Saudi Magnate Cuts Price on 432 Park Ave Penthouse Again

A Saudi retail magnate made his second annual price cut on his penthouse at Macklowe Properties’ and CIM Group’s 432 Park Avenue on Billionaires’ Row.

Fawaz Al Hokair slashed the asking price to $105 million for the unit on the 96th floor of the Midtown building, the New York Post reported. The latest ask breaks down to $12,805 per square foot.

Al Hokair has been stuck with the unit for years, despite efforts to unload the 8,200-square-foot pad. He listed it in 2021 for $169 million, shooting for one of the most expensive residential real estate sales in New York City history.

Some brokers told The Real Deal at the time the ask for the top-floor penthouse was too high; Compass’ Richard Steinberg, part of the team that initially sold the building, called the ask “aggressive” with “no precedent.”

The latest cut comes months after an 8,000-square-foot unit in the building found a buyer after two years and around $43 million off initial asking. Hedge funder Mitch Julis, who paid $59 million in 2016, first listed his unit in 2021 for $135 million but snagged a contract in August after lowering the ask to $92 million.

Al Hokair replaced his initial listing broker, Ryan Serhant, with Official’s Tal and Oren Alexander, who had it on the market a year ago for $130 million. The listing is now with Douglas Elliman’s Lila Nejad and Noble Black.

Al Hokair, who has never stayed in the apartment, bought the six-bedroom, seven-bathroom unit in 2016 for $87.7 million. Co-developer CIM provided a $56 million loan for the deal.

The apartment has Central Park views, a fireplace, library and grand piano. Amenities in the building include a private restaurant, outdoor terrace, indoor pool, gym with a spa, yoga studio and screening room.

The developers of the 1,400-foot-tall building have been in a contentious fight with the condo board, leading to a back-and-forth lawsuit that started when the board alleged in 2021 the tower’s faulty design caused “horrible and obtrusive noise and vibrations.” CIM and Macklowe retorted that the tower was safe and the unit owner’s claims were “vastly exaggerated.”

— Holden Walter-Warner