The owners of a luxury skyscraper on New York City’s Billionaires Row have filed a lawsuit accusing the developers of fraud after “thousands,” of cracks appeared.
Developers have denied the accusations.
Why It Matters
432 Park Avenue is home to some of the most expensive residences in the city. The building opened in 2015 and at that time, was the tallest residential building in the world (as of 2023, it was the third tallest). The building has a projected value of over $3 billion when it opened.
Standing 1,396 feet above Central Park, the luxury tower was once home to Jennifer Lopez and Alex Rodriguez who purchased a three-bedroom unit in 2018 for $15.3 million, though it was sold less than a year later. A penthouse in the building in 2021 was listed for $169 million; the country’s most expensive listing at the time.
What To Know
The lawsuit was filed on April 4, 2025 and was brought by the Board of Managers of the 432 Park Condominium against the developers of the property including CIM Group, McGraw Hudson Construction, SLCE Architects and WSP USA. It was filed in the State Supreme Court in Manhattan and is seeking damages in exceeding $160 million…