An $82 million penthouse apartment in NYC's tallest residential building offers 360-degree views of Central Park and the city - but nobody wants to buy it

Katie WarrenOct 23, 2018, 22:26 IST

DBOX for CIM Group & Macklowe Properties

An $82 million penthouse in New York City's tallest residential building has been on the market for two years.
The luxury 95th-floor apartment, with its 10 x 10 foot windows, offers 360-degree views of Central Park and the city.
Building amenities include valet parking, a private screening room with a state-of-the-art sound system, a massage room, and a 75-foot swimming pool.

A lavish $82 million penthouse in New York City's tallest residential building includes stunning 360-degree views of Central Park and the city, plus luxurious amenities such as a massage room and a 75-foot swimming pool - but nobody is buying it.

The 95th-floor apartment at 432 Park Avenue, a skyscraper that stands at 1,396 feet, has been on the market for at least two years, according to Curbed.

And although the 8,225-square-foot apartment is called a penthouse, it's not even on the top floor. That would be the 96th-floor unit, which was sold to Saudi Arabian billionaire Fawaz Al Hokair for $87.7 million in 2016. Floors 91 through 96 are referred to as penthouses at 432 Park because they have different layouts than the rest of the building and some are full floors, a spokesperson for the building told Business Insider.

Business Insider obtained photos of the penthouse on the 92nd floor (since sold), which has an identical layout to the 95th floor, to offer a peek inside the luxurious penthouse apartments. The listing is held by Douglas Elliman.

Although 432 Park Avenue currently holds the title of tallest residential building in the city, it will soon be outstripped by Central Park Tower, which will stand at 1,550 feet tall when completed.

Here's a look at the 95th-floor penthouse.

See An $82 million penthouse apartment in NYC's tallest residential building offers 360-degree views of Central Park and the city - but nobody wants to buy it >>

The penthouse is on the 95th floor of 432 Park Avenue, the controversial skyscraper that holds the current title of tallest residential building in New York City at 1,396 feet.

The One World Trade Center in Lower Manhattan remains the tallest building in the city thanks to its spire, but the skyscraper itself is 28 feet shorter than 432 Park Avenue.

Source: The New York Times

432 Park was completed in 2015 amid criticism from some New Yorkers who felt it looked ugly and out of place in the city skyline.

Source: The New York Times

The $82 million penthouse for sale is on the 95th floor — but even though it's called a penthouse, it's actually on the second-highest level of the skyscraper, not the top floor.

The 96th floor is the top, but floors 91 through 96 are all referred to as penthouses because they have different layouts than the rest of the building and some are full floors, a spokesperson for the developer told Business Insider.

Source: 432 Park Avenue

The 96th-floor penthouse sold to Saudi Arabian billionaire Fawaz Al Hokair for $87.7 million in 2016.

Source: Curbed NY

432 Park Avenue features a full-time concierge, 24-hour doorman, valet parking, and a private, covered entryway where vehicles can discreetly drop off residents and guests.

Source: 432 Park Avenue

The expansive 8,255-square-foot penthouse on the 95th floor includes six bedrooms and seven bathrooms.

Source: Douglas Elliman Real Estate

The apartment is lined with solid oak flooring and the ceilings rise to a height of 12.5 feet, allowing for 10 by 10 foot windows.

Source: Douglas Elliman Real Estate

The unit, which is accessed by private elevator, offers panoramic views of the city and Central Park.

Source: Douglas Elliman Real Estate

A separate library includes a wood burning fireplace.

Source: Douglas Elliman Real Estate

The 30 by 15 foot master bedroom, which occupies one corner of the penthouse, features a sitting room and separate dressing rooms.

Source: Douglas Elliman Real Estate

The luxurious master bathroom has marble floors and walls, cubic marble vanities with 22-inch oval sinks, custom wood cabinets, a large freestanding soaking tub, shower, Toto toilet, radiant heated floors — and eye-popping views of the city.

Source: Douglas Elliman Real Estate

Each of the five additional bedrooms comes with an en suite bathroom.

Source: Douglas Elliman Real Estate

432 Park includes a fitness center, a standard amenity in luxury buildings.

Source: Douglas Elliman Real Estate

But not many residential gyms come with a 75-foot swimming pool. There's also a sauna and steam room.

Source: 432 Park Avenue

... and a private screening room with a 220-inch screen and a state-of-the-art sound system.

Source: 432 Park Avenue

If the 95th-floor penthouse sells for its current asking price, it would be the second most expensive sale in the building after the $87.7 million sale of the 96th floor.

Source: Curbed NY

Units on other floors have sold for significantly less than $82 million. In October 2018, Alex von Furstenberg, son of fashion designer Diane von Furstenberg and stepson of billionaire Barry Diller, bought a 53rd-floor unit for $10.75 million.

Source: The Real Deal

Back in April, Caryl Englander, wife of hedge fund billionaire Israel Englander, bought two penthouse units on the 91st floor for $60.08 million.

Source: The Real Deal

Jennifer Lopez and Alex Rodriguez also own property in the building, having bought a $15.3 million unit in March.

Source: The Real Deal

As of February, more than 85% of the building, or about $2 billion worth of condos, had been sold, according to the developers, Macklowe Properties and CIM Group.

Source: The Real Deal

But the 95th-floor penthouse unit has been on the market at $82 million for at least two years.

Source: Curbed NY

And the penthouse unit just below, on the 94th floor, sold earlier this year for $32.4 million, which was about $8 million less than its asking price.

Source: Curbed

This could have something to do with New Yorkers' apparent waning interest in penthouse units. There's a surplus of penthouses for sale in the city, with 16% more listings in October 2018 than the year before, according StreetEasy data analyzed by The Real Deal.

Source: The Real Deal

READ MORE: NYC has more penthouses available than it can fill — and it suggests a change in the way wealthy people are looking at luxury real estate.

"Historically, penthouses have been the trophy property," Reba Miller, a broker at Berkshire Hathaway HomeServices, told The Real Deal. "Today, the trophy is many things. Not everyone needs a penthouse to feel like they got the trophy."

Source: The Real Deal

Although 432 Park Avenue currently holds the title of tallest residential building in the city, it will soon be outstripped by Central Park Tower, which will stand at 1,550 feet tall when completed.

Source: Central Park Tower

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An $82 million penthouse apartment in NYC's tallest residential building offers 360-degree views of Central Park and the city - but nobody wants to buy it

The penthouse is on the 95th floor of 432 Park Avenue, the controversial skyscraper that holds the current title of tallest residential building in New York City at 1,396 feet.

The One World Trade Center in Lower Manhattan remains the tallest building in the city thanks to its spire, but the skyscraper itself is 28 feet shorter than 432 Park Avenue.

432 Park was completed in 2015 amid criticism from some New Yorkers who felt it looked ugly and out of place in the city skyline.

The $82 million penthouse for sale is on the 95th floor — but even though it's called a penthouse, it's actually on the second-highest level of the skyscraper, not the top floor.

The 96th floor is the top, but floors 91 through 96 are all referred to as penthouses because they have different layouts than the rest of the building and some are full floors, a spokesperson for the developer told Business Insider.

The 96th-floor penthouse sold to Saudi Arabian billionaire Fawaz Al Hokair for $87.7 million in 2016.

432 Park Avenue features a full-time concierge, 24-hour doorman, valet parking, and a private, covered entryway where vehicles can discreetly drop off residents and guests.

The expansive 8,255-square-foot penthouse on the 95th floor includes six bedrooms and seven bathrooms.

The apartment is lined with solid oak flooring and the ceilings rise to a height of 12.5 feet, allowing for 10 by 10 foot windows.

The unit, which is accessed by private elevator, offers panoramic views of the city and Central Park.

A separate library includes a wood burning fireplace.

The 30 by 15 foot master bedroom, which occupies one corner of the penthouse, features a sitting room and separate dressing rooms.

The luxurious master bathroom has marble floors and walls, cubic marble vanities with 22-inch oval sinks, custom wood cabinets, a large freestanding soaking tub, shower, Toto toilet, radiant heated floors — and eye-popping views of the city.

Each of the five additional bedrooms comes with an en suite bathroom.

432 Park includes a fitness center, a standard amenity in luxury buildings.

But not many residential gyms come with a 75-foot swimming pool. There's also a sauna and steam room.

The building even has its very own massage room.

Other amenities at 432 Park include a billiards room and library ...

... a conference room with a marble table that seats 14 ...

... and a private screening room with a 220-inch screen and a state-of-the-art sound system.

If the 95th-floor penthouse sells for its current asking price, it would be the second most expensive sale in the building after the $87.7 million sale of the 96th floor.

Units on other floors have sold for significantly less than $82 million. In October 2018, Alex von Furstenberg, son of fashion designer Diane von Furstenberg and stepson of billionaire Barry Diller, bought a 53rd-floor unit for $10.75 million.

Back in April, Caryl Englander, wife of hedge fund billionaire Israel Englander, bought two penthouse units on the 91st floor for $60.08 million.

Jennifer Lopez and Alex Rodriguez also own property in the building, having bought a $15.3 million unit in March.

As of February, more than 85% of the building, or about $2 billion worth of condos, had been sold, according to the developers, Macklowe Properties and CIM Group.

But the 95th-floor penthouse unit has been on the market at $82 million for at least two years.

And the penthouse unit just below, on the 94th floor, sold earlier this year for $32.4 million, which was about $8 million less than its asking price.

This could have something to do with New Yorkers' apparent waning interest in penthouse units. There's a surplus of penthouses for sale in the city, with 16% more listings in October 2018 than the year before, according StreetEasy data analyzed by The Real Deal.

"Historically, penthouses have been the trophy property," Reba Miller, a broker at Berkshire Hathaway HomeServices, told The Real Deal. "Today, the trophy is many things. Not everyone needs a penthouse to feel like they got the trophy."

Although 432 Park Avenue currently holds the title of tallest residential building in the city, it will soon be outstripped by Central Park Tower, which will stand at 1,550 feet tall when completed.