When 432 Park Avenue was still little more than a blip on the skyline, developers CIM Group and Macklowe Properties projected that the building would have an anticipated sellout of $3.1 billion. And while it hasn’t hit that mark just yet, the Rafael Viñoly-designed skyscraper is more than halfway there: The developers announced today that closed sales for the tower now total more than $2 billion, making it the best-selling building ever in New York City.
Since closings began in 2016, dozens of its outrageous apartments have recorded sales—and according to the developers, a whopping 48 of those have closed for more than $20 million apiece. Some of those eye-popping sales include three penthouses on the 92nd and 93rd floors, which sold as one combo unit for $91 million at the end of 2017; and, just last month, two penthouses on the 91st floor, which sold to the same buyer for $60 million.
While 432 Park may take the crown for having the highest dollar value in closed sales, it has competition from other high-priced Manhattan buildings along other metrics. The CityRealty 100, which ranks condos by their price per square foot, put 15 Central Park West at the top of its 2017 list, with 432 Park coming in at No. 2. According to its metrics, the Limestone Jesus has an average PPSF of $7,227 over a 12-year period, versus 432 Park’s $5,930.
There will also eventually be some competition in terms of total sellouts: While condos at Extell’s Central Park Tower have yet to officially hit the market, the developer projects a total sellout of $4 billion. Whether or not the supertall tower will actually hit that goal, however, remains to be seen.
- All 432 Park Avenue coverage [Curbed]