A $65-million unit on a top floor of 432 Park Avenue, the tallest residential tower in the Western Hemisphere, closed last week after entering into contract almost two years ago, according to public records.
The buyer is believed to be Macau casino owner Lawrence Yau Lung Ho, who is the son of gambling bigwig Stanley Ho. Lawrence Ho is also chairman and chief executive of Melco International Development and Melco Crown Entertainment.
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The buyer listed in the public records is Valor Dragon Limited, which shares an address with the younger Mr. Ho’s Melco and might derive its name from his Chinese name (Yau stands for Valor while Lung means Dragon). Requests for confirmation sent to Melco in Hong Kong and Valor Dragon’s attorney in New York were not immediately answered.
The developers of 432 Park Avenue, Macklowe Properties and the CIM Group, declined to comment on the sale.
Lawrence Ho was the executive producer of "The Audition," a short promotional film in 2015 for his Studio City Macau Resort and Casino, which starred Robert De Niro, Leonardo DiCaprio and Brad Pitt. He has a net worth of $1.75 billion by Forbes’ estimate and is also very active in the political and business arenas in Hong Kong, Macau and on China’s mainland.
The deal seemed to be done off market, as there is no listing or details available publicly about the apartment at this point except for property records documenting the sale. But at $65.16 million, Lawrence Ho’s purchase would mark the third most expensive closing at 432 Park Avenue.
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Since closings in the building began in early 2016, a couple of jaw-dropping deals have been revealed. Last fall, Saudi billionaire Fawaz Al Hokair closed on a full-floor penthouse on the 96th floor for $87.7 million, the most expensive closing thus far in the Rafael Viñoly-designed skyscraper.
Early in January 2017, an anonymous buyer closed on a contract to buy another full-floor unit for $65.6 million, the second priciest closing at the tower, according to StreetEasy.
There are 18 active listings in the building on StreetEasy, with prices ranging from $6.5 million to $82 million. Four listings are in contract to sell, one of which, Unit 80B, entered contract Monday.
That 5,421-square-foot, four-bedroom residence had lingered on the market for two years with a price tag of $44.25 million. The buyer and final sales price of this unit have not been made public yet.