Saudi Retail Magnate Lists NYC Penthouse For $225 Million
Kanebridge News
Share Button

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.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
Hotel experience at home in Castle Hill
By KANEBRIDGE NEWS 22/05/2024
Property
Why living 80s style would mean we’d need 1.2 million fewer homes
By Bronwyn Allen 21/05/2024
Property
The Properties High Interest Rates Can’t Touch
By CAROL RYAN 20/05/2024
Hotel experience at home in Castle Hill

A new development in the Hills District sets a new standard in buyer expectations

By KANEBRIDGE NEWS
Wed, May 22, 2024 3 min

Castle Hill is set to be home to a new hotel-like development, with the announcement that the 94-apartment Astrid site is just weeks away from completion.

While the penthouse apartments across the two buildings have already been snapped up, there are still one, two and three-bedroom residences on offer. The development comes with a gold star iCIRT rating, guaranteeing it has met quality construction standards. The iCIRT rating system has been developed by Equifax in partnership with government, industry and market and rates projects from one to five stars following a rigorous and independent review process.

Steve Harb from developer CBD Core, said it’s the best indicator would-be buyers could have that their investment is safe.

“The iCIRT rating gives people the assurance that we’re trustworthy and have integrity as a developer,” he says. “Our service is complete from start to finish, from developer to builder. 

“As a buyer, you have one point of contact, there’s no shifting responsibility or passing the buck so if anyone has an issue, it can be sorted out as soon as possible.”

He said Astrid has proved popular with locals interested in upgrading without leaving the convenience and amenity of the Hills District. Surrounded by some of the best restaurants, clubs and recreational facilities in the area, it is also just six minutes’ walk to the new Metro station and a seven-minute drive to Castle Towers Shopping Centre. Schools and tertiary education options are also within an easy drive. In addition to some of the best parks and reserves in Sydney, it’s an attractive option for families on the move.

Mr Harb said the concept for the development, as with all his projects, was to create a hotel-like environment.

“I only do boutique projects and when I say ‘boutique’, I mean hotels without the concierge,” he says. “The quality and integrity is built into it.”

The infinity edge pool is surrounded by leafy gardens in a resort-style environment.

Leisure facilities include rooftop gardens and entertaining spaces as well as a fully equipped gym on the ground floor overlooking an infinity edge pool surrounded by lush landscaped gardens. Mr Harb says beautiful landscaping is a signature of all his developments.

“I have lived in the Hills District for more than 15 years and the reason I live here is because I love the leafy environment, the greenery,” he says. “I always like to emphasise that in my developments with strong landscaping.”

WORK FROM HOME HUB

Recognising the ongoing desire to adopt a hybrid working model, Astrid provides a dedicated on-site working environment suitable for exclusive use by residents needing focused work time, as well as those seeking professional meeting rooms to receive clients, with wifi enabled work desks, as well as more casual seating. 

Mr Harb said the pandemic taught him that, while working from home was convenient, having breakout spaces within a wider residential development was highly attractive.

“You’re not stuck looking at the same four walls,” he says. “The shared work space at Astrid has comfortable lounges, chairs, coffee tables and more than a dozen cubicles,” he says. “It’s more like going into a meeting room in a hotel.”

The apartments are characterised by light-filled interiors.

IN RESIDENCE

The apartments are light-filled living spaces with seamless access to balconies, through to integrated joinery secreting storage. Finishes have been chosen to last, from the Michael Angelo Quartz benchtop and Char Oak Polytec Ravine joinery in the kitchen to the stone splashback and custom-made joinery in the bathroom.

Access throughout the buildings is via a swipe card, providing a secure environment. 

For more information, see Astrid Castle Hill.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Money
The fast-approaching ‘silver tsunami’ set to hit the Australian economy
By Bronwyn Allen 23/05/2024
Money
Young Australians cut back on essentials while Baby Boomers spend freely
By Bronwyn Allen 24/05/2024
Money
Metallica’s European Tour Showcases Renewable-Energy Big Rigs—And Their Limits
By PAUL BERGER 24/05/2024
0
    Your Cart
    Your cart is emptyReturn to Shop