Bargain! Saudi tycoon slashes $38M from price of 96th floor penthouse in iconic NYC skyscraper where JLo once lived, and now wants to sell for $130M
- The price of a ritzy penthouse inside 432 Park Avenue has been slashed by $39 million and is now on the market for $130 million
- The property is 8,200 square feet and has six bedrooms, its own library, and panoramic views of Manhattan
- Penthouse was originally listed by Fawaz Al Hokair in July 2021
A Saudi retail tycoon has slashed the price of an upscale penthouse in 432 Park Avenue by $39 million as they are now asking for just $130 million.
The 8,200-square-foot apartment has six bedrooms, a private library, panoramic views of New York City, a private elevator entrance, and a 93-foot-long great room.
Fawaz Al Hokair first listed the luxurious Manhattan penthouse in July 2021 for $169 million but delisted in May 2022, only to put the property back up recently with markdown of a whopping 20 percent.
Hokair purchased the penthouse in 2016 for $87.66 million, one of the highest prices ever paid for a New York apartment, records obtained by the Wall Street Journal show.
According to listing agent Tai Alexander, Hokair was reluctant but ‘did the right thing’ by cutting the price of the penthouse ‘to meet the market.’
The property is located along what is commonly referred to as ‘Billionaire’s Row’ and previously boasted notable residents like Jennifer Lopez and Alex Rodriguez.
According to Alexander, the penthouse has been quietly on the market for months.
It was only recently, however, that the apartment was officially relisted and with the massive, nearly $40 million discount.
The 8,200 square foot unit has never been lived in and has not even been slept in.
The stunning penthouse has panoramic views of the Hudson and East rivers and views range for miles.
The unit has six bedrooms and 12.5-foot ceilings.
Along with the private library and elevator, the property also includes a formal dining room and a massive master bedroom.
The master suite has two walk-in dressing rooms and two marble bathrooms.
The high price listing comes two years after the building was labeled as a ‘towering failure’ due to structural and maintenance issues.
At the time, DailyMail.com reported residents said the building suffered from leaks, flooding, faulty elevators, and other common charges caused by repairs.
The 96-floor building was completed in 2015 and was the second tallest skyscraper in New York City behind One World Trade Center.
One major issue the building faced and may still face is its height.
Strong wind gusts cause the structure to sway, which in turn affected elevators and cables.
The sway of the building also wreaks havoc on piping and plumbing as residents continue to complain of leaks and floods.
The issues may still be present as earlier this month, Mitch Julis of hedge fund Canyon Capital Advisors reduced his unit’s price to $92 million, a $43 million cut.
The exact reasoning for the price cuts is unclear, however, Alexander said.
Alexander said he has hopes the property will sell soon as the market for elite and luxurious apartments in Manhattan appears to be on the up and up.
Data from Olshan Realty shows that 40 Manhattan contracts were signed at $4 million and above in early May. That marks the highest number since May 2022.
‘We’re in an environment now where no one necessarily wants to pay the asking prices. People want to make a deal,’ Alexander said.
‘At its current ask, I think we’re in the realm where a buyer will think they are getting a fair deal,’ he told the Wall Street Journal.
