A condo on New York's Billionaires' Row sells for less than half of its original $135 million asking price

• A five-bedroom, five-bathroom unit at 432 Park Avenue was listed for $135 million back in 2021.
• Two years later, it's sold for less than half that to an anonymous buyer, The Real Deal reported.

432 Park Avenue in New York City is perhaps the most recognizable building on Billionaires' Row, but that hasn't stopped one of its condos from selling for less than half its initial $135 million asking price, according to The Real Deal.

The skinny skyscraper, once the tallest residential building in the world, has courted controversy for its design.

In 2021, The New York Times reported that residents of the almost 1,400-foot tower had complained to the developers about issues like floods, malfunctioning elevators, and creaking walls. Engineers told the newspaper that could be a result of 432 Park Avenue's exceptional height, which exacerbates the effects of it swaying in the wind.

That same year, the 8,000-square-foot apartment on the 79th floor was put on the market for $135 million, according to The Real Deal.

This May, the asking price was lowered to $92 million, and the condo went into contract in August, per the real estate news outlet.

The Real Deal reported the five-bedroom and five-bathroom home has now sold for $65.6 million to an unknown buyer — who also bought two separate two-studio units, bringing the total transaction to $70 million.

The outlet reports that the sellers, who paid a similar amount for the unit in 2016, hid their identity by using a shell company. That's a common practice for the building's residents — which have included a Russian senator, and a Greek businessman arrested on corruption charges — according to the Times.

The unit's listing agent, Noel Berk of Engel & Völkers, previously told The Real Deal that it was being marketed to Asian buyers. The outlet reports that it was designed by a Japanese architect and includes a tea room and a bonsai plant sculpture.

Engel & Völkers declined to comment when contacted by Insider.