It has taken cutting-edge technology and engineering breakthroughs to allow the construction of 1000-ft tall super-skyscrapers that are now beginning to shoot up in Manhattan.īut one of the key selling points of the new building - its height - also appears to be causing problems. Located on Billionaires' Row, a cluster of residential skyscrapers mostly on 57th Street that overlook Central Park, the tower attracted buyers like Jennifer Lopez and Alex Rodriguez, among others. The building was designed by star architect Rafael Viñoly's firm. This includes demanding modifications to the building and its operations that, while preferred by the HOA, are clearly not the responsibility of Sponsor.'
'In addition, the HOA and certain vocal residents misunderstand Sponsor's obligations. However, the HOA has restricted access to the property for the performance of remediation, which has delayed completion of certain work.
'Each and every commitment and term contained in the 432 Park Offering Plan and Declaration has been honored by Sponsor. Sponsor has been and remains committed to working collaboratively with the HOA to resolve these matters.' 'Virtually all new construction has maintenance and close-out items during the building's initial period of occupancy. In a statement provided to on Thursday, the sponsor said: The building's 'sponsor,' 56th and Park (NY) Owner, LLC., includes both developers. The building's 'sponsor,' 56th and Park (NY) Owner, LLC., includes both developersĭevelopers CIM Group and Macklowe Properties refused to pay the $1.5 million in 'urgent' repairs needed after the incident, residents say. On top of $250 million, the boards are also asking for attorney's fees and punitive damages.ĭevelopers CIM Group and Macklowe Properties refused to pay the $1.5 million in 'urgent' repairs needed after the incident an electrical explosion. 'Incredibly, this was the second arc-flash explosion to occur at the Building in the past three years under the Sponsor's watch.' 'This resulted in an arc flash explosion, which threw the contractor backward, several feet through the air,' the lawsuit states. Residents say the developers didn't provide the contractor with proper drawings to identify where it was safe to drill. Recently, a contractor who was trying a 'band-aid' fix for water filtration issues drilled through the building's concrete foundation. They also allege 'severe flooding and widespread water damage.' Residents had to be rescued after becoming trapped in elevators for hours because they were programmed to slow down when high winds hit the 1,400 ft building, according to the lawsuit.
Members of the condo and commercial board are now demanding $250 million dollars from developers and calling the building one of 'the worst examples of sponsor malfeasance in the development of a luxury condominium in the history of New York City,' according to a lawsuit filed Thursday in New York Supreme Court. The super-thin commercial and residential building at 432 Park Avenue, completed in 2015, was the tallest residential building in the Western Hemisphere for a while. Ultra-rich Manhattanites who paid as much as $88 million to live in a 102-story skyscraper in 'Billionaire's Row' are suing developers for shoddy construction which has led to water leaks, elevator failures and at least one electrical explosion that threw a contractor 'several feet through the air.' He sued developer Harry Macklowe after he refused to return his $11 million depositīy Adam Manno and Ariel Zilber For
Its height makes it vulnerable to strong wind gusts that cause it to sway and elevators to slow down.The 1,400ft tall building was briefly the tallest residence in the world after it was finished in 2015.They sued the sponsor, which includes developers CIM and Macklowe, in NY Supreme Court on Thursday.Residents of 432 Park Avenue say the skyscraper has been plagued by leaks, cracks, explosions, and noises.Super-rich residents sue developers of NYC skyscraper on 'Billionaires' Row' - once home to JLo and A-Rod - for $250 MILLION after litany of problems, including electrical explosion that left them without power and 'horrible' inexplicable noises
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