The first leak on November 22nd was caused by a “blown” flange, a ribbed collar that connects the piping around a high pressure water supply on the 60th floor. There have been a number of floods in the building, including two leaks in November 2018, which the building’s general manager Len Czarnecki confirmed in emails to residents. Site manager Lendlease said in a statement that they were “in contact” with the developers “regarding some comments from tenants that we are currently evaluating”. Macklowe Properties, the other developer, declined to comment. “As with all new builds, there were maintenance and decommissioning items during this period,” they said. (Developers usually control condominium boards for the first few years of operation.)
Abramovich and her husband, Mikhail, retired business owners who worked in the oil and gas business, bought a high-altitude, 3,500-square-foot apartment by the tower for nearly $ 17 million in 2016 for a second home close to adult children.ĬIM Group, one of the developers, said in a statement that the building is “a successfully designed, built and practically sold out project” and that they are “working together” with the Condo Board, which was operated by the developers up until January when the Residents were elected and took control. “They’re still accounting for it as God’s gift to the world, and it isn’t.” “I was convinced it would be the best building in New York,” said Sarina Abramovich, one of the earliest residents of 432 Park.
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Jennifer Lopez and Alex Rodriguez bought a 4,000-square-foot apartment there for $ 15.3 million in 2018 and sold it about a year later.Ĭorrespondence between residents, some of the richest and most influential people in the world, is now revealing delicate arguments about how to fix the problems without fueling the property values. The 96th-floor penthouse at the top of the building was sold for nearly $ 88 million in 2016 to a company representing Saudi retail tycoon Fawaz Alhokair. The building, a slender tower that critics have compared to a middle finger for its controversial height, is largely sold out, with a forecast value of $ 3.1 billion. The dispute at 432 Park also reveals a seldom-seen glimpse of New York’s Billionaire’s Row, a section of super-tall towers near Central Park that redefined the city’s skyline and hides the identity of virtually all Shell company buyers has been. Engineers familiar with some disputes say many of the same problems are tacitly occurring in other new towers. Less than a decade after a spate of record-breaking New York condominium towers reached new heights, initial reports of defects and complaints are surfacing, raising concerns that some of the construction methods and materials used did not meet the technical demands that breakthroughs were made recently enabled trophy homes 1,000 feet high. The claims include millions of dollars in water damage from plumbing and mechanical problems frequent elevator malfunctions and walls that creak like a ship’s galley – all of this may be linked to the building’s main selling point: its immense height, according to homeowners, engineers and documents obtained from the New York Times. Six years later, the residents of the exclusive tower are now at odds with the developers and each other and make it clear that even price tags worth millions of dollars do not guarantee a problem-free life. The nearly 400-meter-tall tower at 432 Park Avenue, briefly the tallest residential building in the world, was the culmination of the New York luxury condominium boom half a decade ago, largely driven by overseas buyers seeking discretion and high returns.
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