Residents say that the maintenance issues were compounded by the increasing common charges, which rose some 40 per cent in 2019 due to what management said was rising insurance premiums and repairs.Įduard Slinin, a resident who was elected to the condo board last year, told his neighbors that insurance costs rose by some 300 per cent in two years. The complex includes free weights, treadmills, benches, and other exercise equipmentĭuring an owners’ meeting that took place in 2019, residents reported that garbage tossed about in a trash shut ‘sounds like a bomb’ and that they could frequently hear creaking and banging noises from their apartments. There is even a large gym for the famously in-shape couple. The strong wind gusts also cause spooky noises as air flows between doorway and elevator shafts and metal partitions between the walls sway from side to side, residents report. The engineer said that other supertall buildings have reported similar problems. One engineer told the Times that wind-induced sway leads to cables in the elevator shaft shifting around, which can cause slowdowns or shutdowns. In October 2019, management at 432 Park told tenants that one of their fellow residents was ‘entrapped’ for nearly 90 minutes after ‘high-wind condition’ forced the elevator to get stuck. Other residents have also said that their properties suffered severe, costly damage as a result of maintenance issues.Īccording to engineers, the problems affecting 432 Park Avenue have become commonplace at other residential skyscrapers where severe wind gusts at higher altitudes cause the buildings to sway. The damage forced two of the four residential elevators to be out of service for weeks.ĭ has reached out to the other developer, Macklowe Properties, for comment. Just four days later, the building general manager reported a ‘water line failure’ in which water leaked into the elevator shafts. On November 22, 2018, a flange, which is a ribbed collar that connects piping, burst around a high-pressure water feed on the 60th floor, causing a flood.Ībramovich said that water seeped into her apartment several floors below the leak, causing some $500,000 in damage. The building has suffered from several leaks and floods, two of which were reported in November 2018, according to the Times. Things just kept getting worse from there, according to Abramovich. ‘That’s how I went up to my hoity-toity apartment before closing.’ ‘They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator,’ she said. The image above shows a bathroom at the 86B residence in 432 Park Avenue in New York City in January 2017 When she arrived at her new residence on the first day, she was shocked to see that both her new apartment and other parts of the building were still under construction. One tenant, Sarina Abramovich, told the Times that she and her husband, Mikhail, paid almost $17million for a 3,500sq ft apartment on one of the high floors in the building in 2016. Of the 125 condominium units in the building, just two are now available for sale, according to the official web site for the property.ĭespite the glamorous image, however, residents and developers behind the skyscraper that cost $1.5billion to build are blaming each other for shoddy maintenance issues that are not uncommon in more run-down, older apartments, according to the Times. In 2016, the penthouse on the 96th floor was bought by Saudi billionaire Fawaz Alhokair for almost $88million. According to Page Six, the couple did not have any complaints about the building. They decided to sell the property because they reportedly wanted something bigger for their four children. The property manager at 432 Park Avenue, FirstService Residential, declined to comment when reached by .Ī-Rod and JLo bought a 4,000 square foot unit in 2018 for $15.3million – only to sell about a year later for $17.5million. ‘Like all new construction, there were maintenance and close-out items during that period,’ the board said.ĭ has reached out to CIM Group for comment. One of the building’s developers, CIM Group, told The New York Times that the structure ‘is a successfully designed, constructed and virtually sold-out project’ and that the firm is ‘working collaboratively’ with the condo board. The lawsuit was settled quietly a year later. Harry Macklowe, the real estate developer who helped build 432 Park Avenue, refused, prompting Vidal to file suit, according to Curbed. When Vidal, who owns the Jose Cuervo tequila brand, tried to back out of the deal, he demanded his $11.56million deposit back. The two bought a 4,000 square foot unit in 2018 for $15.3million – only to sell it the next year for $17.5million Among the famous celebrities who bought properties at 432 Park Avenue are Jennifer Lopez and Alex Rodriguez (seen above in New York in 2018).
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