There was even one instance where a resident was stuck inside the elevator for over an hour as high-winds had caused the cables to slap against the walls of the elevator shaft. In addition to this, there have been constant issues with the 10 elevators which service the 85 storeys. Though marketed as a super-luxury building, there have been millions of dollars in water damage from plumbing/mechanical issues that stemmed from the buildings immense height. The New York Times released an article titled "The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks" in February of this year which highlighted the continuous problems the building has experienced since construction was completed in December 2015. 432 Park Ave offers stunning views of Central Park Major cities like New York, Dubai and Toronto have seen an explosion in growth of condo buildings above 75 storeys over the past decade with little sign of slowing down.īuildings such as 432 Park Ave on New York Billionaire's Row were seen as the shining pinnacle of luxury living in our modern society with penthouse units selling for upwards of $80 million & a total project sell-out value of roughly $3.1 billion.Īt 1400ft tall, this 85 storey building has unfortunately become an example of what can go wrong when you build too high. The skyscraper at 432 Park Avenue opened in 2015 to a mixture of fanfare and criticism over its slender design and its significance as a looming status symbol for the ultra-wealthy.The fascination with super-tall buildings has become a world-wide phenomena that seems to be reaching ever higher & higher. Six years later, the supertall condo tower is perhaps best known for its 1,500 alleged construction defects, surging common charges and, most recently, a $250 million lawsuit brought by its condo board against developers Harry Macklowe and CIM Group in September.īut these issues aren’t scaring away elite clientele willing to spend millions on homes overlooking Central Park, according to agents who work with buyers and sellers in the building. Since February, when problems at 432 Park exploded into public consciousness in a New York Times story titled, “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks,” only two sales have closed in the building, according to data provided by Serhant. But then again, there were only three sales in 2020 - a sharp drop from the 12 deals in 2019, before the pandemic.īoth units that closed since February went for more than their owners paid for them. As one agent put it: “So far, people buying paying very high rents don’t give a damn. The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Shaun Hergatt and valet parking. One person with knowledge said 432 Park remains desirable, particularly among those in finance.īut, perhaps most importantly, insiders say the board’s descriptions of plumbing and mechanical issues and creaking noises sound worse on paper than they really are.ĭouglas Elliman broker Tal Alexander, a resident in the building who has handled multiple deals there, said many of the issues detailed in the board’s lawsuit were “made out to be a much bigger deal and taken way out of context.” Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit. Still, the suit was “something that had to happen,” he said, adding that he believes the dispute will only improve life in the building in the long run. “The reality is it will take some time, but I’m hopeful that the sponsor will make a deal with the board and when they do, the building is going to get an influx of cash,” he said.
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