.com/2021/09/24/condo-...-design-flaws/
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  #211  
Old Posted Sep 24, 2021, 11:47 PM
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^What a disaster. I think it's safe to call this building a design failure, both aesthetically and functionally.
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  #212  
Old Posted Oct 27, 2021, 4:32 PM
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  #213  
Old Posted Oct 27, 2021, 5:10 PM
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Originally Posted by The North One View Post
^What a disaster. I think it's safe to call this building a design failure, both aesthetically and functionally.
lol, no and no.

the board hired consultant.

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  #214  
Old Posted Dec 3, 2021, 1:20 AM
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  #215  
Old Posted Dec 3, 2021, 3:09 AM
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Man, this thing looks bad even at the base. Though I do love that flooring right there.
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  #216  
Old Posted Dec 17, 2021, 4:21 AM
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  #217  
Old Posted Dec 17, 2021, 4:08 PM
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https://therealdeal.com/2021/12/17/4...t-fine-thanks/

432 Park Avenue is doing just fine, thanks
Agents say condo board’s $250M lawsuit hasn’t curtailed interest from ultra-rich buyers



Dec. 17, 2021
By Erin Hudson


Quote:
Since February, when problems at 432 Park exploded into public consciousness in a New York Times story titled, “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks,” only two sales have closed in the building, according to data provided by Serhant. But then again, there were only three sales in 2020 — a sharp drop from the 12 deals in 2019, before the pandemic.

Both units that closed since February went for more than their owners paid for them. As one agent put it: “So far, people buying [or] paying very high rents don’t give a damn. They want to be in that building.”

The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Sean Hergatt and valet parking. That’s in spite of rising costs. Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit.
Quote:
There’s also the cachet of the address. One person with knowledge said 432 Park remains desirable, particularly among those in finance.

But, perhaps most importantly, insiders say the board’s descriptions of plumbing and mechanical issues and creaking noises sound worse on paper than they really are.

Douglas Elliman broker Tal Alexander, a resident in the building who has handled multiple deals there, said many of the issues detailed in the board lawsuit were “made out to be a much bigger deal and taken way out of context.”
Quote:
”The reality is it will take some time, but I’m hopeful that the sponsor will make a deal with the board and when they do, the building is going to get an influx of cash,” he said. “The building is going to benefit from this.”

Alexander handled last month’s $26 million deal, the priciest closing in the building in two years. He’s also the listing agent for two other units, and said that while buyers have questions about the lawsuit, he’s seen different reactions.

“You’re going to have a bit of everything,” he said. “[There are] some buyers who might want to wait out the lawsuit, but in my humble opinion I think they’re going to have to pay a higher price down the road.”
Quote:
Some point to current $169 million and $135 million listings as bellwethers for how deep-pocketed buyers view the building. Both units, one on the 96th floor and the other on the 79th floor, were listed after the building’s issues became public. Multiple agents said the asking prices are too high.

Compass broker Richard Steinberg, part of the team that initially sold the building, called the $169 million price tag for Saudi retail magnate Fawaz Alhokair’s top-floor penthouse “an aggressive price,” particularly for a resale.

“There’s no precedent set for that,” he said. Alhokair bought the penthouse for $87.7 million in 2016.

Ryan Serhant, the listing agent, did not respond to requests for comment. But Engel & Völkers’ Noel Berk, the listing agent for the $135 million unit on the 79th floor — which was custom designed by Japanese architect Hiroshi Sugimoto — disagreed.

“Considering the pedigree and that you can move in with a toothbrush and be thrilled and happy in the apartment, I don’t think it’s overpriced,” she said. Sugimoto flew in materials and trades people from Japan to do the build-out for the sellers, who are American art collectors.

In the past six weeks, Berk has shown the apartment five times. On a sunny day in September, she gave a tour to The Real Deal, commenting several times on how quiet the apartment was. Pointing to the floating joints between the walls and ceilings, Berk and the architect of record, Felix Ade of YUN Architecture, explained how the elements of the apartment would move with the building. Ade noted that he’d been in the apartment in all kinds of weather and never felt it sway.
Quote:
But despite interest in the apartment, Berk has been trying to find a buyer for nearly a year. She attributed the slow process to travel restrictions that have prevented foreign buyers from visiting, rather than issues with the building itself.

“Many of our anticipated buyers may be foreigners or people that have to travel a long way, and because of Covid those people have not come back into either New York or the states yet,” Berk said.

“All condominiums have issues in the beginning, when the residents take over the board,” she added. “That’s not a primary issue at this point.”
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  #218  
Old Posted Dec 22, 2021, 7:59 PM
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https://www.wsj.com/amp/articles/dev...it-from-condo-


Quote:
….. The luxury building, which includes a pool and fitness center, a sauna and steam room, a private theater and a billiards room, is more than 90% sold, according to the developer’s court filing on Wednesday.

Listing website StreetEasy shows that a number of the building’s most valuable apartments are currently on the market. They include a Japan-inspired, full-floor apartment owned by Mitch Julis, a co-founding partner of the Los Angeles hedge fund Canyon Capital Advisors, which is asking $135 million. Also listed is the project’s top-floor penthouse, owned by Fawaz Al Hokair, a Saudi billionaire property mogul, which is on the market for $169 million, according to people familiar with the building.

The building is known for drawing some of the world’s wealthiest people, including finance-industry leaders, celebrities and high-profile real-estate executives. Some of the biggest names who have called the building home include superstar Jennifer Lopez and her former partner, onetime Yankees slugger Alex Rodriguez. The apartments are also some of the priciest in the world. Mr. Al Hokair paid $87.66 million for his penthouse in 2016, one of the highest prices ever paid for a New York apartment, records show. In more recent years, sellers in the building have faced competition from a group of new towers erected on Billionaires’ Row, including 220 Central Park South, 111 West 57th Street and Central Park Tower.
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  #219  
Old Posted Feb 11, 2022, 1:15 PM
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Quote from the One Wall Street article…


https://www.ft.com/content/4e5af632-...f-ed926b22c8df

Edwin Heathcote
2/11/22

Quote:
One Wall Street’s change in destiny is being guided by Harry Macklowe, the developer who has set fashions in New York real estate for decades, from persuading Steve Jobs to build the “glass cube” Apple Store beneath his GM Building to his stark skinnyscraper at 432 Park.

…..Macklowe’s other big game-changer rises high above Midtown Manhattan, a more traditional condo district, at 432 Park, designed by Rafael Viñoly. There have been mutterings about creaking walls and leaks (“Teething problems” Macklowe says). And supertall, superslender towers will sway in the wind — though after walking up there from Wall Street on a blustery day, I didn’t feel a thing.
Quote:
One of the first pencil towers by Central Park, this cool, abstract, gridded building was always the best of them, at least in looks: enigmatic, blank, an existential extrusion of pure wealth. Just as much as the conversion of Wall Street from banks to condos articulates changing patterns of power in the city, so 432 illustrates the economics of building a slender tower which would never previously have been economical. Taken together, the pencil towers are like a bar chart of extreme wealth disparity, casting long shadows over the public park. “Over the past 15 years a few of us were early to recognise that we could build tall and get better views, more air, more beautiful buildings,” Macklowe says.

Is he conscious of legacy? “No” he says. “The developer is just a footnote. But I’ve been lucky enough to create and I can be proud of the buildings. I’ve enjoyed it.”

And regrets? “Only that my parents were not alive to see that I had built a tower in New York taller than the Empire State.”
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  #220  
Old Posted Apr 28, 2022, 12:41 AM
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https://nypost.com/2022/04/26/billio...sells-for-70m/

Billionaire’s Row penthouse sells for $70.5M ⁠in biggest deal of the year






By Hannah Frishberg
April 26, 2022


Quote:
Behold: The most exorbitant real estate deal of the year.

A unit in Manhattan’s 432 Park Ave. skyscraper has freshly become NYC’s priciest sale of the year, after selling for $70.5 million.

The condo on the 82nd floor of the tony, 96-story Billionaire’s Row building was last listed for $79 million and entered contract on April 20th, according to StreetEasy.

According to the Olshan Luxury Market Report, the sale represents not only the boroughs’ biggest of 2022 but also the biggest since April 2021.

The 8,054-square-foot, five-bedroom, six-bathroom apartment’s seller made quite a pretty penny with the resale.








APRIL 23, 2022


It's often forgotten that 432 Park has a base....























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