432 Park Avenue

Saudi billionaire closes on NYC s highest pad for $88M 432 Park PH went for $10,600+ psf; CIM provided $56M purchase money mortgage

Fawaz Al Hokair and the view from 432 Park (Credit: DBOX for CIM Group/Macklowe Properties)

The buyer of 432 Park Avenue s highest and priciest penthouse has closed on the unit for $87.7 m爱上海同城对对碰

illion, property records show. The deal marks the sale of the city s highest residence and the biggest closed sale in New York so far this year. But the purchase stands out for another reason: CIM Group, the property s co-developer, provided the buyer a loan for nearly two-thirds of the purchase price. 

The buyer, who according to sources is Saudi retail magnate Fawaz 上海贵族宝贝论坛

Al Hokair, closed on the apartment on Sept. 9 for a whopping $10,623 per square foot, property records filed with the city Thursday show. On a per-square-foot basis, that appears to be one of the priciest-ever done deals in the city.

The 8,255-square-foot full-floor penthouse was asking $95 million, or just over $11,500 per square foot. Al Hokair went into contract on the property in 2013, accord上海千花网论坛

ing to multiple news reports. The apartment features a wood-burning fireplace, heated bathroom floors and the building’s signature 10-foot-by-10-foot windows.

In a rather unusual move for a project sponsor, CIM provided the buyer with a $56 million loan to acquire the unit, records filed with the city on Thursday show. It was not immediately clear why the Los Angeles-based firm provided the purchase money mortgage. A spokesperson for CIM did not immediately comment on the financing.

A representative for Macklowe Properties , which developed the build阿拉爱上海同城

ing in partnership with CIM Group, did not immediately respond to a message seeking comment.

Prior to this one, the priciest closed sale in the building was a full-floor unit for $59.1 m上海贵族宝贝

illion. Earlier this week a member of the Mikati family closed on a three-bedroom condo for $28 million. A penthouse that was asking $76.5 million is also under contract.

Al Hokair is the founder and chairman of Fawaz Alhokair Group, a conglomerate that mainly focuses on retail franchising. The company has 2,100 stores across the Middle East, North Africa, Central Asia and the Caucasus region.

The city s priciest closed sale remains a pad at One57, which went for $100.5 million. Others on the podium include an $88 million deal at 15 Central Park West.

Adam Pincus contributed reporting.

Tags: 432 park avenue, CIM Group, NYC Luxury Market, priciest listings
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