Image: The tower at 432 Park Avenue, a nearly 1,400-foot residential skyscraper in Midtown Manhattan lists for A$225m. Source: The New York Times

A Penthouse in 432 Park Avenue Supertall Tower in Manhattan Listed for $225m

Rising from the asphalt on Manhattan’s Billionaires’ Row, 432 Park Venue is as controversial as it is ostentatious, and now 96 floors up the 1400 feet supertall tower, a penthouse is listing for US$169 million (A$225 million).

The asking price, as reported by the New York Times, is almost double what Suadi retail magnate, Fawaz Alhokair, paid for it in 2016.

The 8226 square-foot apartment comes with an eye-watering US$177,730 (A$236,387) annual tax bill, according to the Department of Finance.

As previously reported by the New York Times, the tower has been dealing with a series of issues, with residents complaining of elevator malfunctions, creaking walls and floods.

If the penthouse goes for its asking price, the price per square foot would be more than US$20,500 (A$27,246), which would eclipse the current record for a single apartment set in 2012 when a 6744 square foot apartment at 15 Central Park West sold for around US$88 million (A$117 million).

The biggest sale price at 432 Park Avenue happened in 2017 with the combined sale of contiguous apartments on the 92nd and 93rd floors totalling almost 12,000 square feet for around US$91 million (A$121 million). The asking price was US$120 million (A$159 million).

Donna Olshan, the president of Olshan Realty told the New York times “this is like a try-God price” with appraiser Jonathon J. Miller claiming the price was “over the top”.

The skyscraper received mixed views when it launched in 2015, some praised the design for its simplicity while others derided it for the same reason with many claiming the building is a microcosm for the increasing cost of living and outlandish wealth of the top one per cent.

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