Penthouse at Troubled Supertall Tower Seeks $169 Million

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Penthouse at Troubled Supertall Tower Seeks $169 Million

"This is like a trial price," she said of the penthouse listing, noting that the price per square foot of more than $ 20,500 would break the current record set in February 2012 for a single apartment – square feet Unit at Central Park West 15 sold for approximately $ 88 million, or $ 13,049 per square foot, according to appraiser Jonathan J. Miller. In May, a sale of multiple units in another condominium skyscraper, 220 Central Park South, was completed for a total of $ 157.5 million, or $ 13,269 per square foot.

The most expensive apartment in New York sold for significantly more than the 432 Park Avenue penthouse asked for, but it was also much bigger. The apartment, a 23,029-square-foot apartment on 220 Central Park South, was sold to Kenneth Griffin, the hedge fund billionaire, for nearly $ 240 million in 2019.

The highest selling price on 432 Park Avenue in 2017 was the combined sale of adjoining apartments on the 92nd and 93rd floors covering nearly 12,000 square feet for approximately $ 91 million, Miller said. It was listed for $ 120 million.

"Not a pun, but it's an exaggeration," said Mr. Miller of the new penthouse listing.

The tower at 432 Park Avenue, designed by star architect Rafael Viñoly's office, addresses a number of mechanical issues and safety concerns, the Times reported in February. Local residents have complained of elevator malfunctions in high winds, creaky walls, and millions of dollars in flooding in the center and top of the building, which have contributed to higher general charges.

But history shows that reputational damage can only be short-lived, Ms. Olshan said. She points to the luxury condominium towers at 173 and 176 Perry Street in the West Village, where construction issues became widely publicized in 2008 but resale value has largely kept pace with the market.

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