A Saudi billionaire has closed on 432 Park Avenue’s most expensive apartment—and he got a discount to boot.
According to The Real Deal, Fawaz Al Hokair, a retail magnate, paid $87.7 million, or $10,623 per square foot, for the 8,255-square-foot full-floor penthouse, located in the Rafael Viñoly-designed building, which also happens to be the tallest residential tower in the world.
However, while this was New York City’s biggest closed sale of the year, it was down from the original asking price of $95 million, and wasn’t enough to take the crown as the most expensive sale ever in Manhattan. That title still belongs to nearby One57, where a condo changed hands for $100.5 million.
The Real Deal also reported that CIM Group, the property’s co-developer, took the unusual step of providing Mr. Al Hokair, the founder and chairman of Fawaz Alhokair Group, a loan for nearly two-thirds of the purchase price.
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