![]() Sugimoto flew in materials and trades people from Japan to do the build-out for the sellers, who are American art collectors. “Considering the pedigree and that you can move in with a toothbrush and be thrilled and happy in the apartment, I don’t think it’s overpriced,” she said. But Engel & Völkers’ Noel Berk, the listing agent for the $135 million unit on the 79th floor - which was custom designed by Japanese architect Hiroshi Sugimoto - disagreed. Ryan Serhant, the listing agent, did not respond to requests for comment. Alhokair bought the penthouse for $87.7 million in 2016. “There’s no precedent set for that,” he said. Multiple agents said the asking prices are too high.Ĭompass broker Richard Steinberg, part of the team that initially sold the building, called the $169 million price tag for Saudi retail magnate Fawaz Alhokair’s top-floor penthouse “an aggressive price,” particularly for a resale. Both units, one on the 96th floor and the other on the 79th floor, were listed after the building’s issues became public. Some point to current $169 million and $135 million listings as bellwethers for how deep-pocketed buyers view the building. Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit. The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Sean Hergatt and valet parking. As one agent put it: “So far, people buying paying very high rents don’t give a damn. ![]() But then again, there were only three sales in 2020 - a sharp drop from the 12 deals in 2019, before the pandemic.īoth units that closed since February went for more than their owners paid for them. Next time someone wants to build an extremely tall building, I encourage them to consult me first, at which point I will suggest that a building probably shouldn’t be that tall, because no good can come of it.Since February, when problems at 432 Park exploded into public consciousness in a New York Times story titled, “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks,” only two sales have closed in the building, according to data provided by Serhant. Naturally, this had led to some tension in the building, where, as one resident told the Times, “Everybody hates each other.”Īnyway, it seems like much of this drama could have been avoided if only that building were a bit shorter. DOWN LIFE SUPERTALL TOWER LEAKS CREAKS FREEIf this weren’t bad enough, the already disgruntled residents of 432 Park are reportedly being forced to pay more than they expected for their sub-par living experience, including $15,000 in annual fees for the building’s private restaurant - which, by the way, no longer serves free breakfast. Residents have also complained about noise, with life in an ultra-tall building apparently haunted by a soundtrack of “creaking, banging and clicking noises,” as well as a trash chute “that sounds like a bomb” when garbage is tossed from great heights. At one point in 2019, high wind conditions reportedly left a resident trapped in an elevator for nearly an hour and a half, as wind sway at such heights can result in elevator slowdowns and shutdowns. While all buildings sway in the wind, it would seem those forces are much stronger and more destructive at extreme heights, such as those reached by one 432 Park Ave. One anonymous buyer even backed out of a $46.25 million contract due to a “catastrophic water flood.”Īnother thing that becomes a problem when you live in a super-tall building is wind, apparently. Just five years after its completion, the building is falling apart, with the New York Times reporting the skyscraper and its billionaire residents are plagued by a myriad of problems due largely to the building’s outrageous height.Īccording to the Times, plumbing issues have left the building vulnerable to frequent flooding and water damage, including back-to-back leaks in November of 2018 that left two of the building’s four residential elevators out of service for weeks. The massive tower is home to ultra-wealthy buyers who have shelled out up to $88 million for condos in the elite building, but much to their dismay, it seems living the high life in a building to match isn’t quite what the residents of 432 Park had hoped. ![]() Unfortunately, no one asked my opinion before beginning construction on 432 Park Ave, a towering structure that stands among the tallest buildings on Manhattan’s famed “Billionaire’s Row” at 1,400 ft. I don’t think any good could come of it.” ![]() I live in a city filled with very tall buildings, and sometimes, while gazing at some of the tallest ones, I’ve thought, “I’m not sure a building should be that tall. ![]()
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