Hong Kong gambling billionaire takes a bet on $65M unit at 432 Park

Lawrence Ho and 432 Park Avenue

A sky high unit at 432 Park has just closed for more than $65 million, per city records.

The buyer was listed as Valor Dragon Limited, which shares an address with the office of the Hong Kong group, Melco International Development. Lawrence Ho is the chairman and CEO of the Melco, which runs casinos in Macau, as well as the City of Dreams casino in Manila. Ho is worth an estimated $1.7 billion, according to Forbes, and his father, Stanley Ho, was a legendary gambling executive.

He served as executive producer on Martin Scorsese’s 2015 short film “The Audition,” which had a $70 million budget and starred Robert De Niro, Leonardo DiCaprio and Brad Pitt.

This particular unit, 83, is within the flood zone of the building. A lawsuit filed in January by an owner of a unit against 432 Park’s developers, CIM Group and Macklowe Properties, claims that floors 83-86 of the building were damaged in a massive flood.

 

  • ralphpetrillo

    Thats not a bet, it is a luxury residence investment. Get a new title for the article.

    • Tyrannosaurus Rex

      All real estate purchases are a bet on appreciation, which doesn’t always happen rapidly enough if at all!

      • ralphpetrillo

        Some are just washing money for safety.

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