Billionaire's Row skyscraper sued for $165M+ over shocking structural claims

Living the high life comes at a price.

But for residents at one of New York City's most exclusive addresses, that price might be far higher than they imagined.

The Towering Ambition

We're talking about 432 Park Avenue, the super-slender behemoth piercing the sky on Manhattan's illustrious Billionaire's Row.

Completed in 2015, the 1,396-foot tower quickly became a symbol of ultra-luxury living.

With a dizzying 15:1 height-to-width ratio, it's a prime example of the "pencil towers" that have reshaped the city skyline.

For a time, it even held the title of the world's tallest residential building.

A Dream Turned Sour

High-profile figures like Jennifer Lopez were reportedly among those who snapped up multimillion-dollar units here.

Property developer Harry Macklowe, involved in the project, even likened it to the iconic Empire State Building back in 2013.

He called it "the building of the 21st century."

But the glittering promise of sky-high luxury seems to have been overshadowed by down-to-earth problems.

Mounting Complaints

Owners and residents at 432 Park Avenue have been voicing frustrations for years.

A lawsuit filed by the condo board in 2021 detailed a range of alleged defects.

These included malfunctioning elevators and poor energy efficiency.

There were even complaints about the trash chute making a noise "like a bomb" when used.

Crucially, the 2021 complaint also mentioned "substantial cracking."

Escalating Legal Battles

Now, the condo board has filed a new, major lawsuit.

Filed in late April, this action targets the developers, including CIM Group, and other firms involved in the project.

They are collectively seeking over $165 million in damages.

The core allegation? A "far-reaching fraud" involving the alleged hiding of significant structural defects.

Condo owners claim the developers failed to disclose the true extent of the damage.

This damage, they argue, has led to flooding and significantly impacted the value of their properties.

The Shocking Claims Surface

While the 2021 suit mentioned cracking, the new lawsuit brings forth a far more alarming picture.

The condo board claims they uncovered evidence suggesting a conspiracy to conceal the severity of the issues.

According to the new complaint, the tower's facade is "plagued with thousands of severe cracks, spalling, and other forms of deterioration."

Yes, you read that right - 'thousands'.

Among these is allegedly a jaw-dropping 10-inch-deep crack found within the building's core itself.

These problems, the suit alleges, haven't just caused flooding; they've also allegedly corroded some of the steel reinforcement within the concrete columns.

The lawsuit points to the building's "experimental" white concrete facade as a potential cause.

It claims this material, typically used for looks, had to be specially strengthened for structural load but showed cracking in mockup tests.

Allegations include that developers ignored warnings from concrete consultants and even the project's late architect, Rafael Viñoly, about the concrete mix.

The complaint suggests developers "bulled forward" with construction despite knowing the potential problems.

Adding to the claims of concealment, the lawsuit alleges misleading statements in the offering plan provided to buyers and inaccurate information given to the New York City Department of Buildings, reportedly downplaying the number of defects found in a survey.

The condo board also claims recommended fixes, like applying a protective coating, were rejected because they would alter the building's appearance, making it less appealing to potential billionaire buyers.

Developers CIM Group and architect SLCE Architects have vehemently denied the claims in statements, stating they are moving to get the complaint dismissed.

But the allegations stand, painting a picture of luxury undone by potentially catastrophic structural issues.

The outcome of this multi-million dollar legal battle remains to be seen, but it shines a harsh light on the potential risks towering over the city's skyline.