A Saudi billionaire has completed his $88 million purchase of New York's tallest penthouse
Facebook/432 Park Avenue
Saudi Arabian retail magnate Fawaz Al Hokair looks to have closed on his penthouse at 432 Park Avenue for $87.7 million. The deal marks the sale of the city’s highest residence and the biggest closed sale in New York so far this year.
The buyer, who multiple insiders confirmed to The Real Deal was Al Hokair, closed on the apartment for a whopping $10,623 per square foot, property records filed with the city Thursday show. On a per-square-foot basis, that appears to be one of the priciest-ever done deals in the city.
The 8,255-square-foot full-floor penthouse was asking $95 million, or just over $11,500 per square foot. Al Hokair went into contract on the property in 2013, according to multiple news reports. The apartment features a wood-burning fireplace, heated bathroom floors and the building’s signature 10-foot-by-10-foot windows.
A representative for Macklowe Properties, which developed the building in partnership with CIM Group, did not immediately respond to a message seeking comment.
Prior to this one, the priciest closed sale in the building was a full-floor unit for $59.1 million. Earlier this week a member of the Mikati family closed on a three-bedroom condo for $28 million. A penthouse that was asking $76.5 million is also under contract.
Al Hokair is the founder and chairman of Fawaz Alhokair Group, a conglomerate that mainly focuses on retail franchising. The company has 2,100 stores across the Middle East, North Africa, Central Asia and the Caucasus region.
The city’s priciest closed sale remains a pad at One57, which went for $100.5 million. Others on the podium include an $88 million deal at 15 Central Park West.
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