Don't Stick a Fork in Billionaires' Row Just Yet
An apartment has sold for $92 million at 432 Park Ave. (far right), the priciest sale of the year.
Sept. 1, 2023 — Condo at 432 Park Ave. sells for $92 million, biggest sale of the year.
Reports of the demise of Billionaires' Row appear to be greatly exaggerated. A five-bedroom condo apartment on the 79th floor of the troubled supertall tower at 432 Park Ave. has entered contract for $92 million, the biggest deal of the year so far, 6sqft reports. However, the sale price marks a significant chop — nearly one-third — from the original ask of $135 million two years ago. One rich man's dream deal is another rich man's waking nightmare. The seller of the unit is Mitch Julis of Canyon Capital Advisors. The broker declined to name the buyer.
The 96-story, 1.396-foot-tall needle, designed by star architect Rafael Vignoly, is one of the most expensive addresses on the planet, but it has had its ups and downs. Two years ago, the condo board sued the developers for $125 million in damages, citing multiple floods, faulty elevators, “intolerable” noise caused by building sway, and an electrical explosion in June — the second in three years — that knocked out power to residents.
One of the developers, CIM Group, promptly filed a countersuit, claiming that the building “is, without a doubt, safe.” The filing also said that attempts to fix some of the issues had been impeded by the resident-run condo board, which refused to give the sponsors’ contractors access to the building.
It's not know if that ancient history contributed to the 33% price cut of the full-floor, 8,000-square-foot unit on the 79th floor. But one thing is certain: Billionaires' Row is alive and well and here to stay.