432 Park, NYC Highrise Building for the Ultrarich, Is Falling Apart

Since 432 Park Avenue was erected in Manhattan half a decade ago, members of the ultrawealthy have shelled out millions of dollars — in one case, as much as $88 million — to get their own luxury condos in one of the tallest buildings on “Billionaire’s Row.” But what was once believed to be a literal pinnacle of high living has turned out to be the most wretched of hellholes: The $3.1 billion building is falling apart, largely due to its unreasonable height and design flaws. And its billionaire residents — who are butting heads not only with developers but with one another — are dismayed.

Among the building’s biggest issues is its plumbing, which has caused frequent flooding and extensive water damage. In November 2018, 432 Park suffered major back-to-back leaks — one of which propelled water into elevator shafts, shutting them down for weeks. The plumbing issues even prompted one potential resident to back out of a $46.25 million deal after the building experienced a “catastrophic water flood.”

And then there are the elevators themselves. Residents say they suffer frequent malfunctions; in one particularly horrifying incident in October 2019, “a high-wind condition” caused one person to be “entrapped” in an elevator for nearly an hour and a half, per a management email.

TheCut 432 Park, NYC Building for the Ultrarich, Is Falling Apart

Billionaires are trapped in their golden cages, and suffering perhaps even more than the average person.