432 Park's Retail Section Sells For $411M
Harry Macklowe and Qatari investment bank QInvest closed on their purchase of 432 Park Ave’s 27k SF retail section $411M.
The partners purchased the retail space, which includes a striking, 7k SF glass cube (above) from fund manager CIM Group, which is developing the 1,396-foot condo tower along with Harry.
Harry and QInvest had been under contract to buy the retail space—which includes 20k SF in an underground concourse and the lower levels of the tower, in addition to the cube—for nearly two years, The Real Deal reports.
It’s unclear what caused the delay, but legal troubles might have something to do with it. Back in September Saudi investor Ramza Al Kholi sued Macklowe Properties over allegations he’d been cut out of a partnership to buy the retail space. The parties later settled out of court. [TRD]