Penthouse at 432 Park Ave. in contract for $95M
May 22, 2013 - New York
The top penthouse of CIM Group's New York-based 432 Park Avenue development is under contract for USD$95 million.
Upon completion, the 84-storey tower will be be the tallest residential building in the western hemisphere.
The penthouse will comprise six bedrooms, seven bathrooms and a library. A sculptured bathtub sits in front of a window, offering IMAX-like views of the city.
A buyer can also pick up a US$3.9 million studio for the housekeeper and a private wine cellar for US$300,000.
The building offers residents an indoor-outdoor event space with a 350 person capacity.
Developer Harry Macklowe along with his architect Rafael Viñoly designed the tower around "The purest geometric form - the square". The tower floors are 93 feet square; each side of the building has six 10-foot-by-10-foot windows.
"This is the building of the 21st century, the way the Empire State Building was the building of the 20th century," said Macklowe.
Macklowe said he and his partner, CIM Group, already has contracts for nearly US$1 billion worth of apartments at the building, which at present only has ten floors.
Total sales are expected to surpass US$3 billion for a building that is slated to cost about US$1.25 billion to complete. Prices start at USD1.59 million for the smallest apartment, a 32.6 sqm studio.
"There's a great deal of interest in New York, which is seen as relatively cheap compared to other global cities," Yolande Barnes, director of research for Savills, said.
Source: Property Report
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