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Wealthy residents of 432 Park deny allegations of structural issues that could rain ‘chunks of concrete’

Par :Desheania Andrews · Mary K. Jacob · Jennifer Gould

21 octobre 2025 à 22:57

The Billionaires' Row building now finds itself under intense scrutiny from engineers, litigators and brokers alike. As for residents, that's a different story.

Once considered the crown jewel of Billionaires’ Row, 432 Park Avenue is now under scrutiny for structural issues tied to its distinctive white concrete façade.

Originally intended as a minimalist design statement, the concrete has developed cracks and defects that engineers say could worsen without a $160 million fix.

Residents have reported issues like burst pipes, power outages, elevator failures, and swaying.

Engineers warn that continued deterioration could lead to falling debris and system-wide failures.

Despite these concerns, the city’s Department of Buildings has deemed the tower safe and has not mandated protective sidewalk sheds.

Some experts blame the developers for prioritizing aesthetics over durability, with one calling the decision-making “a disaster.”

Italian tourists who did not want to give their name stop to look at the building.

Numerous units have lingered on the market for years, with many seeing significant price cuts since their last sales in 2016–2018.

However, the building continues to sell: ten units traded in 2024, and a $77,000/month rental was signed in October.

Broker Keyan Sanai called it “the Teflon building,” noting that despite the press, “the numbers are still pretty decent.”

He also warned that certain overpriced listings are “a fool’s errand.”

one longtime resident living on a high floor insists, “We are very happy and we feel very safe,” dismissing the coverage as “rumors” meant to damage the building’s value.

Another resident, Michael, said the concerns are “exaggerated,” adding that his experience has been positive and he trusts any true issues would be fixed.

Interviews with nannies and dog walkers for residents suggest no widespread complaints.