business owners who worked in the oil and gas business, bought a high-floor. Four days later, a water line failure on the 74th floor caused water to.Ģ2, was caused by a blown flange, a ribbed collar that connects piping. The other option being the city just can no longer sustain itself and collapses, losing both business and residents. The market pricing isn't being driven by long-term investment, it's being driven by airbnb micro-hoteliers, pre-con flippers and wannabe land barons looking to make a lot of money quickly.CIM Group, one of the developers, said in a statement that the building “is a successfully designed, constructed and virtually sold-out project,” and that they are “working collaboratively” with the condo board, which was run by the developers until January when residents were elected and took control. (Developers typically control condo boards in the first few years of operation.) “Like all new construction, there were maintenance and close-out items during that period,” they said. The construction manager, Lendlease, said in a statement that they “have been in contact” with the developers, “regarding some comments from tenants, which we are currently evaluating.” Macklowe Properties, the other developer, declined to comment. Abramovich and her husband, Mikhail, retired business owners who worked in the oil and gas business, bought a high-floor, 3,500-square-foot apartment at the tower for nearly $17 million in 2016, to have a secondary home near their adult children. The 1396-foot-tall tower was developed by CIM Group and Harry B. She was disappointed with her purchase on day one, she said, when she left her home in London in early 2016 to move into what she expected to be a completed apartment, and found that both her unit and the building were still under construction. of mechanical and structural problems, leading to a lawsuit in late 2021. “That’s how I went up to my hoity-toity apartment before closing.” “They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator,” she said. ![]() Luxury developers use a loophole in the city’s zoning laws to build these soaring towers in New York City.There have been a number of floods in the building, including two leaks in November 2018 that the general manager of the building, Len Czarnecki, acknowledged in emails to residents. I was under the impression that these buildings came about because of some engineering breakthrough but: Now, correspondence between residents, some of the richest and most influential people in the world, reveal thorny arguments over how to remedy the problems without tanking property values. Not much to say about this but what the fuck. The disputes at 432 Park also highlight a rarely seen view of New York’s so-called Billionaire’s Row, a stretch of supertall towers near Central Park that redefined the city skyline, and where the identities of virtually all the buyers were concealed by shell companies. But there is a patttern of fraud, delivering the housing much later than agreed upon date, delivering really poor quality of construction, not taking maintenance seriously at all because it is just more cost incurred to the developer and so on.īut the article has some gems like this one: for the expanding middle class (in wealth at least, I don’t know about the absolute numbers). ![]() Here developers are busy erecting housing societies, apartments etc. During the beginning of the article my thought was the most common one which is that the problem is just the same one that plagues India but on a different scale.
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