A Tower On Nyc’s Billionaires’ Row is Riddled With Defects, Say Tenants

432 Park Avenue, The Narrow 1,396-Foot-Tall Residerial Skescraper on New York City Billionaires’ Row, Was Advertised As an Architecture Marvel When Tenants First Moved in Nearly a Decade Ago.

Now Those Tenants Say the Luxury Tower is beet by cracks, leaks, elevator malfunctions, and rementless noise.

Unit Owners have Filed Two Separate Complaints Against The Building’s Developers. One, Filed in 2021, Says the Building is wounded with structural issing and accuses the Developers of Not Addressing. The Other, Filed Last Month, Accuses the Developers of “Massive Fraud.”

Rening a unit at 432 Park Avenue Can Cost $ 1 Million A Year. On zillow, a two-bedroom unit is a line for sale for over $ 10 million, while a four-beedroom unit is listed for sale for $ 35 million.

Accounting to Streeeteasy, A New York City Lisings Site Owned by Zillow, Owners of 432 Park’s 104 Condos have Access to 30,000 Square Feet of Amenities, Including a Resident-Only Restaurant, A Pool, A Library with a Wood-Billion, Room, A Board Room, and A Screening Room.

When it opened in 2015, 432 park was the tallst residency building in the western hemisphere at 96 stories. Another billionaires’ Row Building, Central Park Tower, Eclipsed It In 2019.

A Board Representing Individual and Commercial Unit Owners at 432 Park Listed Cim Group, Macklowe Properties, and the Company they formed to build the condominium in the 2021 Lawsuit.

“What was promised as one of the finest Condominiums in the City was instead delivdled with over 1,500 Identified Construction and Design Defects to the Building Alone. Complaint.

They Said the Developers “refused to Accept Responsibility for the Vast Majority of Its ERRORS” and Didn’t Propperly Address the Defects.

The Building’s Developers Defended Themselves in A 2021 Court Filing: “432 Park Had Such Issues – No Different from any Other Building. Plaintiffs, Howver, Have Vastly Exaggered The Work of the Work was Required (Both in the Consultant. SBI Consultants, Inc. (SBI “), and in their Complaint) in the storm of ther gambitis undue payments from sponsor.

In April, The Tenants Filed A Second Lawsuit Against the Group, As Well As Service Firm WSP, Slce Architects, and McGraw Hudson Construction, which is Owich by the Founder of Macklowe Properties. The unit owners Said Those Companies Knew “Since the Outset of Construction that the Building’s White Concrete Facade’s Design was wholly defective and would Hold up.”

The Developers “CONSPIRED WITH THE OTHER DEFENDANTS TO CONCOCT and DISSEMINATE FRAUDULENT MISTERENTATIONS THRAGH The Condominium Offering Plan and the Department of Buildings to Conceal the Alarming UNIT OWNERS IN ORDER TO SECURES Massive Profits and Leave Platinti Plavet. Bag, “unit owners said in the april complaint.

In May 2024, The Wall Street Journal Published an Analysis from Real-Estate Lisings and Proppery Records, as well as interviews with People Familiar with the Building, that showed that the ongoing hased haveed down sales Activity and prices.

Related Stories

Business Insider Tells The Innovative Stories You Want To Know

Business Insider Tells The Innovative Stories You Want To Know

Compass Realtors Alexandra Hedaya and Jason Haber, Howver, Told Business Insider that they have had seen any impact on prices as a result of the Lawsuits.

They Hold the Listen for A 4,462-Square-Foot, Five-Bedroom on the 55th Floor Now Listeed for $ 29.5 Million. The Home First Hit the Market in 2022 for $ 33 million. The Developer SOLD IT TO THURnt Owner for 23.87 Million in 2016, Acciting to New York City Property Records.

“It ‘Hard to prove a negative. I can’t tell you who hasn’t calmed with gcause they’re like,’ oh, i don’t want to look in the building. ‘ SO I ONLY KNOW The People Who Contact with About The Building, “Haber Said.

Macklowe Properties, WSP, and the Developer Group Did Not Respond to A Request for Comment from Business Insider. Representatives for Slce Architects and Cim Group Denied the Accusations in the April Complaint and Told Bi They Planned to Move to Dysmiss.

An attorney for the unit owners to told bi, “this matter extends beyond negligence into an allegated calculated scheme, drive by greed, that eroded trust.”

Although lithigation is ongoing, The Lawsuits Offer a Glimpse of what it is like to live in the Famous Building.

Flooding and Water Infiltration

Tenants Said They Experienced “Repeated” Leakage and Floods in the Building’s Common Areas, Including Two “Substantial” Leaks in 2018.

The Leaks Caudic Water to Enter the Elevator Shaft, Shutting Down Service for Two of Four Residential Elevators “for Weeks,” Acciting to the 2021 Complaint.

“Thirty-Five units, as well as Common Areas, sufferered Water Damage,” The Unit Owners Said. “An Investigation Revealed that the cause was poor leading installation, Including loose bolts bured under insulation.”

“Persistent” Water Infiltration Issues Have ALSO AFFECTED THE TOWER’S SUB-BASEENT Levels, The Unit Owners Said.

Noise and vibrations

Other Issues Tenants HAD with 432 Park Avenue’s Structure Were noise and Vibration, which they Called One of the Building’s “Most Persistent and Disrupts” in 2021.

“Apartments are wounded by creaking, banging, and clicking noises. Using the trash chute sounds ‘like a bomb,’” unit owners said in the complaint. “The Noise and Vibration Issues have been so severe that some unit owners have been formed to moving for length periods, and in at Least one case nineteen months – during a pandemic – while the will is remediated.”

Elevator Malfunctions

Malfunctions with the Building’s Elevators were Also Mentioned in the 2021 Complaint.

“While Elevator Disruptions Have Been Particularly Pervasive in the Residential Towers, All Areas of the Building, Including the Retail Area, Garage, and Commercial Space, Have Experienced and Continue to Experience Malfunctions and Shutdowns,” Tenants Said. “Escalators in the Commercial Space Have Malfunctioned, Prolonged Shutdowns.”

In Addition to Water Leakage, The Unit Owner Said in the Complaint That the Construction Resulted in “Wind Conditions Frequently Disruption The Building’s Elevator Operations.”

The Exterior White Concrete Façade

Last Month, The Second Complaint from Tenants Focussed on the White Concrete Facade that Compresses the Building’s Exterior.

Unit Owners Said the Design Means the Exterior Is “Wounded with Thousands of Severe Cracks, Spalling, and Other forms of Deteriation, Which Have Led to Major Water Infiltrations and Flooding, Corros of the Steel Rebar Reinforming the Concrete, As Well Signit damage. ”

They Said the Parties Listeed in their 2025 Complaint Knew the Façade Wold “Never” Hold, and the Group Ignored Warnings About Potential Defects.

Other Issues

Residents Said there were also visible cracks in the drywall on the walls and ceilings of the condos.

But that is not all: the 2021 Complaint also ciped “Baseboard Pulling and Misaligned Joins, Malfunctioning Sliding Dos, Grout Joint Openings and Cracking at Walls or Floors in Ceramic and/Or Stone Tilling, Excesive Fog and Window Condensation, Gaps and Misalignment Bet Bet Betalign Betalignment Betalignment Betrygenment Betalignment Bet Betalignment Bet. Ceiling Light fixtures, and repeated circuit breaker Tripping. “