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

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Related Stories
Property
Greener Homes, Living Alone And Ongoing Rate Pain
By Bronwyn Allen 28/11/2023
Property
Why Stars Are Renting Out Their Homes for Dirt Cheap
By ASHLEY WONG 28/11/2023
Property
London’s Luxury Home Market Has Been Dragging for Years. These Sellers Are Diving in Anyway.
By RUTH BLOOMFIELD 24/11/2023
Greener Homes, Living Alone And Ongoing Rate Pain

Ray White’s chief economist outlines her predictions for housing market trends in 2024

By Bronwyn Allen
Tue, Nov 28, 2023 2 min

Ray White’s chief economist, Nerida Conisbee says property price growth will continue next year and mortgage holders will need to “survive until 2025” amid expectations of higher interest rates for longer.

Ms Conisbee said strong population growth and a housing supply shortage combatted the impact of rising interest rates in 2023, leading to unusually strong price growth during a rate hiking cycle. The latest CoreLogic data shows home values have increased by more than 10 percent in the year to date in Sydney, Brisbane and Perth. Among the regional markets, price growth has been strongest in regional South Australia with 8.6 percent growth and regional Queensland at 6.9 percent growth.

“As interest rates head close to peak, it is expected that price growth will continue. At this point, housing supply remains extremely low and many people that would be new home buyers are being pushed into the established market,” Ms Conisbee said. “Big jumps in rents are pushing more first home buyers into the market and population growth is continuing to be strong.”

Ms Conisbee said interest rates will be higher for longer due to sticky inflation. “… we are unlikely to see a rate cut until late 2024 or early 2025. This means mortgage holders need to survive until 2025, paying far more on their home loans than they did two years ago.”

Buyers in coastal areas currently have a window of opportunity to take advantage of softer prices, Ms Conisbee said. “Look out for beach house bargains over summer but you need to move quick. In many beachside holiday destinations, we saw a sharp rise in properties for sale and a corresponding fall in prices. This was driven by many pandemic driven holiday home purchases coming back on to the market.”

3 key housing market trends for 2024

Here are three of Ms Conisbee’s predictions for the key housing market trends of 2024.

Luxury apartment market to soar

Ms Conisbee said the types of apartments being built have changed dramatically amid more people choosing to live in apartments longer-term and Australia’s ageing population downsizing. “Demand is increasing for much larger, higher quality, more expensive developments. This has resulted in the most expensive apartments in Australia seeing price increases more than double those of an average priced apartment. This year, fewer apartments being built, growing population and a desire to live in some of Australia’s most sought-after inner urban areas will lead to a boom in luxury apartment demand.”

Homes to become even greener

The rising costs of energy and the health impacts of heat are two new factors driving interest in green homes, Ms Conisbee said. “Having a greener home utilising solar and batteries makes it cheaper to run air conditioning, heaters and pool pumps. We are heading into a particularly hot summer and having homes that are difficult to cool down makes them far more dangerous for the elderly and very young.”

More people living alone

For some time now, long-term social changes such as delayed marriage and an ageing population have led to more people living alone. However, Ms Conisbee points out that the pandemic also showed that many people prefer to live alone for lifestyle reasons. “Shorter term, the pandemic has shown that given the chance, many people prefer to live alone with a record increase in single-person households during the time. This trend may influence housing preferences, with a potential rise in demand for smaller dwellings and properties catering to individuals rather than traditional family units.”

MOST POPULAR

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Related Stories
Money
Macquarie’s 1H Profit Falls, to Launch Up to A$2 Billion Buyback
By Alice Uribe 03/11/2023
Property
How Buying a New Home Could Save You Money
By ALY J. YALE 20/11/2023
Money
More pain for mortgage holders as RBA announces another rate rise
By KANEBRIDGE NEWS 07/11/2023
0
    Your Cart
    Your cart is emptyReturn to Shop