Buyer bags 432 Park Avenue penthouse in another US mega-deal

Saudi magnate pays £67.2m at a rate of £8,141 per square foot

The priciest penthouse at New York’s ultra-prime 432 Park Avenue scheme has been snapped up for a mammoth $87.7m (£67.2m).

It’s the most expensive deal to go down in the Big Apple this year, reports The Real Deal, which names the purchaser as Saudi retail magnate Fawaz Al Hokair. The rate works out at an eye-watering $10,623 (£8,141) per square foot.

The full-floor pad sprawls over 8,255 square feet and has floor-to-ceiling windows throughout. The asking price was $95m.

Interestingly, it’s also claimed that CIM Group, the project’s co-developer, stumped up a $56m loan to help fund the acquisition, although that’s yet to be officially confirmed.

The sale beats the $59.1m (£45.28m) paid for another full-floor earlier this year, although a pad at One57 still holds the current city record after fetching $100.5m (£77m) in January 2015. 

Over on the West coast, a $90m (£68.9m) sale has just gone through in LA, putting it just behind the Playboy Mansion in terms of 2016’s biggest deals. The “pristine” 12,200 square foot Owlwood Estate used to belong to Sonny and Cher and was snapped up off-market, according to the Wall Street Journal.

432 Park Avenue via DBox for CIM Group/Macklowe-Properties