Life Not as Rosy as You Think in Billionaires' High-Rise

New York Times catalogs problems at 432 Park Avenue
By Arden Dier,  Newser Staff
Posted Feb 4, 2021 12:12 PM CST

(Newser) – New York City's 432 Park Avenue is "one of the wealthiest addresses in the world," per the New York Times. Briefly named the tallest residential building in the world in 2015, the $3.1 billion luxury high-rise on Billionaires' Row stretches 1,400 feet tall, offering views of Central Park, along with other perks, including a restaurant run by a Michelin-star chef. That doesn't mean you'd want to live there. "Fancy Tower for Billionaires Revealed to Be Horrifying Hellhole," reads a headline from the Cut, which picks up on the Times story cataloging a host of issues. They include creaking walls, elevators stymied by high winds, and millions of dollars in water damage from leaks. "Everything here was camouflage," says Sarina Abramovich, who purchased a 3,500-square-foot unit with her husband for almost $17 million in 2016. She says it then suffered $500,000 in water damage.

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The general manager cited a problem with a pipe flange around a high-pressure water feed on the 60th floor, several floors above Abramovich's apartment, on Nov. 22, 2018, per the Times. Four days later, a water line failed on the 74th floor, shutting down two of four residential elevators for weeks. Residents have also described groaning metal, rushing air, and a trash chute "that sounds like a bomb." (As for that restaurant, residents must spend $15,000 there each year.) Other super-tall residences are likely experiencing similar issues, the Times reports, noting most residents want to keep issues quiet to avoid hurting resale values. CIM Group, one of 432 Park's developers, acknowledges "maintenance and close-out items" as with "all new construction" and says it's working with the condo board. (Read more New York City stories.)

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