432 Park Avenue Residents Want $125M for Flooding, Defects
Residents of 432 Park Avenue, once the tallest residential building in the Western hemisphere, sued the developers of the tower on Billionaires’ Row for $125 million, claiming that more than 1,500 design defects are causing the luxury property’s flooding and stuck elevators, The New York Times first reported.
The condo board of the 1,392-foot skyscraper filed a lawsuit against the sponsors of the building, which includes CIM Group and Harry Macklowe of Macklowe Properties, on Thursday, blasting the ritzy building for being “riddled with … construction and design defects” that include loud noises and vibrations in apartments caused by the building swaying, an electrical explosion that knocked the power out, floods and more, court records show.
Residents also criticized the developers for using “cheap, shoddy” materials for fixes and claimed they “repeatedly ignored or rejected written pleas and demands for repairs,” the suit read.
“Virtually all new construction has maintenance and close-out items during the building’s initial period of occupancy,” a spokesperson for the building’s sponsor said in a statement. “Sponsor has been and remains committed to working collaboratively with the [homeowners’ association (HOA)] to resolve these matters.”
The sponsor instead blamed the HOA for restricting “access to the property for the performance of remediation, which has delayed the completion of certain work” and said the HOA asked for work that was “clearly not the responsibility” of the sponsor.
Representatives for Macklowe and the condo board’s lawyer, William Fried, did not immediately respond to requests for comment. A spokesperson for CIM declined to comment.
The massive 432 Park was completed in 2015 and had its penthouse sell for $88 million in 2016, The Times reported. The owner of the penthouse, retail magnate Fawaz Alhokair, recently put the unit on the market for $169 million.
With additional reporting from Celia Young.