Saudi billionaire, retail magnate, and big-time real estate operator – Fawaz Al Hokair – is looking to offload his coveted 432 Park Avenue penthouse. The asking price for one of New York City’s most sumptuous luxury condominiums? As several sources familiar with the situation have indicated, it’s on track to list for as much as US$170 million (AU$225.92 million).
The nine-figure price tag is quite hefty on face value, and even heftier when you consider how it’s close to twice what Al Hokair paid back in 2016… although this is the Big Apple’s tallest residential building we’re talking about; it was never going to be exchanged for pocket change. If the 432 Park Avenue penthouse does indeed sell for anything close to his current demand, not only will this go down in history as NYC’s most expensive residential sale ever – it’ll also be sound confirmation of a post-COVID rebound for the city’s high-end property market.
Incidentally, as pointed out by The Wall Street Journal, this comes in the wake of two condos near 220 Central Park South selling for a combined sum of US$157.5 million (AU$209.5 million) – “one of the priciest residential real-estate sales in the city.” So yes… perhaps we are witnessing certifiable recovery.
Located on the 96th floor and spread across 8,000 square feet, the penthouse offers 6 bedrooms. Other features outlined in the marketing materials include furnishing which ranges from a chandelier that hangs over the custom onyx dining room table, grand piano by the window, library, designer finishes, panoramic views; as well as accessories from the likes of Louis Vuitton, Hermes, and Bentley.
Apart from the outlined, not much else has been publicly disclosed, nor many images of the actual penthouse published online (though you can check out the template for every other apartment in the same building here).
Fawaz Al Hokair’s real estate agent Ryan Serhant declined to reveal why his client was listing his 432 Park Avenue penthouse in New York City when The Wall Street Journal reached out for comment. Some speculate it has something to do with the recent complaints about the building’s overall quality. Let’s just hope everything gets sorted out before the new owner picks up the keys.
Check it out below.