The developers behind 432 Park Avenue are splitting up some of the supertall's full-floor apartments amid a downturn in sales, Crain's reports. CIM Group and Macklowe Properties have divided five full-floor apartments on floors 91 through 95 into two smalleryet still palatialcondos. The larger of the two on each floor measures 4,400 square feet; the smaller covers 3,600 square feet. The condos will retail for $40.25 million and $39.75 million, respectively, down from their initial, undivided asks of over $75 million. One apartment priced at $76.5 million and located on the 88th floor is still available, according to Crain's.
Richard Wallgreen, the executive vice president at Macklowe Properties, told Crain's that he believed the apartments will receive more offers at their new pricepoints, even though the size has been reduced. More than 70 percent of the building's 106 apartments are already in contract, including its $95 million penthouse, which was reportedly purchased by Saudi Arabian real estate tycoon Fawaz Al Hokair earlier this year. The splitting of condos shouldn't raise the alarm: Crain's reports that, given sales figures for the building, 432 Park Avenue is a plenty profitable venture for the developers. It is expected to be complete by the middle of next year.
· As desire for pricey apartments wane, developers split full-floor condos at 432 Park Ave. into two [Crain's]
· Buyer Outed For 432 Park Avenue's $95 Million Penthouse [Curbed]
· Does 432 Park Avenue's Facade Already Need Repairs? [Curbed]