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The Times put part of the blame for those aggravations on cutting-corner moves during 432’s construction.

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The Times coverage revealed that life at 432 Park had become a series of frustrating encounters with “leaks” and “creaks” and “breaks.” One big reason for the sales stagnation: A New York Times exposé this past February. Only one condo sale at 432 has closed since January, and that one unit went for less than 1 percent more than the owner paid five years ago. And that value is trending the wrong way. What do the owners at 432 Park care about? The value of their investments, of course. They’ve purchased safe-deposit boxes in the sky, as Vanity Fair explains, “commodities for investment” sold to limited-liability companies “created to shield the identities” of their globe-trotting rich owners. They haven’t, in effect, purchased homes. Their condos sit empty for huge stretches of each year. Many of the owners aren’t even spending any appreciable time in their sky-high New York luxury lairs. From high up on a needle tower, as Davidson points out, “Shakespeare in the Park looks like a flea circus.”Īpartment owners at 432 Park and other needle towers, for their part, could care less about all the kvetching from average New Yorkers and critics like Justin Davidson. They’ve learned that only a truly “scarce and irreproducible resource” - “an aerial view of Central Park,” for instance - can justify a “hyper-super-ultra-deluxe” price.īut that sort of view will always ultimately disappoint. Luxury developers, New York magazine’s Justin Davidson has observed, now realize that ever nicer bathtubs can only bump up prices so much. Other analysts have zoned in on the greed and grasping that’s driving developers to build ever higher.

Oliver Wainwright has likened New York’s “beanpole” towers to “raw extrusions of capital piled up” until they hit the clouds. They saw these super-slims as edifices devoted to avarice, high-tech concrete baubles for the richest of the rich that were casting ugly shadows deep into Central Park, the city’s most prized public space.Īrchitectural critics have expressed similar displeasure. They didn’t see 432 Park - of any of the other nearby needles - as inspired additions to New York’s built environment.

The tower’s 125 units sold quickly, with three-bedrooms starting at $20 million and the penthouse up on the top going for well over four times that.īut few average New Yorkers took any satisfaction from all the needle tower buzz.

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Inside 432 Park, that reviewer continued, “monumental windows and 12.5-foot-high ceilings conjure a modernist baronial grandeur,” with “residential amenities” galore, everything from studio apartments for whatever household help the tower’s rich want at their beck and call to a private restaurant complete with a Michelin-star chef and free daily breakfasts.Ī residence at 432 Park, not surprisingly, quickly became a must-have for top 0.1 percenters the world over. “In buildings with just one sprawling residence per floor,” gushed one commentator on the needle-tower phenomenon, “the owner shares the views only with passing falcons.” These “needle towers” had started multiplying in the years right after the Great Recession, high-rise totems for a giddy, fabulously wealthy new age. At nearly 1,400 feet high, 432 Park then rated as the world’s tallest residential structure, the most amazing of the slim, incredibly tall residential skyscrapers then popping up just south of Central Park in midtown Manhattan. The super rich started taking up residence at 432 Park when the place opened up in 2015. In fact, those victims - fabulously rich gazillionaires all - just may be the world’s least sympathetic people. But the victims aren’t getting much sympathy. You’d naturally feel some sympathy with the poor souls that corner-cutting developer had taken to the cleaners, right? Well, that troubled building does actually exist, at 432 Park Avenue in Manhattan. Imagine some friend of yours shared this grisly tale of condo woe. The whole building had to empty out for an overhaul of the electrical system, and plenty of folks living there fear getting stuck - for hours - on the elevators. Have you heard about the people in that new condo building over at 432? They’re having quite a spat with the developer.

Downside life supertall tower creaks breaks