Saudi Retail Magnate Lists NYC Penthouse For $225 Million
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Saudi Retail Magnate Lists NYC Penthouse For $225 Million

Fawaz Al Hokair is planning to list the 96th floor condo for nearly twice what he paid for it in 2016.

By Katherine Clarke
Tue, Jun 29, 2021 2:07pmGrey Clock 2 min

Saudi retail and real-estate magnate Fawaz Al Hokair is planning to list his penthouse at 432 Park Avenue—one of New York City’s most luxurious condominiums—for as much as US$170 million (A$225 million), according to three people familiar with the situation.

That price point is nearly twice what Mr. Al Hokair paid for the property in 2016. If it sells for close to that sum, the property would be among the most expensive ever sold in the country.

The news coincides with an overall uptick in the city’s luxury market, which was decimated by the Covid-19 crisis but has rebounded significantly. Two condos at nearby 220 Central Park South recently sold for a combined US$157.5 million in one of the priciest residential real-estate sales in the city.

Mr. Al Hokair’s apartment, which is on the building’s 96th floor, is over 8,000 square feet and has six bedrooms, according to an offering plan for the building filed with the New York Attorney General’s office. Marketing materials show a lavish home with panoramic views of the city and decked out in designer finishes. A chandelier hangs over a custom onyx dining room table, and a sculptural grand piano sits by the window. There is also a library. The property is dotted with accessories from designers like Hermès, Louis Vuitton and Bentley.

Real-estate agent Ryan Serhant of Serhant has been tapped to market the home. He declined to comment on the seller’s reasons for listing.

Developed by Macklowe Properties and CIM Group, 432 Park Avenue is one of the most notable additions to the New York skyline in recent years. Until recently the slimline tower was the tallest residential building in the Western Hemisphere. (It was beaten out by Extell Development’s nearby Central Park Tower.)

Notable residents of 432 Park Avenue have included Jennifer Lopez and her ex-boyfriend, the former Yankee slugger Alex Rodriguez.

The developers of the building have said that issues of leaks and elevator malfunctions at the building recently documented by the New York Times are being addressed.

Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: June 28. 2021.

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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