Midtown's 432 Park Avenue Sees Impressive Sales
Midtown’s 432 Park Avenue is in high demand during a time of peak sales in Manhattan, with two recent deals closing for a combined price of $61 million. The last available penthouse in the luxurious 96-story building sold for $31.5 million last week, and a lavish apartment on the 86th floor sold for $29.5 million. These sales contributed to the upswing in Manhattan’s real estate market, which recently saw its best week of the year in sales and dollar volume. As the luxury market shows no sign of slowing, now is the right time to find a home in NYC.
The penthouse at 432 Park Avenue spans almost 4,000 square feet, and comes with three bedrooms and three-and-a-half baths. Interior features include soaring ceilings and enormous 10-foot windows with magnificent views. The windowed eat-in kitchen boasts marble countertops, white lacquer and oak cabinetry, Miele stainless steel appliances, under-the-counter lighting, and Dornbracht polished chrome fixtures. The master bathroom offers a freestanding soaking tub and radiant heated floor, and all bathrooms feature elegant marble flooring and walls. This lavish home also features a library, as well as a master bedroom with two walk-in closets. The apartment sold for a $10 million reduction from its original asking price and equates to about $7,971 per square foot, according to StreetEasy. The luxury pad was purchased by a living trust for Roy T. Eddleman, the chairman and CEO of Spectrum Inc.
The other deal closed in this ultra-exclusive tower last week was that of philanthropists Roger and Susan Hertog, who purchased a 3-bedroom home on the 86th floor for $29.5 million. This was an impressive $10 million reduction from the original $39.5 million price tag in 2014, and equates to approximately $7,334 per square foot.
Sales at the building launched in 2013 and nine deals have closed this year with a total value of over $253 million. According to Joey Arak, the developer’s spokesperson, there is only one remaining sponsor unit available, although several remain under contract and have yet to close. This last unit is an 8,088-square-foot home on the 34th floor, with six bedrooms and seven bathrooms. It is being offered as a “white box”, in which the buyer will have the freedom to design and finish the space to his or her own personal preference. This home is asking $28 million, or about $3,462 per square foot.
At 1,395 feet high, 432 Park Avenue is the tallest residential building in the Western Hemisphere. Amenities at this upscale tower include a 75-foot swimming pool, theater, conference rooms, outdoor terrace, private dining room, lounge, and fitness center. There is also a concierge, valet, delivery service and porte-cochère. Those interested in renting or buying in a building with similarly luxurious amenities can check out the Elegran sales page or Elegran rentals page.