February 2, 2023

Saudi Retail Magnate To List 432 Park Penthouse For as Much as $170 Million

Saudi retail and real-estate magnate Fawaz Al Hokair is planning to list his penthouse at 432 Park Avenue—one of New York City’s most luxurious condominiums—for as much as $170 million, according to three people familiar with the situation.

That price point is nearly twice what Mr. Al Hokair paid for the property in 2016. If it sells for close to that sum, the property would be among the most expensive ever sold in the country.

The news coincides with an overall uptick in the city’s luxury market, which was decimated by the Covid-19 crisis but has rebounded significantly. Two condos at nearby 220 Central Park South recently sold for a combined $157.5 million in one of the priciest residential real-estate sales in the city.

Until recently the slimline tower was the tallest residential building in the Western Hemisphere.



Photo:

ANGELA WEISS/AFP/Getty Images

Mr. Al Hokair’s apartment, which is on the building’s 96th floor, is over 8,000 square feet and has six bedrooms, according to an offering plan for the building filed with the New York Attorney General’s office. Marketing materials show a lavish home with panoramic views of the city and decked out in designer finishes. A chandelier hangs over a custom onyx dining room table, and a sculptural grand piano sits by the window. There is also a library. The property is dotted with accessories from designers like Hermès,

Louis Vuitton

and Bentley.

Real-estate agent Ryan Serhant of Serhant has been tapped to market the home. He declined to comment on the seller’s reasons for listing.

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 slimline tower was the tallest residential building in the Western Hemisphere. (It was beaten out by Extell Development’s nearby Central Park Tower.)

Notable residents of 432 Park Avenue have included Jennifer Lopez and her ex-boyfriend, the former Yankee slugger Alex Rodriguez.

The developers of the building have said that issues of leaks and elevator malfunctions at the building recently documented by the New York Times are being addressed.

Write to Katherine Clarke at [email protected]

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