Distressed Sales and Record Rents Collide at Troubled Supertall
A half-floor condominium on the 94th floor of 432 Park Avenue sold for $22 million, down from a $33 million asking price two years ago and $3.75 million below its contract price earlier this month. A trust linked to the late Roy T. Eddleman, founder of Spectrum Labs, sold the unit at a $9.5 million loss from its 2019 purchase price of $31.5 million. No half-floor units in the building had traded since 2024. Listing broker Marc Riedel of Serhant called the price “the new market reality.”
While sales prices fall, rents at the 1,396-foot tower are climbing to record levels. The same 94th floor unit had a signed lease at $85,000 per month before the buyer emerged. That rental price sparked competing deals: unit 66A rented for over $90,000 monthly, and unit 72A for $85,000. Two of the three units sold this year went to buyers who already owned elsewhere in the building. Some renters are drawn by the building’s private restaurant run by Michelin-starred chef Shaun Hergatt and the social pull of neighbors already in residence.
The building filed a work permit application with the city’s Department of Buildings on August 4 as repair work begins. A 2024 engineering report warned that concrete cracks could send debris falling and potentially render the structure uninhabitable without a $160 million renovation. The condo board sued CIM Group, Macklowe Properties, and the sponsor entity in 2021 over more than 1,500 alleged construction and design defects. A second suit filed in 2025 alleges the developers knew about facade cracking during construction and concealed it from buyers and city inspectors; CIM has denied the allegations and is seeking dismissal.
Built in 2015 and designed by the late architect Rafael Viñoly, the supertall has faced complaints about swaying, groaning, leaks, power outages, and elevator problems since it opened. Viñoly acknowledged the building “has a couple of screw-ups,” including oversized window frames and bathrooms positioned for prime views instead of living areas. Residents have reported elevators getting stuck during high winds and flooding from facade damage. Drones are now surveying the tower ahead of the planned $160 million repair effort, which owners hope courts will force the developer to fund.
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