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Saudi Billionaire Buys City’s Highest Penthouse for $95M

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The Saudi Arabian retail magnate Fawaz Al Hokair (left) has purchased the city’s highest penthouse at 432 Park Avenue (right) for a staggering $95 million.
The master bathroom (Credit: DBOX for CIM Group/Macklowe Properties)

The Real Deal reported that the Saudi Arabian retail magnate Fawaz Al Hokair has pur-chased the city’s highest penthouse at 432 Park Avenue for an astonishing $95 million.

Back in 2013, Macklowe Properties and CIM Group’s top residence in their trophy build-ing entered into a contract with an unknown party. The six-bedroom, seven-bathroom luxury penthouse was selling for more than $11,500 per square foot.

The building was designed by Rafael Vinoly and dons the tallest rooftop in Manhattan, with a height of 1,396 feet. The full-floor penthouse is 8,255 square feet, and includes fabulous features such as a heated bathroom floor, giant 10-by-10-foot windows and a wood-burning fireplace.

Middle Eastern real estate/retail mogul Al Hokair is the founder and chairman of Fawaz Alhokair Group (the “Group”), which is one of the leading companies in the Saudi Arabi-an retail and real estate business sectors. According to Forbes, the Group is a $22 billion operation, and Hokair has a net worth at $1.37 billion. The Group’s main concentration is on retail franchising. It was founded by three brothers in 1989 as a retail apparel store op-erator with two menswear stores. The Group has now diversified into other business sec-tors and expanded across the globe, with 2,100 stores across the Middle East, North Af-rica, Central Asia and the Caucasus region for brands such as Banana Republic, Gap, Zara and Topshop.

Representatives for the building’s developers, Macklowe Properties and CIM Group, re-fused to confirm or comment on the transaction.

History will be made with the closing of this deal; it will be the second highest priced condo sale ever in New York City, second only to the penthouse in Extell Development’s One57 that sold for a staggering $100.5 million.

The building at 432 Park has two other penthouses that are also now for sale for whop-ping $81 million and $76.5 million. Based on the mean asking price per square foot, the property is currently ranked as the city’s most expensive residential project, however, it may soon be surpassed by Vornado Realty Trust’s 220 Central Park South.

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