Pacific Business News -- An unnamed buyer has paid more than $20 million for a condo at Park Lane Ala Moana, setting a new record for condo sales in Hawaii.
The Honolulu Star-Advertiser reported the 6,000-square-foot condo sold on Friday for $22 million. Park Lane developers declined to publicly disclose the buyer.
The record-setting sale is the latest sign of the uptick in the luxury condo market, which the newspaper said has been on the rise this year following the completion of Park Lane and the Waiea condo tower at Ward Village.
Prior to the completion of these two luxury projects, the record price was for a condo was $10 million.
This year alone, Park Lane has seen three sales for over $10 million, as well as a purchase for $18.8 million in August. A third grand penthouse at the midrise complex, which is connected to Ala Moana Center, is available for $29 million.
At Waiea tower, which is part of Howard Hughes' (NYSE:HHC) master-planned community in Kakaako, three condos have been been sold ranging from around $13 million to $14 million. Two grand penthouses, listed last year for $35 million and $36 million, respectively, remain on the market.
Ian MacNaughton, a principal involved in Park Lane’s development and managing partner in local investment firm BlackSand Capital, told the Star-Advertiser that 95 percent of Park Lane's 219 residential units have been sold. The combined sales value of these 208 units is $900 million.