432 park avenue penthouse

Inside the $225 Million New York City Penthouse Currently Up For Grabs

In baller real estate news, Saudi retail billionaire Fawaz Al Hokair is looking to sell his 432 Park Avenue penthouse. Several sources close to the situation have indicated the New York City luxury condominium is set to be priced at a staggering AUD$225.92 million.

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NYC Penthouse

Image: 432parkavenue.com

The 8,225-square-foot space located in the Big Apple’s tallest residential building, if sold for the current price tag, would go down in history as NYC’s most expensive residential sale ever. The AUD$27,500 price per square foot would shatter the current record for a single apartment, which was set in February 2012, when a 6,744-square-foot unit at 15 Central Park West sold for about AUD$117 million, or AUD$17,500 a square foot. What makes this nine-figure demand even more incredible is when you consider Al Hokair only paid half of what he’s asking for in 2016.

The property will attempt to capitalise on an ongoing surge in luxury real estate sales throughout New York. The market has seen 30 or more contracts signed in the city at AUD$5 million and above for the last 21 weeks, according to Donna Olshan, the president of Olshan Realty. The current wave is partly due to pent-up demand following the pandemic, which virtually froze sales for several months in 2020, she said.

NYC Penthouse

Image: 432parkavenue.com

Situated on the 96th floor, the 6 bedroom penthouse offers breathtaking panoramic views. Other features shown in the marketing materials include furnishings such as a chandelier hanging over the custom onyx dining room table, a grand piano by the window, a library, as well as numerous accessories from luxury brands like Bentley Louis Vuitton and Hermes. While many images of the published penthouse have yet to be disclosed, you can gauge expectations from other apartments in the same building here.

Fawaz Al Hokair’s real estate agent Ryan Serhant has yet to reveal why his client listed the 432 Park Avenue penthouse in New York City. According to the Times, the building had been dealing with a number of mechanical issues and safety concerns in February of this year. We just hope the new owner ensures the elevator works before dropping mountains of cash on the sky-high pad.

Check it out

NYC Penthouse

Image: 432parkavenue.com

NYC Penthouse

Image: 432parkavenue.com

You’ll also love:
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