The Wall Street Journal

Condo at New York’s 432 Park Avenue in Contract to Sell for Roughly $70 Million

Written by Katherine Clarke
April 18, 2022
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A unit at 432 Park Avenue, a supertall residential skyscraper on Billionaires’ Row in New York, is in contract to sell for approximately $70 million after nearly two years on the market, according to people familiar with the deal.

The deal includes a roughly 8,000-square-foot unit on the 82nd floor and two staff suites on lower floors, the people said. If it closes, it would be the largest residential sale in New York so far this year and one of the biggest deals since Covid threw the New York real-estate market into a tailspin in 2020.

The seller, a limited partnership named Blessings Investments, bought the 82nd-floor unit and staff suites for $66.47 million in 2016, records show. The 82nd-floor unit was listed in August 2020 for $90 million, then reduced its price to $79 million in April 2021, according to listing website StreetEasy. The unit has 360-degree views of the city, according to the listing. It has five bedrooms, a media room and a 1,100-square-foot great room with 10-by-10-foot windows.

The building has seen recent litigation between the developer, CIM Group, and the condominium board over alleged construction defects at the tower. The board claimed in a September lawsuit that residents have been plagued with issues of noise, severe flooding and elevator malfunctions, while the developer has framed the allegations as “an effort to wrest unwarranted payments” from them, according to court documents. A lawyer for the developer said the litigation is pending. A lawyer for the board didn’t immediately respond to a request for comment.

Real-estate agent Donna Olshan said the deal speaks to the resilience of values in the building, despite the litigation.

“It’s a killer view and people figure things will get straightened out,” said Ms. Olshan, who wasn’t involved in the deal. “The building is filled with rich people, so whatever the problem is, it will be figured out.”

The seller was represented by Ryan Stenta of Douglas Elliman as well as Carrie Chiang of the Corcoran Group, while the buyer was represented by Jason Haber of Compass.

Mr. Stenta didn’t respond to a request for comment. Ms. Chiang and Mr. Haber declined to comment.

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