The city\u2019s most expensive rental has just hit the market.<\/p>\n
It\u2019s a $250,000-a-month condo inside troubled 432 Park Ave., Gimme Shelter can reveal.<\/p>\n
The 8,100-square-foot skypad spans the tower\u2019s entire 88th floor. It comes with five bedrooms, seven baths, two powder rooms, oak floors, 12\u00bd-foot ceilings and a library with a wood-burning fireplace. Panoramic views stretch across three states, from the city skyline to the rivers and the Atlantic Ocean.<\/p>\n
A full-floor condo at 432 Park Ave. has hit the market as what is billed as the city\u2019s most expensive rental, asking $250,000 a month. Marc Anthony at REAL ARCH MEDIA<\/p>\n
The 8,100-square-foot home occupies the 88th floor and is also for sale at $88.5 million. Marc Anthony at REAL ARCH MEDIA<\/p>\n
A private elevator landing opens to an entry gallery that leads to a corner living room. There\u2019s also a corner dining room and a windowed eat-in chef\u2019s kitchen with marble floors, a wine cellar and a pantry.<\/p>\n
The main bedroom suite boasts a sitting room, dressing rooms and two windowed baths clad in marble, with radiant heated floors.<\/p>\n
\u201cIt\u2019s one of the most beautiful apartments in New York,\u201d said a source familiar with the residence, which is also for sale at $88.5 million. \u201cSpectacular, understated and elegant.\u201d<\/p>\n
The sellers are Lewis \u201cLew\u201d Sanders, the former chairman of AllianceBernstein and the founder and CEO of Sanders Capital, and his wife, Alice. The couple bought the unit for $60.8 million in 2016, property records show.<\/p>\n
\u201cIt was a raw box when they bought it, and they put around $10 million into it,\u201d the source said. The interiors are by Andrew Sheinman of Pembrooke & Ives.<\/p>\n
It has five bedrooms, seven baths, two powder rooms, 12\u00bd-foot ceilings, a library with a wood-burning fireplace and views across three states. Marc Anthony at REAL ARCH MEDIA<\/p>\n
The owners are financier Lew Sanders, the former AllianceBernstein chairman who founded Sanders Capital, and his wife, Alice. Christopher Sadowski for NY Post<\/p>\n
The owners paid $60.8 million in 2016 and spent roughly $10 million finishing the space with designer Andrew Sheinman of Pembrooke & Ives, according to a source. Marc Anthony at REAL ARCH MEDIA<\/p>\n
Despite it being the most expensive rental currently on the market, according to StreetEasy records, it is not the most expensive listing ever. <\/p>\n
Back in 2015, a full-floor Presidential Suite on the 39th floor of The Pierre Hotel was briefly listed for rent for a whopping $500,000 per month<\/a>, before returning to the rental market for the same price in 2017.<\/p>\n The Sanderses also own a Palm Beach mansion beside Howard and Beth Stern, a home in East Hampton and a $19.4 million West Palm Beach condo<\/a> they bought earlier this year.<\/p>\n Listing broker Richard J. Steinberg of Compass declined to comment.<\/p>\n A chef\u2019s kitchen features a wine fridge and pendant lighting. Marc Anthony at REAL ARCH MEDIA<\/p>\n A source says Sanders set the rent high because he is in no hurry to sell or lease, and that rental income could help offset the city\u2019s new pied-\u00e0-terre tax. Marc Anthony at REAL ARCH MEDIA<\/p>\n The likeliest tenant, the source adds, is someone arriving from the West Coast or overseas rather than a local. Marc Anthony at REAL ARCH MEDIA<\/p>\n So how did they land on the astronomical rent?<\/p>\n \u201cLew decided to list the apartment at a premium. He doesn\u2019t need the money. He isn\u2019t an anxious seller or renter. He doesn\u2019t care. That\u2019s the truth,\u201d a source said, adding that rental income is an enticing way to offset the city\u2019s pricey new pied-\u00e0-terre tax.<\/p>\n \u201cIt is appealing to someone moving to the city from the West Coast or internationally, not a New Yorker,\u201d the source said.<\/p>\n But there\u2019s a catch. The Billionaires\u2019 Row building, once the tallest residential tower in the world, has a notoriously rocky history.<\/p>\n Completed in 2015, the 1,396-foot tower was designed by the late architect Rafael Vi\u00f1oly and developed by Harry Macklowe and CIM Group. The supertall, superskinny design was inspired by the city\u2019s grid and by a trash can that Austrian architect Josef Hoffmann designed in 1905.<\/p>\n The tower itself is a harder sell. Completed in 2015 and designed by the late Rafael Vi\u00f1oly for developers Harry Macklowe and CIM Group, the 1,396-foot building was once the world\u2019s tallest residential tower. Marc Anthony at REAL ARCH MEDIA<\/p>\n Residents have since complained of swaying, wind noise, leaks, elevator trouble and a thunderous garbage chute, while the white concrete facade is cracking. Marc Anthony at REAL ARCH MEDIA<\/p>\n Repairs estimated at about $160 million are underway, and the building\u2019s owners have sued the developers twice, in 2021 over roughly 1,500 alleged defects and in 2025 for at least $165 million over alleged fraud. Marc Anthony at REAL ARCH MEDIA<\/p>\n The building drew buyers like Jennifer Lopez and Alex Rodriguez, who sold after about a year. But structural flaws have since led to major problems.<\/p>\n The tower is so skinny that it sways and makes noise in the wind, and residents have long complained that the garbage chute sounds like a bomb when trash goes down.<\/p>\n There are also leaks and elevator problems. And the experimental white concrete exterior is cracking, which could endanger pedestrians if chunks fall.<\/a><\/p>\n Work to fix the building has already begun, sources tell Gimme Shelter.<\/a> Repairs are estimated at around $160 million.<\/p>\n A structural engineer told the New York Times the building could become uninhabitable if the problems go unfixed, though the Department of Buildings says it has passed inspections. Marc Anthony at REAL ARCH MEDIA<\/p>\n The grand foyer. Marc Anthony at REAL ARCH MEDIA<\/p>\n The owners have also filed two lawsuits. The first, in 2021, demands that the developers pay for about 1,500 alleged construction and design defects. The second, in 2025, seeks at least $165 million in damages for alleged fraud, charging that the developers hid the cracks in the exterior concrete. The developers have denied wrongdoing.<\/p>\n \u201cAll of the complaints are true,\u201d a broker with listings in the building tells Gimme Shelter. \u201cThe elevators make noise. There\u2019s rattling, and on windy days you can hear the clanging. It all goes back to Harry [Macklowe] and Vi\u00f1oly. It was the perfect storm. They chose form over function. They were fanatical about design and didn\u2019t care about how people lived.\u201d<\/p>\n