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When Vidal, who owns the Jose Cuervo tequila brand, tried to back out of the deal, he demanded his $11.56million deposit back. One potential buyer, billionaire tequila mogul Juan Beckmann Vidal, was in contract for a $46.25million apartment on the 86th floor in 2016 when a ‘catastrophic water flood’ caused major damage to units on the 83rd, 84th, 85th, and 86th floors.Ĥ32 Park Avenue is among several residential skyscrapers located on Billionaires' Row - a cluster of high-end multi-billion dollar development projects on or near West 57th Street and which overlook Central Park The sway of the building is also wreaking havoc on piping and plumbing as residents continue to complain of leaks and floods, The New York Times reports.

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Strong wind gusts at higher altitude are causing the structure to sway, affecting elevators and cables, while the free flow of air into garbage chutes, doorways, and hallways creates an orchestra of loud, spooky noises that reportedly dampen quality of life. It has taken cutting-edge technology and engineering breakthroughs to allow the construction of 1000-ft tall super-skyscrapers which are now beginning to shoot up in Manhattan.īut one of the key selling points of the new building - its height - also appears to be causing problems. Located on Billionaires Row, known for its cluster of residential skyscrapers overlooking Central Park, the tower attracted buyers like Jennifer Lopez and Alex Rodriguez, among others. The 96-floor building at 432 Park Avenue, whose construction was completed in 2015, was the second tallest skyscraper in New York City behind One World Trade Center. Uber-wealthy Manhattanites who paid as much as $88million to live in a 1,400ft tall residential skyscraper are now complaining that the building suffers from leaks, flooding, creaking walls, faulty elevators, and rising common charges caused by repairs.

He sued developer, Harry Macklowe, after he refused to return his $11million deposit Lawsuit was settled.

In 2016, tequila mogul Juan Beckmann Vidal backed out of buying $46million pad on 86th floor after flooding.Building residents have also chafed at rising common charges caused by rising insurance premiums, repairs.This leads to pipes clanging and air flowing through hallways and chutes, making it sound like 'a bomb'.The building's tall structure also makes it vulnerable to strong wind gusts that cause structure to sway.Several residents reported that flooding on multiple floors led to hundreds of thousands of dollars in damage.Now residents say that the building is beset by poor maintenance, including leaks, floods, and loud noise.

A Saudi billionaire purchased the 96th floor penthouse for nearly $88million in 2016.

The power couple sold their 4,000 sq ft apartment just a year later for $17.5million, according to records.

Among the most famous residents were Alex Rodriguez and Jennifer Lopez, who paid $15.3million for a unit.

The 1,400ft tall building was briefly the tallest residence in the world after its construction finished in 2015.

Residents of 432 Park Avenue say their residential skyscraper has been plagued by poor maintenance issues.

Another buyer bought two condos in the same building for a combined $157.5 million, nearly a 54% increase from the two unit’s combined sale prices the previous year.Towering failure: Super-rich residents moan about flooding, creaking walls and faulty elevators at 1,396-ft NYC skyscraper on Billionaire Row where apartments sell for up to $88million and your neighbors include JLo and A-Rod

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In May, a three-bedroom apartment at 220 Central Park South, thought to be the city’s most expensive residence, sold for $33 million, the full asking price and almost a quarter more than the seller paid for the property in 2019.

Recent data indicates the city is beginning to buck the trend. According to the WSJ, the pandemic and concurrent anti-racism protests in the city hurt high-priced New York real estate even more than the September 11 terrorist attacks. Luxury real estate appears to be on the rise again after being battered during the coronavirus pandemic. He made his fortune in real estate and retail. TangentĪlhokair was estimated by Forbes to be worth $1.7 billion in 2017 but has since been left off the annual billionaires’ list over an ambiguity of his assets. A spokesperson for the Alhokair Group did not immediately respond to a Forbes request for comment.

Downside life supertall tower creaks breaks