In recent decades, the urban architectural landscape has seen a resurgence in the arms battle for who can build the tallest buildings. Understanding Billionaires’ Row and New York’s zoning laws Centred around 57 th Street, there has always been controversy linked to these ultra-expensive developments but it has been more recent events surrounding the supertall skyscraper, 432 Park Avenue, that have inspired today’s post. It’s worth noting that these units have been purchased, but due to a plethora of reasons, their uninhabited status for the majority of the year has created a billion dollar ghost town in the heart of Manhattan. Many of the super slender skyscrapers in this area were designed through the focus of a residential lens and yet like many elite real estate developments, a lot of the units remain empty. Two current listings show a 96th-floor unit asking $169 million and one on the 79th seeking $135 million, placing the condos above pricing precedent but in good company on Billionaires’ Row.A product of New York City’s property boom in the recent years, the area along the southern end of Central Park dubbed ‘Billionaires’ Row’ is beginning to have its luxury and idyllic veneer removed. The building can boast some of the priciest units in the world, which the widely covered complaints don’t appear to have hurt. That attention turned to controversy after The New York Times detailed tenants’ gripes in a February story titled “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks.”ĭespite the building’s reported issues and the board’s subsequent legal action, the condo tower has remained popular with wealthy clientele, according to recent sales and agents who previously told The Real Deal the controversies haven’t hurt interest in available units. The filing is the latest for the closely watched skyscraper, which opened in 2015 to much interest in its striking design and sky-high price points. As a result, the developer says, the complaint should be dismissed.
The downside supertall tower creaks code#
However, CIM claimed the board repeatedly prevented the developer “from accessing the building and finishing the job.” The firm also took issue with the board’s “an ever-increasing list of demands,” the majority of which were not required under the building’s design, code or governing legal document. “Of course, like any other skyscraper, 432 Park’s sophisticated symphony of systems needed to be fine-tuned when residents began to move into the building,” the developer said. Most NYC supertall residences reportedly lack final safety certifications.Vornado’s 220 Central Park South approaches $3B in total sales.432 Park Avenue is doing just fine, thanks.The suit said the building’s movement caused overwhelming noise and floods from defective plumbing caused damage in 35 units and common areas.
Residents said on several occasions they were trapped in elevators for hours after the building’s sway caused them to stall. The board alleges a variety of problems with the building, including “life safety” issues. In its filing, CIM said the building was “without a doubt, safe” and called its “amenities, features, fixtures and finishings … the pinnacle of luxury.” Harry Macklowe, CIM’s co-developer on the building, did not file a response. The lawsuit raised eyebrows because it escalated previously reported complaints over a wide range of issues with the building’s design and construction. The damages claim is based on approximately 1,500 construction and design problems found by an engineering firm the board hired to inspect the building. The board sued the developers of the Billionaires’ Row tower in September for issues related to flooding, broken elevators, noise from the building’s sway and a June electrical explosion. In legal documents filed in New York Supreme Court Wednesday, the developer called the board’s lawsuit “ill-advised” and dismissed it as a “publicity campaign.” CIM Group principal Shaul Kuba, Macklowe Properties Chief Executive Officer Harry Macklowe and 432 Park Ave (432 Park Avenue, CIM Group, Getty Images)ĭeveloper CIM Group hit back at an explosive lawsuit from the condo board at 432 Park Avenue, its luxury supertall where residents have alleged widespread construction defects.
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