432 Park Is Moving Beyond Concessions To Straight Discounts For Condos
As one of the priciest and most luxurious high-rise residences in New York City, 432 Park does not seem like the type to have a sale — but that is just what is happening.
As concessions have become the norm for landlords competing to fill the glut of available apartments and condos in Manhattan, the next logical step appears to be beginning — a drop in sticker price, at least at the upper end of the market in buildings such as 432 Park, The Real Deal reports.
The supertall multifamily building owned by CIM Group and Macklowe Properties is 80% sold and has paid off its debt, so broker Douglas Elliman claims the owners would be happy to get $450M for its remaining stock, initially valued at $600M.
Though the remaining units at 432 Park are gravy with the debt paid off, such a new building having to drop its asking price could be a bellwether for New York's multifamily market. It appears the days of finding a billionaire to take a penthouse condo in New York may be over.