432 Park Avenue

432 Park Avenue is a very tall residential skyscraper located at 57th Street and Park Avenue in the Midtown Manhattan area of New York City, New York, U.S. Standing at 1,396 feet tall, it was completed in 2015 and was once the tallest residential building in the world. Today, it is the sixth-tallest building in the United States and the fifth-tallest in New York City.

The building was developed by CIM Group and Harry B. Macklowe and designed by Rafael Viñoly. It is part of an area known as Billionaires' Row and holds some of the most expensive homes in the city, with prices ranging from 10.5 to 90 million dollars. The tower has 84 stories and includes 125 condominiums along with special features like a private restaurant for residents.

Construction of 432 Park Avenue began after the site, formerly home to the Drake Hotel, was sold in 2006. The project faced delays due to financing issues and difficulties in buying the land. After approval in 2011, excavations started, and sales began in 2013. The building was finished in 2015, but some residents later reported problems, leading to several lawsuits in the 2020s.

Site

The building is found in the Midtown Manhattan neighborhood of New York City, New York, U.S. It sits in the middle of a block bordered by 56th Street to the south, Madison Avenue to the west, 57th Street to the north, and Park Avenue to the east. The area covers about 34,470 square feet. The tower is in the center of the block, and its base stretches along 56th Street toward Park Avenue. Nearby buildings include Park Avenue Tower, 550 Madison Avenue, 590 Madison Avenue, the Fuller Building, Four Seasons Hotel New York, Ritz Tower, and 425 Park Avenue.

Architecture

432 Park Avenue was designed by Rafael Viñoly, with SLCE Architects as the architect of record. Deborah Berke and Bentel & Bentel designed the interiors. Other firms helped with construction, including WSP Cantor Seinuk for structural engineering, WSP Flack and Kurtz for MEP engineering, and Lendlease as the general contractor. The project was developed by Harry B. Macklowe’s company, Macklowe Properties.

432 Park Avenue has a mezzanine and 84 numbered stories. It includes special windbreaks every 12 floors to reduce wind effects. When completed, it became very tall, needing approval from the Federal Aviation Administration. The building’s exterior is made of white concrete, with a regular grid pattern inspired by an old trash can design. Inside, there are 147 apartments, ranging from small studios to very large units with high ceilings and special features. The building also includes a private restaurant, fitness center, and other amenities.

History

Macklowe acquisition and financial crisis

The 21-story, 495-room Drake Hotel was built in 1926 at the corner of Park Avenue and 56th Street. In January 2006, its owner, Host Hotels & Resorts, planned to sell it for around $400 million, hoping to replace the old hotel with a new, taller building. Harry Macklowe bought the hotel in 2006 for $418 million.

After buying the hotel, Macklowe paid a company called Fauchon $4 million to leave the ground floor of the hotel earlier than planned. But Fauchon later claimed Macklowe was being unfair by blocking their entrance.

In April 2007, Macklowe also bought several nearby stores and buildings for over $600 million. He wanted to build a very tall building with shops, offices, a hotel, and homes. However, during the 2008 financial crisis, Macklowe could not pay back a large loan from Deutsche Bank. The bank tried to take back the land, and many investors were interested in buying part of the debt.

Paul Manafort and CMZ Ventures

In late 2007, Macklowe met with an investment group called CMZ Ventures, which included Paul Manafort. In 2008, CMZ Ventures offered to pay $850 million for the land, which would help Macklowe pay off his debts. They planned to build a tall building with a luxury hotel, homes, and shops. However, they could not get enough money to start the project.

CIM Group investment

In January 2010, a company called CIM Group agreed to pay $305 million for the land and work with Macklowe. This helped Macklowe pay back some of his debts. CIM also bought more nearby buildings to make the site bigger.

Construction

Construction began in early 2012. By March 2013, the building was already over 1,000 feet tall. There were some problems during building, like accidents and delays, but the building was finally completed in December 2015.

Post-opening

After the building opened, there were some problems with leaks, noise, and high costs for services. Residents and the building's managers had disagreements about these issues. Some lawsuits were filed, and there were reports of cracks in the building's exterior. The developers and residents worked to fix these problems over the next few years.

Residents

Many people were interested in living in 432 Park Avenue even before it was finished. By 2015, almost 90% of the apartments had been sold, and many were bought by people from other countries, especially China, Brazil, and Russia. Some buyers kept their apartments empty most of the year, and many used special companies to buy their apartments secretly.

Some famous people who have lived there include Jennifer Lopez and Alex Rodriguez. Other well-known residents have included Lewis A. Sanders, Bennett LeBow, Ye Jianming, David Chu, Hely Nahmad, and business leaders like Bob Prince from Bridgewater Associates and Howard Lorber, the owner of Douglas Elliman.

Apartment selling prices

In 2016, 81 of the 104 apartments had been sold for an average price of $18.4 million. Prices for the remaining apartments ranged from $6.5 to $82 million. The first apartment sold was #35B in January 2016 for $18.116 million, which was a bit more than the asking price.

Apartments on higher floors cost more. Two apartments on floor 91 sold for $60 million in 2018. Three apartments on floors 92 and 93 sold for a total of $91 million in 2017. The apartment on the 94th floor sold for $32.4 million in 2019. The apartment on the 95th floor was split into two smaller apartments and sold for $30 million each. The highest apartment, on floor 96, was listed at $95 million but sold for $88 million in 2016.

The building was expected to sell all its apartments for a total of $3.1 billion, which would be the highest total selling price for any building in New York City. By February 2021, almost all apartments had been sold. After some problems with the building were reported, several owners decided to sell their apartments, sometimes for much less than they paid.

Critical reception

People have different opinions about the 432 Park Avenue skyscraper. Some like its simple and thin shape. For example, Jonathan Margolis from the Financial Times said he loves how simple it looks. Aaron Betsky from Architect magazine said it stands out compared to other buildings around it. James Gardner from The Real Deal said its clean lines make it feel very big.

But others don’t like it as much. Justin Davidson from New York magazine called it just "stacked cubbyhole units" and wondered if it was really creative. Tim Gunn, a fashion consultant, said it looks like "just a thin column" and needs something on top.

Some people also think the building shows how expensive living in New York has become. A writer for the Los Angeles Times said it represents growing inequality, and New York magazine called the apartments “fancy prisons for billionaires.” Bianca Bosker wrote in The Atlantic that some New Yorkers nicknamed it “Awful Waffle,” saying these tall buildings are ugly and show big differences in wealth. Even the building’s designer, Viñoly, noticed this, saying, “There are only two markets, ultraluxury and subsidized housing.” Some neighbors think having very rich people move in will make their own homes worth more.

Even though the designer Viñoly and the developer Macklowe were friends, they sometimes said unkind things about each other’s work on the building.