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
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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