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Saudi Arabian retail giant lists 432 Park Penthouse for $ 170 million

Saudi Arabia’s retail and real estate tycoon, Fawas Al-Hokaia, will list a penthouse on 432 Park Avenue, one of New York City’s most luxurious condos, for $ 170 million.

That price is almost double the amount Alhokaia paid for the property in 2016. If sold at a price close to that amount, the property will be one of the most expensive properties ever sold in the country.

The news is in line with the overall rise in the city’s luxury markets, which declined due to the Covid-19 crisis but recovered significantly. The two condos in nearby 220 Central Park South have recently sold for a total of $ 157.5 million in one of the city’s most expensive residential real estate sales.

Until recently, the Slim Rhine Tower was the tallest residential building in the Western Hemisphere.


Photo:

ANGELA WEISS / AFP / Getty Images

According to a building recruitment plan submitted to the New York Attorney General’s office, Alhocaia’s apartment on the 96th floor of the building is over 8,000 square feet and has six bedrooms. Marketing materials showcase luxurious homes with panoramic views of the city and are adorned with designer finishes. A chandelier hangs on a table in a bespoke onyx dining room, and a sculptural grand piano sits by the window. There is also a library. The property is dotted with designer accessories such as Hermes.

Louis Vuitton

And Bentley.

Serhant’s real estate agent Ryan Serhant was used to market the home. He declined to comment on the reasons for the list of sellers.

Developed by Macklowe Properties and CIM Group, 432 Park Avenue is one of the most notable additions to the New York skyline in recent years. Until recently, the Slim Rhine Tower was the tallest residential building in the Western Hemisphere. (I was defeated by the Central Park Tower near Extell Development.)

Prominent residents of 432 Park Avenue include Jennifer Lopez and her ex-boyfriend, ex-Yankee Slugger Alex Rodriguez.

The building developers say they are addressing a building leak and elevator malfunction issue recently documented by the New York Times.

Write to Catherine Clark katherine.clarke@wsj.com

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Saudi Arabian retail giant lists 432 Park Penthouse for $ 170 million

Source link Saudi Arabian retail giant lists 432 Park Penthouse for $ 170 million

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