Lucas Jackson/Reuters
- The condo board of one of New York's most expensive addresses is suing the building's developers.
- Complaints include flooding, faulty elevators, and loud noises when the building sways.
- Despite the multimillion-dollar price tag, the building can be an uncomfortable place to live.
- See more stories on Insider's business page.
Residents in one of New York City's most expensive buildings are suing the developers for $125 million over a bevy of complaints, including flooding, unbearably loud noise when the building sways, and faulty elevators.
Dissatisfaction with the pricey building on "Billionaire's Row" has been brewing for months, with residents at 432 Park Avenue voicing discontent over rising prices on their multimillion-dollar units and the design flaws that make the 96-floor skyscraper an uncomfortable place to live.
"What was promised as one of the finest condominiums in the City was instead delivered riddled with over 1500 identified construction and design defects," the lawsuit against the developers, CIM Group and Macklowe Properties, said.
The lawsuit stated that the noise and vibrations from the building swaying were "horrible and obtrusive." The lawsuit also said that the chairman of CIM Group "admitted that the sound and vibration issues are 'intolerable,' rendering it difficult to sleep during periods of even moderately inclement weather."
The building's elevators are supposed to slow when the building is buffeted by high winds, but elevators often stopped entirely and trapped residents inside for hours. Residents also were subject to flooding, water damage, and air conditioning breakdowns, the lawsuit said.
The lawsuit even labeled some of the design flaws as "life safety issues," such as two electrical explosions that occurred in the building.
The lawsuit also said that the developers denied responsibility for the design flaws and only fixed nine of the 1,500 defects identified in the board's engineering report.
However, high winds that trap residents in elevators wasn't the only issue residents had with the building. They also complained that the trash chute "sounds like a bomb" and were upset about the increased minimum spending requirements on the buildings private restaurant with a Michelin-starred chef.
Notable families in the $3.1 billion building include a Saudi retail mogul, a member of the family that owns Jose Cuervo Tequila, and at one time - Jennifer Lopez and Alex Rodriguez, The New York Times reported.
The developer "marketed the Building and the units as ultra-luxurious residences in a world-class, premium building," the lawsuit stated. "Far from the ultraluxury spaces that they were promised, however, Unit Owners were sold a building plagued by breakdowns and failures that have endangered and inconvenienced residents, guests, and workers."
Developers, CIM Group and Macklowe Properties didn't immediately respond to a request for comment.