The construction manager, Lendlease, said in a statement that they “have been in contact” with the developers, “regarding some comments from tenants, which we are currently evaluating.” Macklowe Properties, the other developer, declined to comment. (Developers typically control condo boards in the first few years of operation.) “Like all new construction, there were maintenance and close-out items during that period,” they said. Engineers privy to some of the disputes say many of the same issues are occurring quietly in other new towers.ĬIM Group, one of the developers, said in a statement that the building “is a successfully designed, constructed and virtually sold-out project,” and that they are “working collaboratively” with the condo board, which was run by the developers until January when residents were elected and took control. Less than a decade after a spate of record-breaking condo towers reached new heights in New York, the first reports of defects and complaints are beginning to emerge, raising concerns that some of the construction methods and materials used have not lived up to the engineering breakthroughs that only recently enabled 1,000-foot-high trophy apartments. The claims include millions of dollars of water damage from plumbing and mechanical issues frequent elevator malfunctions and walls that creak like the galley of a ship - all of which may be connected to the building’s main selling point: its immense height, according to homeowners, engineers and documents obtained by The New York Times. Six years later, residents of the exclusive tower are now at odds with the developers, and each other, making clear that even multimillion-dollar price tags do not guarantee problem-free living. 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.The nearly 1,400-foot tower at 432 Park Avenue, briefly the tallest residential building in the world, was the pinnacle of New York’s luxury condo boom half a decade ago, fueled largely by foreign buyers seeking discretion and big returns. The building can boast some of the priciest units in the world, which the widely covered complaints don’t appear to have hurt. 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. 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. 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.
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