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Sun 31 May 2015 01:43 PM

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Saudi billionaire said to buy highest NY penthouse for $95m

Retail magnate Fawaz Al Hokair reportedly pays second-largest price ever for a residence in New York City

Saudi billionaire said to buy highest NY penthouse for $95m
432 Park Avenue (Image courtesy: Macklowe Properties)

A Saudi billionaire has reportedly bought a $95m Manhattan penthouse that is also the highest residence in New York City.

Retail magnate Fawaz Al Hokair, was recently estimated to be worth $1.37bn and has often been included in the Arabian Business’ annual Richest Arabs List.

The 8,255 square foot penthouse at 432 Park Avenue has six bedrooms and seven bathrooms, as well as a fireplace, heated bathroom floors and 10-feet high windows that make the most of the apartment’s location 1,396 feet (425m) high, real estate website The Real Deal reported.

The sale would be the second-largest real estate transaction in New York City, The Real Deal said.

Representatives for the building declined to comment, and the sales office did not respond to requests.

Al Hokair is the founder and chairman of Fawaz Alhokair Group, a $22bn operation and Saudi Arabia’s most valuable retail and real estate company.

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