Residents of a stricken supertall building are suing for $125 million in damages.
According to a lawsuit filed on Thursday, the condo board at the supertall tower 432 Park Avenue, one of the world’s most expensive addresses, is suing the developers for $125 million in damages, citing multiple floods, faulty elevators, “intolerable” noise caused by building sway, and an electrical explosion in June — the second in three years — that knocked out power to residents.
The roughly 1,400-foot-tall tower, designed by top architect Rafael Violy’s company, originally came under fire in February, when The Latest York Times published many of the allegations in the new lawsuit.
According to the complaint filed with the New York State Supreme Court, “this case provides one of the greatest cases of sponsor wrongdoing in the development of a premium condominium in the history of New York City,” referring to the developers, CIM Group and Macklowe Properties. The damages include the estimated cost of repairing 1,500 construction and design faults in common areas of the building discovered by an engineering firm hired by the condo board; they do not include punitive damages or separate cases filed by individual residents.