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.
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.
“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 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.
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.
$169 million for the penthouse. Since January, only one sale has closed.
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