An $82 million penthouse in NYC’s tallest residential building finally sold after 2 years on the market — but only after it was split in half and got a $21 million price chop

The 95th floor penthouse at 432 Park Ave sold after being split into two separate apartments.

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The 95th floor penthouse at 432 Park Ave sold after being split into two separate apartments.
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DBOX for CIM Group & Macklowe Properties

  • An $82 million penthouse in New York City’s tallest residential building has finally sold after sitting on the market for more than two years.
  • It sold after it was split into two separate units and was given a $21 million price total price cut.
  • The split units sold for $30.7 million and $30.2 million respectively.
  • The luxury 95th-floor apartment, with its 10-by-10-foot windows, offers 360-degree views of Central Park and the city.

A lavish $82 million penthouse in New York City’s tallest residential building has finally sold after sitting on the market for more than two years – but only after it got a $21 million price chop and was split into two separate units.

The developers split up the 95th floor penthouse at 432 Park Avenue, which includes stunning 360-degree views of Central Park and the city, into two apartments, in December 2018, as Curbed reported.

The floor was then re-listed as two individual three-bedroom condos priced at $41.25 million and $40.75 million. Now, they’re both sold, at $30.7 million and $30.2 million respectively, a representative for the developer told Business Insider. Penthouse 95A was bought at the end of 2018 for $30.7 million and 95B was later sold for $30.2 million.

The split of the original penthouse and subsequent sales fits into a larger trend of developers chopping up pricey penthouses into smaller, cheaper units in order to get them off the market, Business Insider previously reported.

Although the two units are called penthouses, they’re not actually on the top floor of 432 Park. That would be the 96th-floor unit, which was sold to the Saudi billionaire Fawaz Alhokair for $87.7 million in 2016. Floors 91 through 96 are referred to as penthouses at 432 Park Ave because their layouts are different from the rest of the building and some are full floors, a representative told Business Insider.

Business Insider obtained photos of the penthouse on the 92nd floor (which has been sold), whose layout is identical to the previously one-unit penthouse on the 95th floor, to offer a peek inside the luxurious penthouse apartments.

Here’s a look at the 95th-floor penthouse before it was split in half.


The penthouse is on the 95th floor of 432 Park Ave., the controversial skyscraper that holds the title of tallest residential building in New York City, at 1,396 feet.

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DBOX for CIM Group & Macklowe Properties

One World Trade Center in Lower Manhattan remains the tallest building in the city thanks to its spire, but the skyscraper itself is 28 feet shorter than 432 Park Ave.

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Andrew Burton/Getty Images

Source: New York Times


432 Park was completed in 2015 amid criticism from some New Yorkers who felt it looked ugly and out of place in the city skyline.

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DBOX for CIM Group & Macklowe Properties

Source: New York Times


The $82 million penthouse is on the 95th floor. Even though it’s called a penthouse, it’s on the second-highest level of the skyscraper, not the top floor.

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DBOX for CIM Group & Macklowe Properties

Floors 91 through 96 are referred to as penthouses because their layouts are different from the rest of the building and some are full floors, a representative for the developer told Business Insider.

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DBOX for CIM Group & Macklowe Properties

Source: 432 Park Ave.


The 96th-floor penthouse sold to the Saudi billionaire Fawaz Alhokair for $87.7 million in 2016.

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DBOX for CIM Group & Macklowe Properties

Source: Curbed NY


432 Park features a full-time concierge, a 24-hour door attendant, valet parking, and a private covered entryway where vehicles can discreetly drop off residents and guests.

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DBOX for CIM Group & Macklowe Properties

Source: 432 Park Ave.


The expansive 8,255-square-foot penthouse on the 95th floor included six bedrooms and seven bathrooms until it was split into two separate three-bedroom condos.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


The apartments have solid oak flooring, and the ceilings rise 12.5 feet, allowing for 10-by-10-foot windows.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


The floor, accessed by a private elevator, offers panoramic views of the city and Central Park.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


The full-floor penthouse included a separate library with a wood-burning fireplace.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


The 30-by-15-foot master bedroom, which occupied one corner of the penthouse, featured a sitting room and separate dressing rooms.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


The luxurious master bathroom had marble floors and walls, cubic marble vanities with 22-inch oval sinks, custom wood cabinets, a large freestanding soaking tub, a shower, heated floors — and eye-popping views of the city.

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DBOX for CIM Group & Macklowe Properties”

Source: Douglas Elliman Real Estate


Each bedroom comes with an ensuite bathroom.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


432 Park Avenue includes its own fitness center — a standard amenity in luxury buildings.

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DBOX for CIM Group & Macklowe Properties

Source: Douglas Elliman Real Estate


But not many residential gyms come with a 75-foot swimming pool. There’s also a sauna and a steam room.

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DBOX for CIM Group & Macklowe Properties

Source: 432 Park Ave.


The building even has a massage room.

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DBOX for CIM Group & Macklowe Properties”

Source: 432 Park Ave.


Other amenities at 432 Park include a billiards room and a library …

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DBOX for CIM Group & Macklowe Properties

Source: 432 Park Ave.


… a conference room with a marble table that seats 14 …

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DBOX for CIM Group & Macklowe Properties

Source: 432 Park Ave.


… and a private screening room with a 220-inch screen and a state-of-the-art sound system.

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DBOX for CIM Group & Macklowe Properties

Source: 432 Park Ave.


If the 95th-floor penthouse had sold for its asking price of $82 million, it would have been the second-most-expensive sale in the building, after the $87.7 million sale of the 96th floor.

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DBOX for CIM Group & Macklowe Properties

Source: Curbed NY


Units on other floors have sold for significantly less. In October, Alex von Furstenberg, the son of the fashion designer Diane von Furstenberg and stepson of the billionaire Barry Diller, bought a unit on the 53rd floor for $10.75 million.

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Getty Images

Source: The Real Deal


Last year, Caryl Englander, the wife of the hedge fund billionaire Israel Englander, bought two penthouse units on the 91st floor for $60.08 million.

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Getty Images

Source: The Real Deal


Jennifer Lopez and Alex Rodriguez also own property in the building, having bought a $15.3 million unit in March.

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Mario Anzuoni/Reuters

Source: The Real Deal


As of February 2018, more than 85% of the building, or about $2 billion worth of condos, had been sold, according to the developers, Macklowe Properties and CIM Group.

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Reuters

Source: The Real Deal


But the 95th-floor penthouse unit was on the market at $82 million for at least two years before it was chopped in half.

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Reuters

Source: Curbed NY


The penthouse unit just below, on the 94th floor, sold in 2018 for $32.4 million, about $8 million less than its asking price.

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Reuters

Source: Curbed NY


This could have something to do with New Yorkers’ apparent waning interest in penthouse units. There’s a surplus of penthouses for sale in the city — according to StreetEasy data analyzed by The Real Deal, there were 16% more listings in September 2018 than the year before.

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Getty Images

Source: The Real Deal

Read more: NYC has more penthouses available than it can fill – and it suggests a change in the way wealthy people are looking at luxury real estate


“Historically, penthouses have been the trophy property,” Reba Miller, a broker at Berkshire Hathaway Home Services, told The Real Deal. “Today, the trophy is many things. Not everyone needs a penthouse to feel like they got the trophy.”

Source: The Real Deal


Though 432 Park Avenue holds the title of tallest residential building in the city now, it will soon be outstripped by Central Park Tower, which will be 1,550 feet tall when completed.

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Wordsearch

Source: Central Park Tower