New Development

Ultra-Luxury Sales Begin to Slow?

With the news that CIM Group and Macklowe Properties have decided to break up 5 full-floor penthouses at 432 Park, each around $75 million, into smaller apartments, it seems sales are beginning to slow at the Viñoly-designed building.

As more and more buildings rise taller and taller, some of the hype may be beginning to abate. Indeed, there’s a surplus of inventory in the surprisingly-existent range of $50 million – $1 bajillion.

Each of these doomed residences will be divided in two, into a 4,400 and a 3,600 sqft. condo. The new units will ask between $40.25 and $39.75 million, and are hoped to lure a wider range of buyers.

But don’t worry, if you’re currently weeping over losing a prospective home, you haven’t missed your chance yet. In fact, if you’re still on the hunt for a 8,055 sqft. pied-à-terre 1100 feet in the sky, stay tuned.

Mr. Trump, thank you for your patience, and please don’t cry—there’s one left.

Don’t be worried about the implications for 220 Central Park South, it’s already sold half its units

Poor rich-people apartment, chopped in two

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