As issues at the building have been made public for years, a massive apartment at 432 Park Ave. on Billionaires’ Row is in contract for far less than ask.
A massive apartment at 432 Park Ave. on Billionaires’ Row is in contract for far less than its asking price, and the deal is slated to reset sales in the building.
The unit, 94A, last asked $25.75 million — down from its $33 million ask in 2024. The buyer purchased the half-floor unit for $31.5 million in 2019. The 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.
“This will reset what the market is for the building,” said listing broker Marc Riedel, of Serhant, who shares the listing with Serhant’s Jordyn Nusynowitz. “We had multiple offers. This is where the market is. ” 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. , Viñoly once said the building “has a couple of screw-ups,” 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. Since then, some prices have been falling.
Especially since an alarming report last fall, warning that concrete cracks could lead to “Riedel added that repairs to the building’s facade will begin this month — 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.
Residents have also complained about the supertall’s swaying and groaning, leaks, power outages and elevator problems — as well as high-priced required monthly minimums in the building’s private restaurant. But Riedel said that many of the complaints — like the sound of trash crashing down the chutes at harrowing speeds — have been fixed; and that the restaurant cost of $15,000 a year per unit, is reasonable.
At 3,952 square feet, the unit comes with three bedrooms and three and a half baths — as well as high ceilings, and design details like a chef’s kitchen and a corner great room with Central Park and city skyline views. Riedel also said the seller had a signed contract with a renter for $85,000 a month — a building record for a half-floor dwelling — but then found a buyer before the renter moved in.
Building amenities include a 75-foot lap pool, a gym and a porte-cochère driveway. There appear to be only two sales this year — and in the past, some sellers have taken big hits on the higher floors. Unit 84A, for example, closed for $21.3 million in 2016. When it sold again, in 2024, the closing price was $13.5 million, according to records.
There are currently 12 units on the market including this in-contract spread and a full-floor unit on the 64th floor asking $90 million. In addition, it appears that six units are still owned by the sponsor.
“It looks like a lot of people want to get out,” said Riedel, who also has other listings in the building, including one that is off-market. “But that comes with the fact that there is litigation. People are worried and skittish. There is risk, and pent up demand to sell when sellers haven’t recognized the realities of the new prices.
People don’t want to take the loss but the reality is that just like a number of Billionaires Row buildings, prices have come down.
“This isn’t a 432 Park thing. It’s a billionaires Row thing. It’s just a saturation of product, combined with litigation,” Riedel said. He added that he believes the newer Billionaires’ Row buildings will also see prices drop, in part because there is “continued new product” on the market.
“432 Park isn’t new any more. It will take time for other buildings that are newer to see their prices come down,” he said.
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