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A posh building on NYC’s Billionaire Row faces series of serious woes

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Kamal Saini
Kamal S. has been Journalist and Writer for Business, Hardware and Gadgets at Revyuh.com since 2018. He deals with B2b, Funding, Blockchain, Law, IT security, privacy, surveillance, digital self-defense and network policy. As part of his studies of political science, sociology and law, he researched the impact of technology on human coexistence. Email: kamal (at) revyuh (dot) com

Faulty lifts, flooding, and unbearable noises are just a few of the problems that billionaires of one of New York’s most opulent buildings say they face on a daily basis.

The residents of 432 Park Avenue are now suing the building’s developers for failing to address 1,500 alleged defects.

According to the lawsuit, the building’s troubles have “endangered and inconvenienced” homeowners and visitors.

The skyscraper, located on Manhattan’s so-called Billionaire Row, opened in 2015.

According to the New York Times, buyers have included Jennifer Lopez and her former fiancé Alex Rodriguez, Saudi retail magnate Fawaz Alhokair, and a member of the family that owns the Jose Cuervo Tequila brand. Individual units sold for tens of millions of dollars.

According to the $250 million lawsuit filed on Thursday in New York’s Supreme Court, issues in the building have included an electrical explosion in June that left residents without power and “horrible” inexplicable noises and vibrations.

The figure does not include any potential punitive damages or individual lawsuits.

Engineers hired by the building’s condo board discovered 1,500 construction and design flaws.

When used, the tower’s garbage chute, according to one resident, sounds “like a bomb.”

Many of the problems are referred to in the lawsuit as “life safety issues.” According to the lawsuit, the building’s lifts, for example, have left residents stranded for hours at a time on multiple occasions.

“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,” the complaint said.

In a statement to local media, the building’s sponsor, a company formed by developers CIM Group and Macklowe Properties to build the tower, said 432 Park is “Manhattan’s premier resident” and an “iconic addition” to the skyline.

The statement also claims that the condo board “has limited access” to the property in order to address the issues, and that the homeowner’s association and “certain vocal residents” misunderstand its obligations as sponsor.

Photo by Gary Hershorn/Getty Images

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