“They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator,” she said. She was disappointed with her purchase on day one, she said, when she left her home in London in early 2016 to move into what she expected to be a completed apartment, and found that both her unit and the building were still under construction. The construction manager, Lendlease, said in a statement that they “have been in contact” with the developers, “regarding some comments from tenants, which we are currently evaluating.”Ībramovich and her husband, Mikhail, retired business owners who worked in the oil and gas business, bought a high-floor, 3,500-square-foot apartment at the tower for nearly $17 million in 2016, to have a secondary home near their adult children. Macklowe Properties, the other developer, declined to comment. “Like all new construction, there were maintenance and close-out items during that period,” they said. (Developers typically control condo boards in the first few years of operation.) “They’re still billing it as God’s gift to the world, and it’s not.”ĬIM Group, one of the developers, said in a statement that the building “is a successfully designed, constructed and virtually sold-out project,” and that they are “working collaboratively” with the condo board, which was run by the developers until January when residents were elected and took control. “I was convinced it would be the best building in New York,” said Sarina Abramovich, one of the earliest residents of 432 Park.
The side supertall tower leaks creaks how to#
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.
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. The 96th floor penthouse at the top of the building sold in 2016 for nearly $88 million to a company representing Saudi retail magnate Fawaz Alhokair. The building, a slender tower that critics have likened to a middle finger because of its contentious height, is mostly sold out, with a projected value of $3.1 billion. 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 identities of virtually all the buyers were concealed by shell companies. 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 world. The tower at 432 Park Ave., far left, became the tallest residential building in the world in 2015. Engineers privy to some of the disputes say many of the same issues are occurring quietly in other new towers. 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. 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. 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. NEW YORK - The nearly 1,400-foot tower at 432 Park Ave., 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.
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