Many recent additions to the skyline were built explicitly because they can make a ton of money on the tippy-top penthouse apartments. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks 432 Park, one of the wealthiest addresses in the world, faces some significant design problems, and other luxury high-rises may share its fate. It’s wanting a trophy apartment that has the best view of Central Park. What’s the appeal of exceptionally tall buildings?Īs some developers themselves have admitted to me, it’s ego. 432 Park: The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks - 432 Park, one of the wealthiest addresses in the world, faces some significant. Now that they’re completed, why were they allowed to rise in this state?
People complained about them blocking out their views and casting shadows. There was a lot of contention about these buildings even rising in the first place. Chen wrote that the problems have also raised concerns that some of the construction methods and materials have not lived up to the engineering breakthroughs that only recently enabled the construction of towers like 432 Park, which stands nearly 1,400 feet high.) These tall buildings are seeing complaints, whether it’s related to mechanical issues or water or elevators creaking, all these issues that you wouldn’t expect someone to have paying $20 million or $30 million for an apartment. But I think beyond that, there is also real concern here about what was permitted to be built in the city at this height. I think a lot of people online have talked about schadenfreude, the idea that it feels good to have a laugh at these very rich people’s expense. Many people aren’t sympathetic to the plight of the ultrawealthy. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks 432 Park, one of the wealthiest addresses in the world, faces some significant design problems, and other luxury high-rises may share its fate. Couple that with a slowdown of interest from some foreign markets, like China, Brazil and Russia, and the luxury market began to sink.
Since then, a lot of things have changed that have pulled that market back, even before Covid: recent caps on state, local and property tax deductions that disproportionately affected home buyers in high-cost states like New York, and the introduction of a so-called mansion tax on properties that sell for more than $1 million. This building was a good one to home in on now because it represented the pinnacle of the luxury condo market, around 2015. Q: What’s the state of the luxury market in New York City?Ī: We’re already a few years out from the peak of the market.
(Our conversation was lightly edited for clarity and brevity.) Chen about the exclusive building and the city’s evolving skyline. “They’re still billing it as God’s gift to the world, and it’s not,” Sarina Abramovich, one of the earliest residents of 432 Park, told him. My colleague Stefanos Chen has revealed complaints of serious construction flaws, floods, noise and surging fees. It’s also shrouded in mystery: Many owners at 432 Park are concealed by shell companies.īut now, some residents are offering a rare glimpse of life inside the building, which was the tallest residential tower in the world when it opened in 2015.
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