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432 Park Ave: Luxury Tower Cracks Under Pressure
27 Nov
Summary
- Luxury tower 432 Park Avenue faces major repair costs.
- Numerous units are delisted and price-slashed significantly.
- Residents report issues like faulty elevators and plumbing.
Manhattan's ultra-luxury skyscraper, 432 Park Avenue, is experiencing a significant fall from grace, marked by a projected $160 million repair bill for its facade and a sharp decline in property values. The 102-floor building, known for its ultra-skinny design, is plagued by cracks and cavities, with experts warning of potential dangers to pedestrians below if not addressed with a nine-figure sum.
The building's prestige has waned considerably, evidenced by numerous units languishing on the market for years with substantial price reductions. For instance, one unit listed for $17.25 million has been on the market since 2017, representing an 18 percent discount from its original purchase price. Another unit, once sold for $31.5 million, is now listed for $29.75 million.
Beyond structural concerns, residents are contending with internal issues such as faulty elevators, poor plumbing, and shaky floors. Some units have experienced water damage, and building fees have reportedly tripled. Despite these challenges, some residents maintain the building is safe, though ongoing litigation complicates discussions about repairs and shared costs.
