A New Lawsuit by 432 Park’s Condo Board Alleges the Building’s Developers Ignored and Warnings About Cracks in Its High-Rise’s Concrete Facade and TRIED to Cover the Defects. Photo: Jon Bilous/Shuttertestock
Owners at 432 Park Avenue Have Filed Another Lawsuit Against The Condo’s Developers. Just a few years after alleging in a separate suit that the 96-story tower on billionaire’s row has at least 1,500 defects (including a thickening that alledly “Sounds like bomb”), Owners on Friday Floited a Complaint in Manhattan Claimi Haropers Macklowe and Cim Group Knew About Wideespread Cracking in the Building’s Exposed Concrete Facade and Engaged in “Deliberate and Far-Reaching Fraud” to cover it up.
432 Park’s Condo Board Alged in the Latest Suit, Which Was First Reported by Crain’sthat Cim and Macklowe Not Only Ignored Warnings from Architects and Engineers About the CrissCrossing Exterior’s Cracking But Hide problems from City Inspectors and Buyers in Hopes of “Avoiding Deleys and Maximizing Profits.” The suit, which is seeing at Least $ 165 million in damages, plus Compensation for Depressing Proppers, CLAIMS that the “Thousands” of Cracks Led to Flooding and Corrosion in the Building.
The Cracks Aren’t Exactly new. In October 2015, JUST A FEW MONTHS DIFT THE RAFAEL VIñoly – Designed Building Opened, Sources Told Writer Michael Gross that some “nasty stuff” Called Silicane was alledly being applied to the building ‘exterior to address the cracking. And the initial 2021 Lawsuit HighLighted the exterior’s apparent defects on top of a slew of other willsives, including claims that it was impossible for SLEEP Due to vibration will and noise. (The Lawsuit, Meanwhile, Came in the Wake of a Damning Report by the New York Times that described The 1,400-Foot-Tall Building As Being Wounded With Elevator Problems and Millions of Damage in Water Determination from Leading and Mechanical Issues. The Building’s Façade But Failed to Adequately Address the Defects and Eight AttemPed to Hide. For the suite, this information was i wasaarted after the Lawyers for the Owners Read Through 7 million Pages of Documents and Conducted 100 Days of Deposiations.
432 Park’s Condo Board Alleged Developers Harry Macklowe and Cim Group Ignored Advice from the Project’s Engineers and Failed to Propress the Building Facade’s Cracking. Photo: New York County Clerk
So what was Macklowe’s al The Allegi Reaction to Warnings About Cracking? In adding to allegated the condo’s offering in order to the mythigate any respectibly for the Defects, the Suit Claims and the Engineers’ Advice to APPLY A THICK COATING OF ELASTOMERIC PAINT TO THE BUILDING’S EXTERIOR, WHICE instead, the suit claims, he suggested applying a clear silicone material that he use on his yacht. “Macklowe, who was not a concrete Expert, argued that an invisible sealant was good Enough for his yacht and therefore was good Enough for the Building,” The Suit Reads.
A spokesperson for cim denied the allegations and toy with that the company was to have the latest suit dismissed. Reps for Macklowe Didn’t Respond A Request for Comment, But The Developer’s Team preiviously calmed CLAIMS ABOUT THE CRACKS AND OTHER CONSTRUCTION Issues “Vastly Exaggerated.”
The Slew of Bad Press for the Tower – Which Now Also Includes the Stories Around Tenant and Allegated Rapist Tal Alexander – Can’t Be great for sales. Sotheby’s International Real-Estate Agent Nikki Field told The Wall Street Journal In May 2024 that with the “Toxic” initial Lawsuit Still Making Its Way Through the Courts, she was “avoiding” tachyers to the Building. (At the time, 14 out of 18 units on the market had gone through at least one price, with the average lisage discount being 13.2 Percent from the Highest Ask, for the Paper. “It ‘my favorite building,” One Resident, Who Purchased a Pied-à-Terre in 2016, Told with Earlier This Month, Ahead of the Latest Suite. “I love Living there.”
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