KEY POINTS

  • The penthouse of 432 Park Avenue in Manhattan was purchased by Saudi billionaire Fawaz Al Hokair for $87.7 million in 2016
  • The property would be the second-most expensive real estate sale in New York City history if sold for $169 million
  • The massive 8,255-square-foot property comes with six bedrooms, seven bathrooms and two powder rooms

The 96th-floor penthouse of one of Manhattan, New York's most expensive addresses hit the market Monday for a staggering $169 million, reportedly making it Manhattan’s most expensive listing.

The 8,000-square-foot unit is on the highest floor of 432 Park Avenue overlooking Central Park and is being sold by Saudi retail and real-estate magnate Fawaz Al Hokair, who purchased the property in 2016 for $87.7 million.

Despite the nearly 1,400-foot tower's reputation for issues such as creaking, floods and supposed design flaws, listing broker Ryan Serhant told the New York Post that several offers were made for the penthouse before it was listed on the market.

However, according to Serhant, none of the offers were high enough for the seller. “We wanted to maximize the value” by putting it up for sale, the broker told the outlet.

The massive 8,255-square-foot property comes with six bedrooms, seven bathrooms and two powder rooms. The penthouse is also equipped with a library that could double as a seventh bedroom.

The home is being sold with all of its art and furniture, which includes pieces from Hermes, Fendi and Bentley and a piano that was custom-made for the penthouse. It also boasts herringbone white oak floors and high-end finishes.

The 93-feet-long great room offers 360-degree views of Manhattan and comes with a wood-burning fireplace and a formal dining area, according to 6sqft.com.

The kitchens have marble floors and countertops, seamless white-lacquer and oak cabinetry and top-of-the-line Miele appliances. These include a double oven, a double sink, a wine cooler and double dishwashers. The penthouse's new owners can also enjoy vast views of New York City while having breakfast.

If the penthouse is sold for Al Hokair's asking price of $169 million, nearly double what he paid for it five years ago, the unit would be among the most expensive properties ever sold in the country, the Wall Street Journal reported.

It would also be the second most expensive New York City real estate sale in the city’s history. The record is held by Ken Griffin, a hedge-fund manager, who, in January 2019, purchased a condo at 220 Central Park South in Midtown Manhattan for a whopping $238 million.

As for why Al Hokair's penthouse is so expensive, Serhant attributed the hefty asking price to the building.

“Anyone can have a big apartment or have a full floor somewhere. But there is only one penthouse at 432 Park Avenue,” the broker told New York Post. “432 Park Avenue is one of the best creations in the world.”

The tower previously made headlines when then-couple Jennifer Lopez and Alex Rodriguez sold their 4,003-square-foot 432 Park Avenue unit for $15.75 million in 2019, the outlet reported at the time, citing records filed with the city.

Manhattan's Midtown Offices Remain Largely Empty As Businesses Begin To Consider Returning NEW YORK, NEW YORK - MARCH 04: The private residence 432 Park Avenue towers above office buildings which stand largely empty on March 04, 2021 in New York City. According to Colliers International, in January the office available rate in Manhattan rose to 14.9%, which is the highest level on record dating back to 2000. Some companies are slowly asking employees to return to the office while other's are waiting for more New Yorkers to receive the vaccine for Covid-19. Photo: Photo by Spencer Platt/Getty Images