An unnamed — and unbelievably wealthy — Chinese buyer has shelled out a cool $91.12 million for a three-unit condo combination at Midtown Manhattan’s super-tall 432 Park Ave., according to public records filed with the city on Tuesday.
The sale, first reported by the Real Deal, is the highest-priced transaction in the building to date.
The deed shows the buyer, listed in records as 432 Park Joy LLC, snagged units 92, 92B and 93B — and for a discount off their asking price. The homes, a massive 12,000 square feet across one and a half floors, had asked $120 million all together.
On Tuesday afternoon, a spokesperson declined to comment on any sales activity. “We are all on gag orders and forbidden to even say the word 432,” one of the brokers on the building’s team said. Another source added that the buyer is local.
Developer Harry Macklowe was unavailable for comment. However, his spokesperson said: “We’re gratified and excited to see that the quality and reputation of 432 Park Ave. continues to be validated.”
The tallest residential building in the Western hemisphere, 432 Park stands a whopping 1,396 feet tall — and 96 stories total.
Unit features, according to their listings, include wood-burning fireplaces, nearly 30-by-30-foot living/dining spaces, Miele stainless steel appliances and expansive 10-by-10-foot windows that look out to the city skyline.
The price paid for this trio of apartments is sky-high, but it still doesn’t take the cake for an overall city record. The title of New York’s most expensive apartment ever sold still belongs to an 11,000-square-foot penthouse at nearby One57, which sold in 2014 for $100.5 million. The second-highest apartment, which a team of investors led by hedge funder Bill Ackman bought in 2015 for $91.54 million, is also at One57.
Adding to 432 Park’s glam factor, though, is that lovebirds Jennifer Lopez and Alex Rodriguez scoped out units several times.
According to a rider to the contract for this deal, sources told The Post, the buyer required the seller to pay for all the costs — and deal with the red tape — required to combine the three units. This translates into a 10 percent discount for the buyer, which means that the seller had to concede at least a 35 percent discount to sell the apartments, the sources added.
Broker to the stars Dolly Lenz, who wasn’t involved in this deal, said, “All of our clients are telling us that they are diversifying and taking some money out of the market as a value play, even at the $91 million level. Real estate is still a better investment than the stock market at 25,000.”
Susanna Lendrum of Corcoran represented the buyer. Douglas Elliman’s Richard Steinberg, Roger Erickson, Sabrina Saltiel and Shari Scharfer-Rollins handle sales and marketing at 432 Park.
For the full article from the NY Post click here.