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A Sign That NYC's Ultra-Luxe Market's Losing Steam?


CIM Group and Harry Macklowe, the developers of 432 Park Ave, have chopped five of its full-floor apartments in two. The 91st through 95th floor units will now take up 4,400 SF and 3,600 SF and fetch $40.2M and $39.7M.

With sales at the building seen by some as a barometer of the ultra-luxe condo market, the move could signal that there aren’t as many buyers at the $50M-plus level as had been thought.

There’s still one full-floor unit up for grabs at the building, which now boasts the highest roof height in the Western Hemisphere, Crain's reports. That one’s on the 88th floor and is asking $76.5M. Over 70% of the 106 units at the building are under contract. Units range in price from $7M to $95M.

Who’s buying? The developer tells Crain’s about 65% are Americans, with an average age of about 55. The foreigners who are in talks to close on an apartment there hail from countries that include Turkey, Saudi Arabia, China, Russia, Greece and Brazil. Closings haven’t gone through because the property still needs a temporary certificate of occupancy from the city, which is expected to come later this month or early in December. [Crain's]