Billionaire Row home at 432 Park Avenue bought for $92million after hedge fund owner Mitch Julis kno
A hedge fund manager has found a buyer for his ‘Temple of Zen’ on New York’s Billionaire's avenue - after slashing a whopping $43million off the asking price.
The 8,000-square-foot apartment was created for Japanese art enthusiast Mitch Julis complete with a 60-year-old Bonsai tree and a tea room in the iconic 1,400ft tall tower at 432 Park Avenue.
The 88-story ‘super-skinny’ tower has been home to stars such as Jennifer Lopez and Alex Rodriguez has been besieged with complaints from oligarchs unhappy about flooding, creaking walls and faulty elevators.
Julis, who works for Canyon Capital Advisors, originally listed the five-bedroom 79th story home for $135million in September 2021.
But the $92million sale reported by streeteasy.com would still be one of the biggest of the year and nets Julis a profit on the $59million he paid in 2016.
An apartment in the skinny tower at 432 Park Avenue has sold for $92million, after the owner took $43million off the asking price
The 8,000-square-foot apartment was created for Japanese art enthusiast Mitch Julis in the 88-story tower
432 Park Avenue is one of a new breed of super-tall, super-skinny skyscrapers that have sprung up in small Manhattan plots in recent years
The buyer has not been revealed.
‘This serene full-floor residence offers 8,055 square feet of living space, five bedrooms, five bathrooms, two powder rooms, home office, den, and a Sugimoto-designed tea room, with unobstructed 50-mile views in all directions,’ the sales pitch explains.
It comes furnished with cedar shutters, Shikkui plaster walls, two private elevator landings, 10x10 foot windows and a traditional Japanese tea room with mats for kneeling.
The home also has two storage units and two adjacent studio apartments.
The main apartment has a brightly-lid interior with white-painted walls and white furniture. The wood floor and light brown accidents help add to the Japanese Zen feel of the home.
The home also features large windows offering breathtaking views of the Manhattan skyline. That includes unobstructed slight lines to Central Park and the Empire State Building.
The kitchen features multiple sinks and dishwashers. The island faces south, giving stunning looks at lower Manhattan
The home features a Sugimoto-designed tea room as one of its many features for being a 'Temple of Zen'
There are unobstructed 50-mile views in all directions giving the owner views of Central Park and lower Manhattan
Julis (pictured), who works for Canyon Capital Advisors, originally listed the five-bedroom 79th story home for $135million in September 2021
Its kitchen features multiple sinks and dishwashers. The island faces south, giving stunning looks at lower Manhattan. The stainless-steel range was custom-made and had to be assembled in the unit because of its size.
The primary bedroom is a suite with a bathroom and tub that allows views of Central Park while soaking.
A massive bedroom faces towards both Billionaires Avenue and Central Park. It features Chestnut flooring and shades that block the city views while still allowing sunlight in.
Not everyone has been impressed however, with some on TikTok suggesting the ‘bedrooms are giving Swedish prison vibes’, and another questioning ‘what a brown leather lounge chair is doing next to the toilet in the primary bath.’
The apartment is found in a tower that is part of New York City's so-called 'Billionaires avenue'
A 60-year-old Bonsai tree is one of the many features found in the unique apartment
The buyer will have access to five bedroom and five bathroom in the home. There are also two adjacent studio apartments
Not everyone has been impressed however, with some on TikTok suggesting the ‘bedrooms are giving Swedish prison vibes’
Opened in 2013, the 1,396-foot-tall Rafael Viñoly-designed tower was the second tallest skyscraper in New York City behind One World Trade Center when it was completed in 2015.
But it was described by some as resembling the ‘world’s tallest Wordle board’ and upper-story residents were alarmed by it swaying in the wind.
The condominium board is suing the CIM Group, who developed the building for $230million, claiming the issue has affected cables, plumbing and elevators.
Water from two leaks flooded into elevators shafts in 2018, putting two of the four residential elevators out of service for weeks and damaging 35 apartments, the suit claims.
It adds that the building is wracked by 'horrible and obtrusive noise and vibrations', while putting trash in the trash chute sounds like a 'bomb' exploding.
Julis also owns a $21million home in North Hillcrest Road in the Hollywood hills, and Realtors Engel & Völkers describe his New York apartment as ‘among the clouds at 1,000ft in the air’.
432 Park Avenue is among several residential skyscrapers located on Billionaires' Row - a cluster of high-end multi-billion dollar development projects on or near West 57th Street and which overlook Central Park
Saudi magnate Fawaz Al Hokair has struggled to sell his penthouse apartment in what was the tallest residential skyscraper in the world
Among the famous celebrities who bought properties at 432 Park Avenue are Jennifer Lopez and Alex Rodriguez (seen above in New York in 2018). The two bought a 4,000-square-foot unit in 2018 for $15.3million - only to sell it the next year for $17.5million
‘Residents of 432 Park Avenue enjoy 30,000 square feet of amenity space, including a lounge, private restaurant overseen by Michelin-starred chef Sean Hergatt,' she adds.
'A 75-foot indoor swimming pool, fitness center and spa with sauna, steam, and massage rooms, library, billiards room, screening and performance venue, conference room, children's playroom and yoga studio.'
But Saudi retail magnate Fawaz Al Hokair is still looking for a buyer for his penthouse apartment despite knocking $39million off the original $169million asking price in May.
No one has even stayed overnight in the top-floor apartment with a 93-foot-long great room that he bought for $87million in 2016.
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