Life in New York’s tall skyscraper, a nightmare for the rich and famous

No doubt New York’s super tours have changed the face of the city. And in this cluster of skyscrapers, the 432 Park Avenue is perhaps the most iconic exhibitor.

At the time of its inauguration, this 96-storey, 426-meter-high “spire” building was the tallest residential building in the world and a symbol of the rise of luxury condos of the last decade.

But for the rich and famous who bought a unit in this tower, the situation is far from happy. A recent survey on The New York Times revealed the extent of the serious problems suffered by the skyscraper: water leaks and cracks in the walls even damage to elevators, for which they have to pay high maintenance costs

Complaints include millionaire lawsuits for damage caused by leaks and moisture, repeated breakdowns in elevators and creaking walls, precisely because of one of its main attractions: the height, free of visual boundaries in the city of skyscrapers, according to documents consulted by the newspaper.

Some engineers believe the problems stem from construction and material failures that might be common in other ultra-luxury residential skyscrapers that have proliferated in Manhattan in recent years.

Park 432, hypothetically worth $ 3.1 billion, has attracted many foreign (and low-key) buyers, some of whom have acquired their apartments hidden behind shell companies with the intention of making a profit from the sale.

Five years ago, their tens of millions of dollars departments were the real estate market star.

The current disagreements between tenants and builders expose a number of structural disadvantages which, according to the experts cited by the newspaper, could be common to other tricks of the so-called Billionaire Row (the row of billionaires).

Difficulties in height

To get an idea of ​​the numbers treated around this skyscraper, stop at two iconic purchases. The penthouse, on the 96th floor, was acquired in 2016 by a company owned by Saudi tycoon Fawaz Alhokair for nearly $ 88 million.

Artist Jennifer López and her husband, former baseball player Álex Rodríguez, acquired an apartment of almost 400 square meters in 2018 for $ 15.3 million.

A year later, they sold it.

“I was convinced it was the best building in New York and they continue to present it as a gift from God, but it is not, ”said Sarina Abramovich, wife of a former oil executive who paid $ 17 million in 2016 for a“ trophy ”apartment on the upper floors, one of the testimonies quoted by the newspaper.

In 2019, a tenant was trapped on Halloween night for an hour and a half in an elevator after high winds blocked the booming cabin. Scenes from a horror movie

All the skyscrapers sway in the wind, but at these heights the effect is much stronger. And not to mention noise, a problem common to all high-rise buildings, said Luke Leung of architectural firm Skidmore, Owing and Merrill.

The minutes of a condo reunion seen by The Times speak of sinister screams, explosions and “sound like a bomb” every time waste is thrown on a slide explicitly for waste

Structural problems have been added over the years to a dizzying increase in common expenses (a 40% increase in 2019) and insurance

One of the builders, CIM Group, told The Times that the skyscraper is “a successful project, well built and pretty much sold out,” even admitting “problems in his maintenance as always happens in all new constructions. “

Source: agencies