A rash of discounted listings are sitting on the market at Manhattan’s troubled 432 Park Ave. tower.
A majority of the 10 luxury units currently advertised for sale at the Billionaires’ Row development have undergone years of delistings and price cuts.
While price turbulence and prolonged listings aren’t uncommon in the luxury market, these unloved listings coincide with the dramatic decline of 432 Park’s star power over the past several years.
432 Park on Billionares’ Row. Brian Zak/NY Post
Discounted listings are piling up inside the tower. Robert Miller
The most recent listing there is the 81st-floor condo of Turkish dress designer Naciye Kocak, currently on the market for $17.25 million, Crain’s reported. Kocak has tried to sell the luxury home since 2017, according to StreetEasy.
The current listing is a stark 18% discount from the $21.15 million Kocak paid for the lofty home in 2016.
Kocak was sued in 2022 in Manhattan Supreme Court by lender JPMorgan Chase & Co. after allegedly defaulting on her $11.4 million mortgage, according to court documents.
Steven Biolsi, Kocak’s lawyer and the principal of the Biolsi Law Group, fiercely defended against the suit, alleging a litany of problems with the plaintiff’s case. The court ruled against Kocak with a $12.2 million judgement and her home is headed for a December foreclosure auction — likely a contributing factor to the most recent price cut.
Kocak is appealing the decision. Biolsi told The Post that the goal is for the parties to resolve the matter in a settlement.
Despite Kocak’s circumstances, her three-bedroom condo’s eight years of unsuccessful listings — through the tower’s buzzy early days, COVID-19 market shake-ups and rising alarm over resident complaints — paint a picture of declining value within the development.
A recent report identified cracks in the tower’s concrete facade. DOB
Developers maintain the iconic tower is safe, but buyers aren’t biting. Christopher Sadowski
The 1,400-foot tall tower’s developers, including Macklowe Properties, WSP and CIM Group, have faced criticism since its 2015 debut. At the time, 432 Park was the tallest residential skyscraper in the Western Hemisphere and attracted headline-making deals. Allegations of cracking concrete, faulty elevators, excessive noise, leaks, power outages and other operational headaches soon followed.
The tower’s condo board has sued the developers in New York State Supreme Court twice, first in 2021 over alleged construction and design flaws, and again earlier this year, this time accusing the developers of massive fraud.
The tower’s developers have vigorously denied the claims, asserting that the tower is safe.
Another crack in the tower’s reputation came last month, when the New York Times published an alarming report on the building’s fissuring concrete face.
The building is up to code and there is no risk of collapse, the Times reported, but its white facade has been cracking for years. Engineers told the Times they fear chunks of the material could rain down on Midtown if a $160 million renovation isn’t undertaken.
Still, top brokers and residents recently told The Post that people still want to live at the iconic tower. A total of 10 units closed in 2024 and high-end rentals continue to move. Douglas Elliman broker Keyan Sanai told The Post in October that units are trading at a “slight discount,” but referenced two sales in August as sign of the building’s endurance.
A look inside one of the tower’s luxury penthouses. Tim Waltman for Evan Joseph
When it opened its doors in 2015, the tower was praised for its luxurious interiors and ambitious architecture. Donna Dotan at DDReps
A majority of the 10 homes now for sale at 432 Park are priced at a loss or near-loss, according to StreetEasy and city property records.
A 94th floor unit purchased in 2019 for $31.5 million is currently listed at $29.75 million. The first unit ever sold at 432 Park, a 35th floor condo, received a 19% price cut this month after sitting on the market since 2022, according to StreetEasy. That condo, which once fetched $18.11 million, currently asks $15 million.
The most recently discounted listing is a 52nd-floor spread that sold in 2016 for $9.84 million and has been trying to sell since 2020. A flurry of price cuts and de-listings recently landed the unit with a $9.99 million price tag in early November.
On the 86th floor, a unit is going for a discounted $32 million, according to StreetEasy. Records indicate the home was purchased for $32.71 million in 2017.
Units 71A and 71B, purchased simultaneously in 2018 for a combined $60 million, have sat on the market since 2022. Both saw price cuts in November down to $32 million apiece, according to StreetEasy.
The freshest listing at 432 Park, a full-floor penthouse on the 69th floor, hit the market for $55 million in October, according to StreetEasy. The penthouse was purchased as two units in 2016 for a combined total of more than $60 million, according to city records.
Kocak and her broker could not be reached at press time. Macklowe Properties did not respond to The Post’s request for comment.