Saudi retail magnate cuts price of NYC penthouse where he’s never lived to $130M

Saudi retail magnate cuts price of NYC penthouse where he’s never lived to $130M

  • NY Post
  • 05/17/23

This sprawling New York penthouse now comes at a 20%-plus discount — but that doesn’t mean it’s cheap.

Fawaz Al Hokair, a retail and real-estate tycoon from Saudi Arabia, has slashed the price of his roughly 8,200-square-foot aerie at 432 Park Ave. to a still-expensive $130 million, the Wall Street Journal reported. The condo first listed for $169 million nearly two years ago, but was de-listed last May — and, for about six months, was shopped off-market.

It’s now back on the market, and should a prospective — and deep-pocketed — buyer snap it up, they stand to spend more time there than Al Hokair did.

Al Hokair bought the unit in 2016 for $87.66 million — at the time one of the highest sums paid for a New York residence — and it would appear to remain in mint condition. Tal Alexander of Official Partners, who represents this listing alongside his brother Oren Alexander, told the Journal the spread has never been lived in — with Al Hokair never once spending a night inside.

This Billionaires’ Row home still commands a mighty price, but a sale for its current ask wouldn’t make for a record. Hedge fund titan Ken Griffin’s 2019 purchase at nearby 220 Central Park South, a roughly $238 million deal, still holds the crown for the nation’s priciest home sale.

As for home listings, a $250 million penthouse at Central Park Tower, also located nearby, remains the most expensive for sale within city limits, according to StreetEasy. Al Hokair’s ranks the third-priciest behind a $175 million property that’s also for sale at Central Park Tower.

Alexander rents a home at 432 Park, and told the Journal he hopes this new price will be a lure.

“We’re in an environment now where no one necessarily wants to pay the asking prices. People want to make a deal,” he told the outlet. “At its current ask, I think we’re in the realm where a buyer will think they are getting a fair deal.”

At 432 Park, Al Hokair’s home comes with six bedrooms and ceilings 12.5 feet high. It opens to a private elevator entry — and the luxe space also fits a 93-foot-long great room, a master bedroom with two dressing rooms and two bathrooms and, elsewhere, a formal dining room.

Listing images additionally show herringbone-patterned floors and massive windows showcasing wide views of the city from river to river — and beyond.


You can read the article in NY Post here

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