3/14/2023 0 Comments The supertall tower leaks creaks![]() New York's skyline looking north from One World Trade. 432 Park, the tower in question, is the stupid-looking Tetris block poking up on the right-hand side. 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, fuelled largely by foreign buyers seeking discretion and big returns. ( Photo: Flickr/ Doc Searles )Įvery once in a while one of the major outlets publishes a story that fuels you for a whole day, or even several days. Each publication has its own brand of these: New York magazine publishes a lengthy, completely unbelievable "roommate from hell" feature at least once every couple of years, GQ or one of the glossy mags will sneak in a truly deranged celebrity profile, et cetera. Less than a decade after a spate of record-breaking condo towers reached new heights in New York, the first reports of defects and. 432 Park, one of the wealthiest addresses in the world, faces some significant design problems, and other luxury high-rises may share its fate. For the New York Times, these stories often deal with real estate, or occasionally appear in the lesser-known "Vows" wedding section. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks. Which leads us to today, and this monumental feat of journalism from NYT real estate reporter Stefanos Chen. Here is the headline: The Down Side to Life in a Supertall Tower: Leaks, Creaks, Breaks. We've got the implication that rich people are having a tough time. We have a reference to the obscenely tall buildings in midtown that look like shit and nobody likes. 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. 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. 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. YES!!! The rest of the piece does not disappoint. Annual common charges jumped nearly 40 percent in 2019, according to management emails that cited rising insurance premiums and repairs, among other costs.For those becoming concerned that this will become a New York City-specific thing, it is and it isn't. You can be a billionaire and live in the penthouse overlooking. Problems at the building were coupled with significant new expenses. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks. Residents at 432 Park complained of creaking, banging and clicking noises in their apartments, and a trash chute “that sounds like a bomb” when garbage is tossed, according to notes from a 2019 owners’ meeting. ![]() Jennifer Lopez and Alex Rodriguez bought a 4,000-square-foot apartment there for $15.3 million in 2018, and sold about a year later. The 96th floor penthouse at the top of the building sold in 2016 for nearly $88 million to a company representing the Saudi retail magnate Fawaz Alhokair. The Down Side to Life in a Supertall Tower: Leaks, Creaks, Breaks ![]()
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