The top penthouse at Harry Macklowe’s 432 Park Avenue is in contract for $95 million, the New York Times reported.
The skinny 84-story tower on Park Avenue at 56th Street, which is slated to be the tallest residential tower in the Western Hemisphere, has already generated nearly $1 billion in apartment sales contracts, Macklowe told the Times. Total sales for the $1.25 billion building, being jointly developed with CIM Group, are expected to cross the $3 billion mark, he added.
The sales activity at 432 Park Avenue is a sign of Manhattan’s ultraluxury housing and construction boom and echoes the borough’s cachet with international buyers. Indeed, the number of Manhattan condo buildings with apartments selling for more than $15 million has risen to 49, up from 33 in 2009, according to CityRealty.
Izak Senbahar, the developer of 56 Leonard, a 60-story tower in Tribeca, told the Times that the building signed contracts with buyers for 70 percent of the 140 top-end apartments in just 10 weeks.
“We were all surprised,” Senbahar said. “This was not what we expected. There’s a pent-up demand for condos with helicopter views.” [NYT] – Hiten Samtani