In New York’s real estate business, money can usually buy some degree of happiness. But the residents of one of the most expensive and tallest residential towers in the city are suing the developer for numerous deficiencies. In the lawsuit, the community of owners of the 432 Park Avenue skyscraper alleges that the 96-story skyscraper overlooking Central Park has more than 1,500 construction and design flaws. According to the agency, poor design and execution caused the skyscraper to fluctuate, resulting in flooding, stuck elevators and short circuits. The building is a long way from the luxurious spaces that have been promised to buyers. It is plagued by so many mishaps that you are already at risk when entering the house, according to the lawsuit.
Residents of the “432 Park Avenue” skyscraper complain of construction defects
The lawsuit is said to be asking for $ 125 million plus damages. The CIM Group and Macklowe Properties are listed as defendants, along with the company they founded specifically to build the tower. Macklowe Properties is run by contractor Harry Macklowe, who is also often featured in the gossip press.
When the approximately 425 meter high skyscraper was completed in 2015, it was the tallest residential building in the western hemisphere. Some critics have compared Rafael Viñoly’s tower to a middle finger sticking out over the Midtown skyline. At that time, the tower had a projected sales value of $ 3.1 billion.
Jennifer Lopez and Saudi billionaire Fawaz Alhokair sold their apartments again
While many residents bought the property anonymously through mailbox companies, the well-known buyers also included Jennifer Lopez and Alex Rodriguez. The former couple bought a 4,000-square-foot apartment for $ 15.3 million in 2018. Lopez and Rodriguez only kept their property for one year. In 2016, Saudi billionaire Fawaz Alhokair bought the penthouse on the 96th floor for $ 88 million, but he also sold the apartment, including works of art and furniture, for $ 169 million. As AD USA reported, another apartment in the building is currently on the market for $ 136 million. Sarina Abramovich told the media that she and her husband bought an apartment for nearly $ 17 million in 2016. On the day she moved in, both her apartment and the building were still under construction. She rode in a freight elevator “surrounded by steel plates and plywood”.
Savings resulted in serious damage
A water leak caused an estimated $ 500,000 damage. The lawsuit alleges that the floods and water damage were due to poor monitoring and significant construction savings. “Here everything was hidden under cover,” Abramovich told the Times in February. “If I had known then what I know now, I would never have bought the object.”
The lawsuit alleges CIM and Macklowe to be one of the worst luxury condominium development misconduct in New York City history. The building’s elevators, programmed to slow down in strong winds, have repeatedly failed and locked residents in for hours. Every 12th floor is an open area that is designed to let air currents through to reduce wind resistance. According to the lawsuit, even Richard Ressler – the chairman of the CIM Group, who also lives in the house – admitted that the noises and vibrations were unbearable and made it difficult to sleep in the skyscraper in bad weather. “The building’s shortcomings are so serious,” the complaint said, “that some residents have been evicted from their homes for more than 19 months while half-hearted attempts to fix the problems.” inadequate repairs, which resulted in additional costs in the millions and downtimes. In one case, an attempt to make makeshift repairs to the water infiltration system was reported to have drilled into the building’s electrical wiring, which caused a small explosion and shut down air conditioning in many units.
There are millions of dollars in damage
The repairs, which involved evacuating residents and turning off electricity in the skyscraper, cost over $ 1.5 million. The board claims that the sponsor “refused to take responsibility and shamelessly tried to shift the cost of repairing the defects that existed from the start on to the homeowners.”