432 Park Avenue condo sets new record with $92 million transaction

Earlier this month, New York City’s housing market saw its most expensive transaction of the year when a condominium in the towering skyscraper at 432 Park Avenue, originally listed for $92 million, found a buyer, as reported in the weekly roundup by Olshan Realty.

This significant transaction occurred during a relatively slow week for Manhattan’s luxury housing market, occurring just before the Labor Day holiday, when people typically enjoy the last week of summer before the start of the school year. According to the Olshan report, a total of 18 contracts were signed during the week ending on Sunday for properties priced at a minimum of $4 million.

The record-breaking deal contributed to a substantial increase in the total value of newly signed contracts, which amounted to $219.3 million, more than doubling the previous week’s figures. This included the signing of contracts for 11 condos, five co-ops, and two townhouses.

Despite its initially staggering price of $132 million, the $92 million condominium finally found a buyer after spending two years on the market and undergoing significant price reductions. The expansive residence encompasses approximately 8,000 square feet, occupying the entire 79th floor of 432 Park, offering breath taking views of Central Park and the Manhattan skyline, as reported by Olshan. Interestingly, the seller had acquired this unit directly from the developer of the building back in 2016 for $59.14 million.

In the same week, the second most expensive contract signed was for a penthouse located on Hudson Street, which was listed at nearly $18.3 million. This four-bedroom duplex boasts over 5,000 square feet of interior space, along with an additional 2,500 square feet of outdoor space, according to Olshan.

Olshan Realty, also known as Olshan Properties, is a prominent real estate firm based in New York City. Founded by Mortimer Olshan in 1960, the company has a long history of involvement in various aspects of real estate, including development, acquisition, management, and marketing of residential and commercial properties.

Olshan Realty is known for its expertise in luxury residential real estate in New York City, particularly in the high-end and prestigious neighbourhoods of Manhattan. They have worked on numerous high-profile projects and have a reputation for representing some of the city’s most exclusive properties.

Over the years, Olshan Realty has provided a range of real estate services, including brokerage, consulting, and property management. They have played a significant role in the New York City real estate market, catering to a discerning clientele looking for luxury homes and investment opportunities.

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432 Park Avenue condo sets new record with $92 million transaction

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