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Park Avenue Apartment Tower Shifts Sales Approach

Douglas Elliman to staff sales office at 432 Park Ave., NYC’s tallest new residential building

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The new residential tower at 432 Park Ave.

CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL
The new residential tower at 432 Park Ave.
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL

New York City’s tallest new residential tower, at 432 Park Ave., is about to open and is bringing in a new team of brokers to staff its sales office. The developers on Friday said Douglas Elliman would staff a new sales office opening in the building on Park Avenue at East 56th Street. The previous sales office was staffed by brokers working for Harry Macklowe, who is listed as a co-developer on the project along with the CIM Group, a Los Angeles-based investment firm. Mr. Macklowe said he welcomed the change. “We are strengthening and amping the team for the last of the sales,” he said. On Tuesday, the city buildings department issued a temporary certificate of occupancy for the 1,396-foot high building, which the developers say is the tallest residential tower in the Western Hemisphere. Several planned condo towers in the city are due to be even taller. The change comes as many brokers and developers in the city are worrying about a slowing of the high-end market amid a rising supply of new apartments at prices that were unimaginable only three or four years ago. At 432 Park, in a bid to spur sales, the developers decided to cut by half the size of five penthouse apartments. The apartments, all near the top of the building, had been priced at about $80 million each. Mr. Macklowe said that sales were continuing and that nearly 75% of the building was in contract, totaling more than $2 billion worth of sales. When the 96-story tower went on the market in 2012, Mr. Macklowe’s company, Macklowe Properties Sales LLC, was listed as the sole selling agent, and a showroom was set up across the hall from his office in the GM Building on Fifth Avenue. In 2014, Douglas Elliman, already a consultant on the project, was added as a second selling agent, according to a condo filing. Write to Josh Barbanel at josh.barbanel@wsj.com This article originally appeared on The Wall Street Journal.