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Saudi Billionaire Buying $95 Million Penthouse In America's Tallest Residential Tower
By
Rebecca Fishbein
Published May 29, 2015
Modified May 29, 2015
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DBOX for CIM Group/Macklowe Properties
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By
Rebecca Fishbein
Published May 29, 2015
Modified May 29, 2015
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A billionaire from Saudi Arabia has reportedly purchased the $95 million penthouse apartment at 432 Park Avenue, the tallest residential skyscraper on this side of Planet Earth. The billionaire was likely drawn to the apartment's six bedrooms, seven bathrooms and magnificent views, all of which are perfect for hiding millions of tax-free dollars from grubby plebeian fingers.
The Real Deal reports that a mystery buyer who committed to purchasing the pad back in 2013 is likely Saudi Arabian retail magnate Fawaz Al Hokair, whose $22 billion company is responsible for franchise stores from the likes of Topshop, Banana Republic and Zara. Though the deal hasn't officially closed, once it does it'll clock in as the city's second-priciest condo sale, falling about $5.5 million short of the $100.5 million penthouse at nearby skyscraper One57.
That buyer has also not been identified, although at one point it was rumored to be the Prime Minister of Qatar, another foreigner with cash to burn hide, thanks to the fun taxes many rich folks from overseas get to avoid when purchasing luxury apartments. As for Al Hokair, who is reportedly worth about $1.37 billion, it's unclear whether he'll ever set foot in his 8,255-square-foot apartment once 432 Park officially debuts, though considering the current political and economic unrest in Saudi Arabia, perhaps it's good for him to have a pied-a-terre stateside.
Then again, if he lives here, he'll probably have to pay some taxes.
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