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surge of discounted units is now visible on Manhattan’s 432 Park Ave tower, a sign that the once‑glamorous Billionaires’ Row address is struggling to attract buyers. Of the ten luxury apartments currently on the market, most have been relisted and trimmed in price after years of stagnation. While price volatility is typical in the high‑end market, the timing of these cuts coincides with the tower’s declining reputation over recent years.
The most recent listing is the 81st‑floor condo owned by Turkish designer Naciye Kocak, now priced at $17.25 million—an 18 % drop from the $21.15 million she paid in 2016. Kocak has been trying to sell the unit since 2017, but her efforts have been hampered by a 2022 lawsuit from JPMorgan Chase, which alleged she defaulted on an $11.4 million mortgage. The court ruled against her, awarding the bank a $12.2 million judgment and setting a December foreclosure auction. Kocak is appealing, and her lawyer, Steven Biolsi, hopes for a settlement. The looming auction likely prompted the latest price cut.
Kocak’s three‑bedroom condo has sat on the market for eight years, a period that has seen the tower’s early buzz fade, the COVID‑19 slump, and growing resident complaints. A recent Department of Buildings report highlighted cracks in the building’s concrete façade, adding to concerns about the structure’s integrity. Despite these issues, the tower’s developers—Macklowe Properties, WSP, and CIM Group—maintain that the building is safe, though buyers remain wary.
The tower, which topped out at 1,400 feet in 2015, was the tallest residential skyscraper in the Western Hemisphere at its debut. It attracted headline‑making deals, but soon after, allegations surfaced of cracking concrete, faulty elevators, excessive noise, leaks, and power outages. The condo board has sued the developers twice: first in 2021 over construction and design flaws, and again this year accusing them of massive fraud. The developers have denied all claims, asserting the tower meets all safety codes.
A New York Times investigation last month confirmed the façade’s fissuring, noting that while the building is up to code, the white concrete has been cracking for years. Engineers warned that without a $160 million renovation, chunks of the material could fall onto Midtown. Despite these warnings, top brokers and residents have reported continued interest. In 2024, ten units closed, and high‑end rentals remain active. Douglas Elliman broker Keyan Sanai told the Post that units are trading at a “slight discount,” citing two August sales as evidence of the tower’s resilience.
When the tower opened, it was praised for its luxurious interiors and ambitious design. Yet now, most of the ten units on sale are priced at a loss or near‑loss. A 94th‑floor unit bought in 2019 for $31.5 million is listed at $29.75 million. The first unit sold—a 35th‑floor condo—was originally priced at $18.11 million but now asks $15 million after a 19 % cut. A 52nd‑floor spread, sold in 2016 for $9.84 million, has been on the market since 2020 and now carries a $9.99 million tag after several price cuts. An 86th‑floor unit is listed at $32 million, having been purchased for $32.71 million in 2017. Units 71A and 71B, bought together in 2018 for $60 million, have been on the market since 2022 and were recently trimmed to $32 million each. The newest listing—a full‑floor penthouse on the 69th floor—was introduced at $55 million in October, having originally sold as two units in 2016 for over $60 million.
Kocak and her broker were not reachable for comment, and Macklowe Properties declined to respond to inquiries.
