Problems “may be connected to the building’s main selling point: its immense height,” suggests Sten. The building’s insurance costs reportedly increased by some 300% in two years, thanks in part to two “water related incidents” in 2018 that the NYT reports “cost the building about $9.7 million in covered losses.” Chen tells of “millions of dollars of water damage from plumbing and mechanical issues frequent elevator malfunctions and walls that creak like the galley of a ship.” In 2016, the 96th-floor penthouse went for $88m, while a pair of units occupying the whole 91st floor sold for $60m in 2018.īut NYT reporter Stefanos Chen has claimed that all is not ideal in some apartments – at least 48 of which sold for over $20 million. The New York Times started it, running an expose of “leaks, creaks and breaks” at 432 Park Avenue, a 1,400 metre-high luxury tower block, designed by architect Rafael Viñoly for developers Macklowe Properties and CIM Group.īriefly the tallest residential building in the world, 432 is one of New York’s most high-profile and successful property developments of recent years, smashing through the $2 billion recorded sales mark in 2018 to become the Big Apple’s biggest-grossing residential scheme in history for initial closings. Bump and Grind for New York Sky Scraper Market 24.02.21Ī spate of recent newspaper articles has shone a light on discomfort at the top of Manhattan’s property market, with some super-rich buyers of super-prime apartments in super-tall buildings complaining of less-than-perfect living conditions on Billionaires’ Row.
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