A Saudi retail mogul has slashed the price of a luxury penthouse at 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 great room.
Fawaz Al Hokair was the first to place the luxurious penthouse in Manhattan in July 2021 for $169 million, but delisted in May 2022, only to recently put the property back on the market at a whopping 20 percent discount.
Hokair bought the penthouse in 2016 for $87.66 million, one of the highest prices ever paid for a New York apartment. Wall Street Journal show.
According to broker Tai Alexander, Hokair was reluctant but “did the right thing” by lowering the penthouse’s price “to meet the market.”
The property is located along what is commonly referred to as ‘Billionaire’s Row’ and previously had notable residents such as Jennifer Lopez and Alex Rodriguez.
Saudi real estate billionaire Fawaz Al Hokair slashed $38 million off the price of his 96th-floor Park Avenue penthouse
The stunning property, in the iconic 432 Park Avenue skyscraper, is now on sale for ‘just’ $130 million dollars
432 Park Avenue is the tallest building in this photo. It’s one of a new breed of super-tall, super-thin skyscrapers that have sprung up on small lots in Manhattan in recent years
According to Alexander, the penthouse has been on the market for months.
However, it was only recently that the condo was officially relisted and at the massive discount of nearly $40 million.
The 8,200-square-foot unit has never been lived in or even slept in.
The beautiful penthouse has panoramic views of the Hudson and East rivers and the views range for miles.
The unit has six bedrooms and 12.5 foot ceilings.
In addition to the private library and elevator, the property also features a formal dining room and an enormous master bedroom.
The master suite has two walk-in dressing rooms and two marble bathrooms.
Current owner of the property, Fawaz Al Hokair
This photo shows a music and dining area in the penthouse, which takes up the entire top floor of the 96-story building
A bedroom in the property has breathtaking views of Manhattan, including the Empire State Building
Another photo of the dining area with built-in seating for people to enjoy the view, and a beautiful herringbone parquet floor
Another window, another majestic view: the penthouse has very high ceilings and huge windows that maximize the view of Manhattan and beyond
The property’s expansive living area is pictured and has plenty of space for entertaining
Another bedroom with double windows that provide fantastic views of the sun setting over the Hudson and New Jersey
This bedroom is slightly smaller, but still offers spectacular views of Western Manhattan and the Hudson
One of the penthouse’s bathrooms is pictured. The windows are huge and not frosted – but at this height there’s no danger of anyone outside seeing you showering
The building also features a 75-meter swimming pool for residents
432 Park Avenue is one of several residential skyscrapers on Billionaires’ Row – a cluster of high-value, multi-billion dollar developments on or near West 57th Street overlooking Central Park
Among the famous celebrities who bought properties at 432 Park Avenue are Jennifer Lopez and Alex Rodriguez (seen above in New York in 2018). The two bought a 4,000-square-foot unit for $15.3 million in 2018 — only to sell it the following year for $17.5 million
The lofty price list comes two years after the building was labeled a “skyrocketing failure” due to structural and maintenance issues.
At the time, DailyMail.com reported that residents said the building was suffering from leaks, flooding, broken elevators and other common costs caused by repairs.
The 96-story building was completed in 2015 and was the second tallest skyscraper in New York City behind One World Trade Center.
A major problem the building faced and may still face is its height.
Strong gusts of wind cause the structure to sway, which in turn affects elevators and cables.
The building’s sway also wreaks havoc on pipes and plumbing as residents continue to complain of leaks and flooding.
The issues may still be there, as earlier this month Mitch Julis of hedge fund Canyon Capital Advisors lowered the price of his unit to $92 million, a discount of $43 million.
However, the exact reason for the price cuts is unclear, Alexander said.
Alexander said he hopes the property will sell quickly as the market for elite and luxury apartments in Manhattan appears to be on the rise.
This is according to data from Olshan Realty In early May, 40 Manhattan contracts were signed for $4 million and more. That is the highest number since May 2022.
“We are now in an environment where no one necessarily wants to pay the asking price. People want to make a deal,” Alexander said.
“At the current question, I think we’re in the realm where a buyer will think they’re getting a fair deal,” he told the Wall Street Journal.