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.
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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.
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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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