{"id":318262,"date":"2026-08-11T00:46:40","date_gmt":"2026-08-11T00:46:40","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/318262\/"},"modified":"2026-08-11T00:46:40","modified_gmt":"2026-08-11T00:46:40","slug":"nyc-billionaires-row-tower-loses-value-fast-as-condos-sell-after-huge-price-cuts","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/318262\/","title":{"rendered":"NYC Billionaire’s Row tower loses value fast as condos sell after huge price cuts"},"content":{"rendered":"

As drones circle the 1,396-foot tower and repair work begins at 432 Park Avenue, the 94th floor skypad at the beleaguered building has sold for $22 million, Gimme Shelter has learned \u2014 a stunning comedown from its original $33 million ask two years ago, and a $3.75 million gut-punch<\/a> from the $25.75 million price it went into contract at earlier this month.<\/p>\n

The seller is a trust linked to the late teen science prodigy turned philanthropist Roy T. Eddleman, founder of Spectrum Labs, which paid $31.5 million for the half-floor spread in 2019. Eddleman died in 2022<\/a> at age 82.<\/p>\n

\u201cThe $22 million closing is lower than anyone wanted, but a half floor in the building hasn\u2019t sold since 2024. This is the new market reality,\u201d listing broker Marc Riedel of Serhant told The Post, who shares the listing with Serhant\u2019s Jordyn Nusynowitz.<\/p>\n

A 94th floor skypad at 432 Park Avenue has sold for $22 million \u2014 a steep drop from its original $33 million asking price and $3.75 million below the price it went into contract at just weeks earlier. Brian Zak\/NY Post<\/p>\n

Close-up of cracks in the concrete structure of 432 Park Ave. DOB<\/p>\n

One broker familiar with the sale said a hit like that barely stings for an owner in that tax bracket. <\/p>\n

\u201cYou write it off, move on and make more money,\u201d the broker said. \u201cThere are lots of bad deals. At least here you get the joy of living in the building.\u201d <\/p>\n

Jennifer Lopez and Alex Rodriguez once counted among the glamorous residents at 432 Park.<\/p>\n

While sale prices at 432 Park keep sliding, rents are doing the opposite \u2014 a split brokers describe as the building\u2019s Jekyll-and-Hyde reality. A certain buyer no longer wants in, but a certain renter still wants the address, repairs and all.<\/p>\n

Drones have been surveying the tower\u2019s cracking facade ahead of a planned $160 million repair. Sergii Figurnyi \u2013 stock.adobe.com<\/p>\n

The seller, a trust linked to the late Spectrum Labs founder Roy T. Eddleman, took a major loss on the sale, though brokers say wealthy owners can easily absorb such hits. Evan Joseph<\/p>\n

While sale prices at the building continue to slide, rents are surging in the opposite direction, with several units fetching $85,000 to over $90,000 a month. Evan Joseph<\/p>\n

The same 94th floor unit had a signed lease with a renter willing to pay $85,000 a month \u2014 a building record for a half-floor unit \u2014 before a buyer swooped in and signed a purchase contract first, bumping the renter out.<\/p>\n

That set off a chain reaction. Unit 66A, also asking $85,000 a month, ultimately rented for over $90,000. Another unit, 72A, then rented for $85,000. Both 66A and 94A are 4,000-square-foot, half-floor layouts with three bedrooms, three and a half baths and a library.<\/p>\n

\u201cI knew I could get $85,000 for 94A, but I didn\u2019t foresee others following in the building,\u201d Riedel said. \u201cIt tested the new reality of rising rents throughout the city.\u201d<\/p>\n

Two of the three units sold this year went to buyers who already owned elsewhere in the building, sources said.<\/p>\n

The building faces concealed facade cracking, and life-safety issues from developers CIM Group and Macklowe Properties. Evan Joseph<\/p>\n

The building faces two lawsuits alleging over 1,500 construction defects. Evan Joseph<\/p>\n

\u201cIt\u2019s one of the most hated buildings in New York, but people love it. It\u2019s comical,\u201d one broker said, noting some renters are drawn by friends already living there \u2014 including the pull of dinner together at the building\u2019s private restaurant, run by Michelin-starred Australian chef Shaun Hergatt.<\/p>\n

The sale closed as the building\u2019s troubles continue to mount. <\/p>\n

On Aug. 4, the building filed a work permit application with the city\u2019s Department of Buildings.<\/p>\n

The building\u2019s condo board declined to comment. Building manager Len Czarnecki also declined, telling Gimme Shelter: \u201cWe are in active litigation and will refrain from comment.\u201d<\/p>\n

Built in 2015 and designed by the late architect Rafael Vi\u00f1oly, the tower has been dogged by design complaints since it opened. Vi\u00f1oly once told Gimme Shelter <\/a>the building \u201chas a couple of screw-ups,\u201d including oversized window frames and a layout that put prime front-facing views in the bathrooms rather than living spaces.<\/p>\n

The formal living room of the unit. Evan Joseph<\/p>\n

An open chef\u2019s kitchen comes with a breakfast bar that faces the city below. Lena Yaremenko<\/p>\n

The bigger issue emerged last year, when a report warned that concrete cracks could send chunks raining down<\/a> and potentially render the building uninhabitable without a $160 million renovation \u2014 one owners hope the courts will force the developer to pay for. <\/p>\n

Residents have also complained of swaying, groaning, leaks, power outages, elevator problems and the sound of trash hurtling down the chutes at alarming speeds.<\/p>\n

The condo board sued CIM Group, Macklowe Properties and the sponsor entity in 2021, citing more than 1,500 construction and design defects, some of which the board\u2019s engineering consultant flagged as life-safety issues. <\/p>\n

A second suit filed in 2025 alleges CIM and Macklowe knew about facade cracking during construction and concealed it from buyers and city inspectors; CIM has denied the allegations and is seeking dismissal. The cracking has allegedly caused flooding and corrosion, and elevators have reportedly gotten stuck during high winds.<\/p>\n

A bedroom spread comes with a sitting area and an ensuite bathroom. Evan Joseph<\/p>\n

A tub with a view: the classic 432 Park layout. Evan Joseph<\/p>\n

The drones circling above are surveying the tower ahead of the $160 million repair effort, as the building\u2019s DOB work permit application moves forward. <\/p>\n

\u201cI would never buy in that building,\u201d said one insider familiar with the litigation. \u201cIt was built so thin and so tall that it relies on advanced mechanical measures to stop it from swaying in the wind \u2014 that\u2019s what caused a lot of the damage.\u201d<\/p>\n

\u201cLiving there is a gamble. It\u2019s too dangerous for me to allow any of my relatives to live there. I\u2019m a pessimist. This is a real problem \u2014 and they\u2019re paying so much to live there!\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"As drones circle the 1,396-foot tower and repair work begins at 432 Park Avenue, the 94th floor skypad…\n","protected":false},"author":2,"featured_media":318263,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[3968,4709,6166,68,2450,3001,5151,1023,75,360,9,24,56,63,65,64,1491,6338,3006,120050],"class_list":["post-318262","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york-city","tag-billionaires","tag-central-park","tag-central-park-west","tag-exclusive","tag-gimme-shelter","tag-luxe-listings","tag-luxury-development","tag-luxury-real-estate","tag-manhattan","tag-midtown","tag-new-york","tag-new-york-city","tag-ny","tag-nyc","tag-nyc-headlines","tag-nyc-news","tag-real-estate","tag-renovations","tag-residential-real-estate","tag-values"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/318262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=318262"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/318262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/318263"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=318262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=318262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=318262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}