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The penthouse apartment of one of New York’s most prestigious addresses could reportedly sell for as much as $170 million when its Saudi owner puts it on the market, according to the Wall Street Journal, marking a comeback for luxury real estate after high-dollar transactions were battered during the coronavirus pandemic.
Retail tycoon Fawaz Alhokair is reportedly planning to sell his penthouse apartment, according to the Journal, which he purchased in 2016 for $87.6 million, the city’s fourth most expensive single residence property at the time.
The 8,000 square-foot apartment has six bedrooms, seven bathrooms and features 360-degree views of the New York skyline from its location on the 96th floor.
The unit is the penthouse of 432 Park, which until recently was the tallest building in the hemisphere and has boasted notable residents like singer Jennifer Lopez and her former partner, baseball star Alex Rodriguez.
However, the million-dollar condos have been plagued by reports of design issues like malfunctioning elevators, excessive swaying on windy days, flooding in the building and noisy sounds in units.
A spokesperson for the Alhokair Group did not immediately respond to a Forbes request for comment.
Alhokair was estimated by Forbes to be worth $1.7 billion in 2017 but has since been left off the annual billionaires’ list over an ambiguity of his assets. He made his fortune in real estate and retail.
Luxury real estate appears to be on the rise again after being battered during the coronavirus pandemic. According to the WSJ, the pandemic and concurrent anti-racism protests in the city hurt high-priced New York real estate even more than the September 11 terrorist attacks. Recent data indicates the city is beginning to buck the trend. In May, a three-bedroom apartment at 220 Central Park South, thought to be the city’s most expensive residence, sold for $33 million, the full asking price and almost a quarter more than the seller paid for the property in 2019. Another buyer bought two condos in the same building for a combined $157.5 million, nearly a 54% increase from the two unit’s combined sale prices the previous year.
Saudi Retail Magnate to List 432 Park Penthouse For as Much as $170 Million (Wall Street Journal)
The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks (New York Times)