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Dec

06

NYC’s Tallest Luxury Tower Is Discounting Condos by Millions

By Tony Seruga

Buyers at 432 Park Ave. getting an average 10% price cut
Lewis Sanders purchases $60.9 million penthouse at markdown

Buyers at Manhattan’s tallest ultra-luxury condo tower are getting discounts worth millions, a sign of the times in a market that’s swamped with costly homes.

At 432 Park Ave., buyers who signed contracts and completed those purchases this year got price reductions averaging 10 percent, according to an analysis by appraiser Miller Samuel Inc. In one of the most recent big transactions to close, a penthouse on the 88th floor sold for $60.9 million, a 20 percent markdown from what developers initially sought, city property records made public Dec. 2 show…

NYC’s Tallest Luxury Tower Is Discounting Condos by Millions

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