A massive apartment at 432 Park Ave. on Billionaires\u2019 Row is in contract for far less than its asking price, and the deal is slated to reset sales in the building.<\/p>\n
The unit, 94A, last asked $25.75 million \u2014\u00a0down from its $33 million ask in 2024. The buyer purchased the half-floor unit for $31.5 million in 2019.\u00a0It asked $26.95 million in January.<\/a>\u00a0The buyer and final price are not yet known, but it will be for less than $25 million and will have major repercussions for future sales.<\/p>\n \u201cThis [closing] will reset what the market is for the building,\u201d said listing broker Marc Riedel, of Serhant, who shares the listing with Serhant\u2019s Jordyn Nusynowitz. \u201cWe had multiple offers. This is where the market is.\u201d<\/p>\n To that end, a half-floor unit on the 66th story just slashed $3.5 million off its asking price. The four-bedroom unit, which was asking $32.5 million in 2020, now asks $22.99 million with listing brokers Fredrik Eklund and John Gomes of Douglas Elliman.<\/p>\n 432 Park Ave. Christopher Sadowski<\/p>\n Repairs begin on the facade, which is cracking, this month. Robert Miller<\/p>\n Built in 2015, the building was designed by the late architect\u00a0Rafael Vi\u00f1oly, who died in 2023.<\/p>\n In an astonishingly frank\u00a0interview with Gimme Shelter<\/a>, Vi\u00f1oly once said the building \u201chas a couple of screw-ups,\u201d including window frames that take up too much space, and interior design and layout that gave the bathrooms prime views at the front of the building.<\/p>\n Since then, some prices have been falling. Especially since an alarming report last fall, warning that\u00a0concrete cracks could lead to \u201craining chunks of concrete<\/a>\u201c\u00a0<\/a>and render the building uninhabitable unless it launched an extensive, and pricey, $160 million renovation.\u00a0<\/p>\n The views from the 94th floor are divine. Tim Waltman for Evan Joseph<\/p>\n The apartments all come with 10-by-10-foot foot windows. Tim Waltman for Evan Joseph<\/p>\n Riedel added that repairs to the building\u2019s facade will begin this month \u2014 with owners footing the bill. It will take three to four years to complete, he said, adding that owners hope the courts will force the developer to ultimately pay the repair costs.<\/p>\n Residents have also complained about the supertall\u2019s swaying and groaning, leaks, power outages and elevator problems \u2014 as well as high-priced required monthly minimums in the building\u2019s private restaurant.\u00a0<\/p>\n But Riedel said that many of the complaints \u2014 like the sound of trash crashing down the chutes at harrowing speeds \u2014 have been fixed; and that the restaurant cost of $15,000 a year per unit, is reasonable. <\/p>\n A dining area overlooks the city. Tim Waltman for Evan Joseph<\/p>\n A formal dining room. Tim Waltman for Evan Joseph<\/p>\n An open chef\u2019s kitchen comes with a breakfast bar. Tim Waltman for Evan Joseph<\/p>\n The great room is divided into different entertaining and lounging areas. Tim Waltman for Evan Joseph<\/p>\n A view of the layout. Tim Waltman for Evan Joseph<\/p>\n The main bedroom at sunset. Tim Waltman for Evan Joseph<\/p>\n The facade, he said, is the last big problem that needs to be fixed. <\/p>\n