Luxury developers use a loophole in the city’s zoning laws to build these soaring towers in New York City. I was under the impression that these buildings came about because of some engineering breakthrough but:
#The downside supertall leaks creaks breaks how to
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. 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. 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: THE nearly 1,400-foot tower at 432 Park Avenue. for the expanding middle class (in wealth at least, I don’t know about the absolute numbers). 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. Leaks, creaks, breaks: The downside to life in a super-tall condo tower. Here developers are busy erecting housing societies, apartments etc. Jennifer Lopez and Alex Rodriguez bought a 4,000-square-foot apartment there for $15.3 million in 2018, and sold about a year later.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. The 96th floor penthouse at the top of the building sold in 2016 for nearly $88 million to a company representing the Saudi retail magnate Fawaz Alhokair. 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. 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 Down Side 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.
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.
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