![]() Both units, one on the 96th floor and the other on the 79th floor, were listed after the building’s issues became public. Some point to current $169 million and $135 million listings as bellwethers for how deep-pocketed buyers view the building. “Although the ultimate responsibility lies with the sponsor, the condominium owners and the condominium board are in the process effectuating the completion of all needed repairs and performing maintenance befitting this luxury building, without delay,” he said. Jonathan Adelsberg, one of the attorneys for the tower’s condo board, said in a statement that, despite the ongoing lawsuit, the board is taking steps to protect resale values. “ some buyers who might want to wait out the lawsuit, but in my humble opinion I think they’re going to have to pay a higher price down the road.” “You’re going to have a bit of everything,” he said. He’s also the listing agent for two other units, and said that while buyers have questions about the lawsuit, he’s seen different reactions. “The building is going to benefit from this.”Īlexander handled last month’s $26 million deal, the priciest closing in the building in two years. “The reality is it will take some time, but I’m hopeful that the sponsor will make a deal with the board and when they do, the building is going to get an influx of cash,” he said. ![]() Still, the suit was “something that had to happen,” he said, adding that he believes the dispute will only improve life in the building in the long run. ![]() One person with knowledge said 432 Park remains desirable, particularly among those in finance.īut, perhaps most importantly, insiders say the board’s descriptions of plumbing and mechanical issues and creaking noises sound worse on paper than they really are.ĭouglas Elliman broker Tal Alexander, a resident in the building who has handled multiple deals there, said many of the issues detailed in the board’s lawsuit were “made out to be a much bigger deal and taken way out of context.” Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit. The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Shaun Hergatt and valet parking. As one agent put it: “So far, people buying paying very high rents don’t give a damn. But then again, there were only three sales in 2020 - a sharp drop from the 12 deals in 2019, before the pandemic.īoth units that closed since February went for more than their owners paid for them. Since February, when problems at 432 Park exploded into public consciousness in a New York Times story titled, “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks,” only two sales have closed in the building, according to data provided by Serhant. ![]() Six years later, the supertall condo tower is perhaps best known for its 1,500 alleged construction defects, surging common charges and, most recently, a $250 million lawsuit brought by its condo board against developers Harry Macklowe and CIM Group in September.īut these issues aren’t scaring away elite clientele willing to spend millions on homes overlooking Central Park, according to agents who work with buyers and sellers in the building. The skyscraper at 432 Park Avenue opened in 2015 to a mixture of fanfare and criticism over its slender design and its significance as a looming status symbol for the ultra-wealthy. 432 Park Avenue with Tal Alexander, Ryan Serhant and Noel Berk (Getty, Serhant, BFA for Douglas Elliman, Engel & Völkers)
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