New York Post

Billionaire’s Row penthouse sells for $70.5M ⁠in biggest deal of the year

Written by Hannah Frishberg
April 26, 2022
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Behold: The most exorbitant real estate deal of the year.

A unit in Manhattan’s 432 Park Ave. skyscraper has freshly become NYC’s priciest sale of the year, after selling for $70.5 million.

The condo on the 82nd floor of the tony, 96-story Billionaire’s Row building was last listed for $79 million and entered contract on April 20th, according to StreetEasy.

According to the Olshan Luxury Market Report, the sale represents not only the boroughs’ biggest of 2022 but also the biggest since April 2021.

The 8,054-square-foot, five-bedroom, six-bathroom apartment’s seller made quite a pretty penny with the resale.

The unnamed former owner bought the unit — which was originally two separate apartments — from the developers, CIM Group and Macklowe Properties, for $62 million in 2016. They then combined the two condos into one full-floor apartment, which was previously listed for $90 million in August 2020.

In addition to sweeping skyline views, it also features two powder rooms, nearly 13-foot ceilings, enormous picture windows with seating throughout, an eat-in kitchen, white oak flooring and a 1,100-square-foot “Great Room” according to the listing.

Building amenities including access to a fitness center, private dining room and 75-foot swimming pool.

“The sale is particularly significant because the buyers live in the building are apparently unfazed by the $125 million lawsuit filed by the condo board in September 2021 against the developer for structural defects,” the Olshan report noted.

The unit is not the buyers’ — Yossi Benchetrit and Gaëlle Pereira Benchetrit — first in the building. The pair already own an apartment on a lower floor of the address, Crain’s reported. The selling agents were Ryan Stenta, Fredrik Eklund and John Gomes of Douglas Elliman and Carrie Chiang at the Corcoran Group. Jason Haber of Compass repped the buyers.

The lawsuit alleges that the ultra-luxe building has over 1,500 design flaws which have varyingly led to flooding, electrical explosions and “horrible and obtrusive noise and vibration,” The Post previously reported.

“This case presents one of the worst examples of sponsor malfeasance in the development of a luxury condominium in the history of New York City,” the suit claims. “What was promised as one of the finest condominiums in the City was instead delivered riddled with over 1,500 identified construction and design defects to the common elements of the Building alone (leaving aside the numerous defects within individual units).”

The unit is not even the only one to close in the building since the suit was filed — in November, a buyer closed on a $26 million unit in the glassy tower, according to Crain’s.

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