Half-floor condo at 432 Park Avenue sells for $22 million after steep price cuts

A 94th-floor half-floor condo at 432 Park Avenue sold for $22 million, a sharp drop from its $33 million original listing and $3.75 million less than the $25.75 million contract price recorded earlier this month. The seller, a trust tied to the late Roy T. Eddleman—founder of Spectrum Labs—originally paid $31.5 million for the space in 2019. Listing agents Marc Riedel and Jordyn Nusynowitz of Serhant said the transaction reflects a new market reality, noting that such high-value losses are absorbable for wealthy owners.

While sales prices have fallen, rents in the tower have surged, with a former lease at $85,000 per month being outbid by a buyer, leading to subsequent rentals exceeding $90,000 for comparable units. The building, famed for former residents like Jennifer Lopez and Alex Rodriguez, remains plagued by concrete cracking, swaying, and other defects, prompting lawsuits against developers CIM Group and Macklowe Properties and a pending $160 million repair effort overseen by the Department of Buildings. Management and the condo board declined comment amid ongoing litigation.