Ade noted that he’d been in the apartment in all kinds of weather and never felt it sway. Pointing to the floating joints between the walls and ceilings, Berk and the architect of record, Felix Ade of YUN Architecture, explained how the elements of the apartment would move with the building. On a sunny day in September, she gave a tour to The Real Deal, commenting several times on how quiet the apartment was. In the past six weeks, Berk has shown the apartment five times. Sugimoto flew in materials and trades people from Japan to do the build-out for the sellers, who are American art collectors. “Considering the pedigree and that you can move in with a toothbrush and be thrilled and happy in the apartment, I don’t think it’s overpriced,” she said. But Engel & Völkers’ Noel Berk, the listing agent for the $135 million unit on the 79th floor - which was custom designed by Japanese architect Hiroshi Sugimoto - disagreed. Ryan Serhant, the listing agent, did not respond to requests for comment. Alhokair bought the penthouse for $87.7 million in 2016. “There’s no precedent set for that,” he said. Multiple agents said the asking prices are too high.Ĭompass broker Richard Steinberg, part of the team that initially sold the building, called the $169 million price tag for Saudi retail magnate Fawaz Alhokair’s top-floor penthouse “an aggressive price,” particularly for a resale. Both units, one on the 96th floor and the other on the 79th floor, were listed after the building’s issues became public. Some point to current $169 million and $135 million listings as bellwethers for how deep-pocketed buyers view the building. Annual service fees related to the restaurant alone have ballooned from $1,200 in 2015 to $15,000 this year, according to the condo board’s lawsuit. The draws, agents say, include amenities ranging from personal concierge services and room service to a 75-foot swimming pool and fitness center managed by celebrity trainer Jay Wright’s wellness company, a private restaurant led by Michelin-starred chef Sean Hergatt and valet parking. As one agent put it: “So far, people buying paying very high rents don’t give a damn. But then again, there were only three sales in 2020 - a sharp drop from the 12 deals in 2019, before the pandemic.īoth units that closed since February went for more than their owners paid for them. The brokerage initially led sales for the tower, and its chairman, Howard Lorber, owns an apartment there.Since February, when problems at 432 Park exploded into public consciousness in a New York Times story titled, “The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks,” only two sales have closed in the building, according to data provided by Serhant. That’s led to conflict of interest accusations: One recently elected member of the condo board, Jacqueline Finkelstein-Lebow of JSF Capital, is married to the chairman of Vector Group, which owns Douglas Elliman. It eventually found that “73 percent of mechanical, electrical and plumbing components observed failed to conform with the developers’ drawings,” according to the Times.Īnd tenants - whom one resident said “all hate each other” - are reportedly at odds on how to address the issues. And while the nearly 1,400-foot skyscraper is designed to move with the wind, that swaying leads to loud noises residents reportedly complained of creaking and banging, as well as sounds “like a bomb” when trash is tossed down a garbage chute.Ī group of tenants even commissioned an engineering firm, SBI Consulting, to study the building’s problems. In 2019, strong winds led to an elevator being stopped, trapping a resident inside for over an hour. The building’s height has also led to issues. New York One57 condo sells at record 51% loss
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