Pointing to the floating joints between the walls and ceilings, Berk and the architect of record, Felix Ade of YUN Architecture, explained how the elements of the apartment would move with the building. On a sunny day in September, she gave a tour to The Real Deal, commenting several times on how quiet the apartment was. In the past six weeks, Berk has shown the apartment five times. Sugimoto flew in materials and trades people from Japan to do the build-out for the sellers, who are American art collectors.
“Considering the pedigree and that you can move in with a toothbrush and be thrilled and happy in the apartment, I don’t think it’s overpriced,” she said. But Engel & Völkers’ Noel Berk, the listing agent for the $135 million unit on the 79th floor - which was custom designed by Japanese architect Hiroshi Sugimoto - disagreed. Ryan Serhant, the listing agent, did not respond to requests for comment. Alhokair bought the penthouse for $87.7 million in 2016. “There’s no precedent set for that,” he said. Multiple agents said the asking prices are too high.Ĭompass broker Richard Steinberg, part of the team that initially sold the building, called the $169 million price tag for Saudi retail magnate Fawaz Alhokair’s top-floor penthouse “an aggressive price,” particularly for a resale. Both units, one on the 96th floor and the other on the 79th floor, were listed after the building’s issues became public. Some point to current $169 million and $135 million listings as bellwethers for how deep-pocketed buyers view the building. Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit. The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Sean Hergatt and valet parking. As one agent put it: “So far, people buying paying very high rents don’t give a damn. But then again, there were only three sales in 2020 - a sharp drop from the 12 deals in 2019, before the pandemic.īoth units that closed since February went for more than their owners paid for them. Since February, when problems at 432 Park exploded into public consciousness in a New York Times story titled, “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks,” only two sales have closed in the building, according to data provided by Serhant.
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