A number of super-wealthy New Yorkers are leaving one of the Big Apple’s most luxurious skyscrapers amid allegations that the building doesn’t live up to its high-value billing. The 1,396-foot tower on Manhattan’s Billionaire’s Row — 432 Park Avenue — is facing an ongoing lawsuit from its condominium board over alleged faulty elevators, leaking plumbing, and noise issues. Famous faces like Jennifer Lopez and Clinque founder Gaëlle Pereira Benchetrit, who had apartments in the building, have now sold them. Residents regularly complain that high-altitude apartments sway and creak, leaving them feeling uneasy. Most sellers have suffered a loss, including billionaire financier Thomas Peterffy, who sold his 84th floor apartment for $13.5 million, almost $8 million less than the $21.39 million he paid in 2016. Since the lawsuit became public in 2021, 11 apartments have been sold, which on average sold for 3.7% less than their original sales prices. There are currently 18 apartments for sale, leaving the building 14% vacant.
