The building, a slender tower that critics have likened to a middle finger because of its contentious height, is mostly sold out, with a projected value of $3.1 billion. The disputes at 432 Park also highlight a rarely seen view of New York’s so-called Billionaire’s Row, a stretch of supertall towers near Central Park that redefined the city skyline, and where the identities of virtually all the buyers were concealed by shell companies. It has already been surpassed by a newcomer on New York’s Billionaire’s Row in Midtown Manhattan, but it remains one of the most expensive apartment buildings in the world.Credit…Karsten Moran for The New York Times The tower at 432 Park Avenue, far left, became the tallest residential building in the world in 2015. It has already been surpassed by a newcomer on New York’s Billionaire’s Row in Midtown Manhattan, but it remains one of the most expensive apartment buildings in the world. ImageThe tower at 432 Park Avenue, far left, became the tallest residential building in the world in 2015. Engineers privy to some of the disputes say many of the same issues are occurring quietly in other new towers. Less than a decade after a spate of record-breaking condo towers reached new heights in New York, the first reports of defects and complaints are beginning to emerge, raising concerns that some of the construction methods and materials used have not lived up to the engineering breakthroughs that only recently enabled 1,000-foot-high trophy apartments. 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. 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 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. Resident complaints at 432 Park, once the tallest residential building in the world, and a symbol of the luxury condo boom of the last decade, are revealing strife inside one of the city’s most secretive and exclusive towers.Credit…Karsten Moran for The New York Times Resident complaints at 432 Park, once the tallest residential building in the world, and a symbol of the luxury condo boom of the last decade, are revealing strife inside one of the city’s most secretive and exclusive towers. Luxury developers use a loophole in the city’s zoning laws to build these soaring towers in New York City.The Downside to Life in a Supertall Tower: Leaks, Creaks, BreaksĤ32 Park, one of the wealthiest addresses in the world, faces some significant design problems, and other luxury high-rises may share its fate. I was under the impression that these buildings came about because of some engineering breakthrough but: Now, correspondence between residents, some of the richest and most influential people in the world, reveal thorny arguments over how to remedy the problems without tanking property values. Not much to say about this but what the fuck. But there is a patttern of fraud, delivering the housing much later than agreed upon date, delivering really poor quality of construction, not taking maintenance seriously at all because it is just more cost incurred to the developer and so on.īut the article has some gems like this one: for the expanding middle class (in wealth at least, I don’t know about the absolute numbers). Here developers are busy erecting housing societies, apartments etc. During the beginning of the article my thought was the most common one which is that the problem is just the same one that plagues India but on a different scale.
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