![]() Annual common charges jumped nearly 40 percent in 2019, according to management emails that cited rising insurance premiums and repairs, among other costs. Problems at the building were coupled with significant new expenses. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks 432 Park, one of the wealthiest addresses in the world, faces some significant design problems, and other luxury high-rises may share its fate. The anonymous buyer of unit 84B cited a 'catastrophic water flood' that caused major damage to the 83rd to 86th floors in 2016 as grounds to back out of the deal. Residents at 432 Park complained of creaking, banging and clicking noises in their apartments, and a trash chute “that sounds like a bomb” when garbage is tossed, according to notes from a 2019 owners’ meeting. After the first incident, water seeped into Ms Abramovichs apartment several floors below the leak, causing an estimated US500,000 in damage, she said. Jennifer Lopez and Alex Rodriguez bought a 4,000-square-foot apartment there for $15.3 million in 2018, and sold about a year later. ![]() Problems at the building were coupled with significant new expenses. The 96th floor penthouse at the top of the building sold in 2016 for nearly $88 million to a company representing the Saudi retail magnate Fawaz Alhokair. The project faced delays for five years because of lack of financing as well as difficulties in acquiring the properties on the site. Residents at 432 Park complained of creaking, banging and clicking noises in their apartments, and a trash chute that sounds like a bomb when garbage is tossed, according to notes from a 2019 owners’ meeting. The Down Side to Life in a Supertall Tower: Leaks, Creaks, Breaks How come both this and the CPT have been taking so long to wrap up the construction They topped out in Oct 2019 and Sep 2019 respectively.
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