432 Park Avenue: A Billionaire’s Dream Turned Nightmare
A key feature on Manhattan’s so-called Billionaire Row, 432 Park Avenue was supposed to be a dream come true for the super-wealthy. For a time, it was certainly one of the most prestigious postcodes in the heart of New York.
Today, 432 Park Avenue’s occupants are seeking damages from the building’s developers, who have apparently failed to address more than 1500 defects. Many of which go beyond the inconvenient and intrusive, with residents claiming that the developer’s negligence has “endangered” those who live there and their guests.
Just a few of those who have purchased properties within the skyscraper include Saudi retail magnate Fawaz Alhokair, Jennifer Lopez and numerous billionaires from all over the world. With each unit having sold for at least eight figures, residents had expected nothing but flawless living conditions.
New York’s Supreme Court confirmed this week that a $250m lawsuit has been filed against the property’s developers, who claimed that “horrible” and inexplicable noise is making their lives a misery, while power cuts have endangered their safety.
In total, more than 1500 design and construction flaws are cited in the lawsuit, put forward by engineers hired by the property’s condo board.
Potential “Life Safety Issues” Cited
The residents responsible for the lawsuit claim that incidents where elevators have been rendered inoperable have stranded them on certain floors of the building for several hours at a time. In the event of an emergency, such instances could have prompted severe “life safety issues” for those unable to descend to lower floors.
In addition, one resident told the New York Times that the rubbish chute in the towers sounds “like a bomb” when it is used.
“Unit owners paid tens of millions of dollars to acquire units. Far from the ultra-luxury spaces that they were promised, however, unit owners were sold a building plagued by breakdowns and failures,” reads an extract from the collective complaint.
Residents have also complained that the condo board is unable to address the issues affecting the building due to having “restricted access” to key areas, while accusing the building’s sponsors of neither understanding nor acknowledging its responsibilities.
CIM Group and Macklowe Properties continue to claim that the skyscraper is “Manhattan’s premier residence” and an “iconic addition” to the skyline.