A huge apartment is under contract at 432 Park Ave. in Billionaires’ Row for well below the asking price, and the deal is set to reset sales at the building.
The unit, 94A, last asked $25.75 million — down from its $33 million asking in 2024. The buyer purchased the half-floor unit for $31.5 million in 2019. It asked $26.95 million in January. The buyer and final price are not yet known, but it will be less than $25 million and will have major implications for future sales.
“this [closing] “We’re going to reset the market for the building,” said listing broker Mark Riedel of Serhant, who shares the listing with Jordyn Nusynowitz of Serhant. “We had multiple offers. This is where the market is.”
To that end, a half-story unit on the 66th floor took $3.5 million off the asking price. The four-bedroom unit, which was asking $32.5 million in 2020, is now asking $22.99 million from listing brokers Fredrik Eklund and John Gomez of Douglas Elliman.
Built in 2015, the building was designed by the late architect Rafael Viñoly, who died in 2023.
In a surprisingly candid interview with Gimme Shelter, Viñoly once said the building “had some faults,” including window frames that took up too much space, and an interior design and layout that gave the bathrooms great views of the front of the building.
Since then, some prices have started to decline. Especially since an alarming report came out last fall, warning that concrete cracks could lead to “chunks of concrete falling off” and rendering the building uninhabitable unless an extensive and expensive $160 million renovation was launched.
Riddle added that repairs to the building’s facade will begin this month, and the owners will foot the bill. He said the project will take three to four years to complete, adding that the owners hope the courts will eventually force the developer to pay for the repairs.
Residents also complained about the tower’s swaying, leaks, power outages and elevator problems — as well as the high monthly prices charged at the building’s restaurant.
But Riedel said many of the complaints — such as the sound of trash crashing down chutes at shocking speeds — have been fixed; And the restaurant’s cost of $15,000 per year per unit is reasonable.
The interface is the last big problem that needs to be fixed, he said.
Donna Olshan The Ulshan Luxury Market Report was released on Monday I first noticed that this elevated unit had found a buyer.
The 3,952-square-foot unit has three bedrooms and three-and-a-half bathrooms — plus high ceilings and design details like a chef’s kitchen and a gorgeous corner room with views of Central Park and the city skyline.
Riddle also said the seller had a signed contract with a tenant for $85,000 a month — a record for building a half-story condo — but found a buyer before the tenant moved in.
Building amenities include a 75-foot pool, gym, and walkway.
There appear to be only two sales this year – and in the past, some vendors have had great success on the upper floors. For example, Unit 84A closed for $21.3 million in 2016. When it sold again, in 2024, the closing price was $13.5 million, according to records.
There are currently 12 units on the market including this one under contract and a full-floor unit on the 64th floor asking $90 million. In addition, it appears that six units are still owned by the sponsor.
“A lot of people seem to want to get out,” said Riddle, who also has other listings in the building, including one off the market. “But that comes with the fact that there is a lawsuit. People are anxious and skittish. There is risk, pent-up demand to sell when sellers have not recognized the new price realities. People do not want to take the loss but the reality is that just as with a number of Billionaires’ Row buildings, prices have fallen.”
“This is not a 432 Park thing. This is a billionaires thing. It’s just product saturation, along with the lawsuits,” Riedel said.
He added that he believes newer Billionaires’ Row buildings will also see a decline in prices, in part because there is “continuous new product” in the market.
“Park 432 is not new anymore. It will take some time for the other newer buildings to come down in price,” he said.