Residents Of 'Billionaire's Row' Skyscraper File A Lawsuit Of $125 Million Citing Shoddy Construction
It looks like trouble in paradise for those wealthy enough to afford condos at 432 Park Avenue on ‘billionaires’ row’ as residents have filed a lawsuit claiming design flaws are to blame for intolerable living conditions. With condos selling for as high as $169 million, residents surely expected a better experience, and now they’re asking the courts for $125 million in compensation.
Residents are furious, and their dissatisfaction with the conditions at the supertall tower located on ‘Billionaire's Row’ has been stewing for months. Residents at 432 Park Avenue have been discontent over rising prices on their multimillion-dollar units, and the design flaws that they believe make the 96-floor skyscraper an uncomfortable place to live.
The New York Times brought the issues to light last winter, claiming the residents of the 1,396-foot skyscraper cited “millions of dollars of water damage from plumbing and mechanical issues; frequent elevator malfunctions; and walls that creak like the galley of a ship.”
The board claims the sponsor, 56th and Park Owner LLC, failed to consider the tower’s “remarkable height” when designing the building leading to several issues.
Residents are getting trapped for hours in elevators that shut down during high winds. They also complained that the trash chute "sounds like a bomb.”
According to the condo board, in an unguarded moment, the chairman of CIM described the noise and vibration as “intolerable” and said it made “it difficult to sleep during periods of even moderately inclement weather.”
And now, the condo board has acted by filing a lawsuit against the developers, alleging more than 1,500 defects. The lawsuit claims many of the defects are than run-of-the-mill leaks and creaks but “life safety” issues.
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"What was promised as one of the finest condominiums in the City was instead delivered riddled with over 1500 identified construction and design defects," the lawsuit against the developers, CIM Group and Macklowe Properties, said.
According to Business Insider, tenants in the $3.1 billion building include Saudi retail mogul Fawaz Alhokair, a member of the family that owns Jose Cuervo Tequila, and at one point Jennifer Lopez and Alex Rodriguez. Reporting by Forbes suggests that Alhokair put his luxury 96th-floor penthouse on the market for $169 million as soon as the issues surfaced last winter.
The board has hired Herrick Feinstein, a law firm that usually represents developers. Now he will take a case against developers Macklowe and CIM.
Source: Business Insider, The New York Times, Curbed
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