The nearly 1,400-foot tower at 432 Park Avenue, briefly the tallest residential building in the world, was the pinnacle of New York’s luxury condo boom half a decade ago, fueled largely by foreign buyers seeking discretion and big returns. Six years later, residents of the exclusive tower are now at odds with the developers, and each other, making clear that even multimillion-dollar price tags do not guarantee problem-free living. The claims include: millions of dollars of water damage from plumbing and mechanical issues frequent elevator malfunctions and walls that creak like the galley of a ship - all of which may be connected to the building’s main selling point: its immense height, according to homeowners, engineers and documents obtained by The New York Times. Less than a decade after a spate of record-breaking condo towers reached new heights in New York, the first reports of defects and complaints are beginning to emerge, raising concerns that some of the construction methods and materials used have not lived up to the engineering breakthroughs that only recently enabled 1,000-foot-high trophy apartments. Engineers privy to some of the disputes say many of the same issues are occurring quietly in other new towers. It has already been surpassed by a newcomer on New York’s Billionaire’s Row in Midtown Manhattan, but it remains one of the most expensive apartment buildings in the Moran for The New York Times The tower at 432 Park Avenue, far left, became the tallest residential building in the world in 2015. The disputes at 432 Park also highlight a rarely seen view of New York’s so-called Billionaire’s Row, a stretch of supertall towers near Central Park that redefined the city skyline, and where the identity of virtually all the buyers were concealed by shell companies. Sold in 2016 for nearly $88 million to a company representing the Saudi retail magnate Fawaz Alhokair. Jennifer Lopez and Alex Rodriguez bought a 4,000-square-foot apartment there for $15.3 million in 2018, and sold about a year later. Jennifer Lopez and Alex Rodriguez bought an apartment in the building in 2018 but sold soon Harrison/Getty Images The tower at 432 Park attracted some of the wealthiest and most powerful people in the world, nearly all of whom bought through shell companies to conceal their identities. Now, correspondence between residents, some of the richest and most influential people in the world, reveal thorny arguments over how to remedy the problems without tanking property values.īeing excessively tall - a design feature that allowed the developers to build higher than would otherwise have been permitted, because mechanical floors do not count against the building’s allowable size. Czarnecki said he was “not at liberty to comment.”Īfter the first incident, water seeped into Ms. Abramovich’s apartment several floors below the leak, causing an estimated $500,000 in damage, she said. The anonymous buyer of unit 84B cited a “catastrophic water flood” that caused major damage to the 83rd to 86th floors in 2016 as grounds to back out of the deal.
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