“Each and every commitment and term contained in the 432 Park Offering Plan and Declaration has been honored,” a spokesman for the sponsor, which includes CIM Group, said in a statement, adding that some of the remaining “maintenance and close-out items” have been obstructed by the condo board. buildings and how the ingenuity of engineers helped build landmarks.
An Evolving Skyline: The high-rise building boom has transformed the city’s skyline in recent years.Luxury Developers’ Loophole: Soaring towers are able to push high into the sky because of a loophole in the city’s labyrinthine zoning laws.The Downside to Life in a Supertall: 432 Park faces some significant design problems, and other luxury high-rises may share its fate.Testing the Limits: Only three of New York’s 25 tallest residential buildings have completed safety tasks required by the city.The damages could rise, said Jonathan Adelsberg, a partner at Herrick Feinstein, which is representing the condo board, which residents took over from the sponsor in 2020. The damages include the estimated cost to repair some 1,500 construction and design defects in common elements of the building that were identified by an engineering firm hired by the condo board it does not include potential punitive damages, or separate lawsuits that individual residents might file. “This case presents one of the worst examples of sponsor malfeasance in the development of a luxury condominium in the history of New York City,” referring to the developers, CIM Group and Macklowe Properties, according to the complaint filed with New York State Supreme Court. The nearly 1,400-foot-tall tower, designed by the firm of star architect Rafael Viñoly, first came under scrutiny in February, when The Times revealed many of the claims made in the new suit. The condo board at the supertall tower 432 Park Avenue, one of the most expensive addresses in the world, is suing the developers for $125 million in damages, citing multiple floods, faulty elevators, “intolerable” noise caused by building sway, and an electrical explosion in June - the second in three years - that knocked out power to residents, according to a lawsuit filed Thursday.