Inside 432 Park, a summit of the luxury condo boom

    [Want to get New York Today by email? Here’s the sign-up.]

    it’s Thursday.

    weather: A little relief: Mostly sunny, high around 40 (but with a lot of excitement).

    Optional side parking: Suspended through Saturday for snow removal.

    The image
    Credit …Carsten Moran for The New York Times

    Manhattan has a condo tower on the so-called Billionaire Row that resembles a slim grain box. It is one of the wealthiest residential addresses in the world. It is also shrouded in mystery: many of the 432 park owners are hidden by shell companies.

    But now, some residents are offering a rare glimpse of life inside the building, which was the world’s tallest residential tower when it opened in 2015. My colleague Stephenos Chen has revealed complaints of serious construction flaws, floods, noise and rising fees.

    “They are still billing it as God’s gift to the world, and it is not,” Sarina Abramovich, one of the early residents of 432 Park, told her.

    I spoke to Mr. Chen about the exclusive building and the city’s evolving horizon. (Our conversation was lightly edited for clarity and brevity.)

    Question: What is the status of the luxury market in New York City?

    A: We are out a few years before the peak of the market. The building was a good home for the now in because it represented the pinnacle of the luxury condo market around 2015.

    Since then, a lot of things have changed that have already pulled that market back from COVID: a recent cap on state, local and property tax cuts that adversely affected home buyers in high-cost states like New York , And the introduction of a – mansion tax on properties sold for over a million dollars. Couples and luxury markets began to sink with a slowdown of interest from some overseas markets, such as China, Brazil and Russia.

    Many people are not sympathetic to the plight of ultraviolet.

    I think a lot of people online have talked about schadenfreude, the idea that it is nice to laugh at the expense of these very rich people. But I think beyond that, there is also concern over what was allowed to be built in the city at this height.

    These tall buildings are seeing complaints, whether it is related to mechanical issues or water or elevators, all of these issues would not expect you to pay $ 20 million or $ 30 million for an apartment.

    (In his article, Mr. Chen has written that the problems have also raised concerns that some construction methods and materials engineering breakthroughs have not survived, which have recently enabled the construction of towers such as 432 Parks, Which are about 1,400 feet high.)

    There was much controversy about these buildings even before they arose. People complained about him stopping to cast his thoughts and shadows. Now that they are complete, why were they allowed to grow in this state?

    What is the appeal of exceptionally tall buildings?

    As some developers themselves have admitted to me, this is arrogance. It wants a trophy apartment that has the best view of Central Park.

    Several recent additions to Skyline were apparently made because they can make a ton of money on a tippy-top penthouse apartment.

    What’s next for Horizon?

    The pipeline for new fancy apartments of this stature has slowed, but many are still growing. As long as New York is seen as a safe investment by these well-heeled buyers, I think there is always going to be this incentive to buy.

    Attacker incites women in Brooklyn to remain silent like policemen

    Trump-Loving Congresswoman Stands Ground in New York City

    NYPD Anti-Harassment Official Racist Fired Online

    NY repeals legislation that critics say criminal ‘moving trans’

    New York City Bareilly Test for Virus Variants. Can he change

    He supported the ‘disregard of the police’. Then the mayoral campaign started.

    Want more news? See our full coverage.

    Mini Crossword: Here is today’s puzzle.

    A police officer was transferred from Brooklyn to Staten Island Posting yourself dancing on TikTok. [New York Post]

    The Traps catching the metro track debris are embossed with snow And swinging over pedestrians. [Gothamist]

    A new jersey man Car died due to fire After revealing his engine as he tried to escape through a snow bank. [NJ.com]

    John Carmanica of The Times writes:

    Often referred to as the “Lustiest Hustler”, affectionately, Ricky Powell enjoyed vintage New York City charm and plock. An irreplaceable walker, he pounds the pavement with his camera and takes photos of whatever caught his fans: superstars, well-groomed passers-by, animals.

    He Documented the early years of hip-hop ascension, as well as a host of other subcultural scenes and the celebrities and fringe characters that populated the city. Critically, he was near the emergence of the Beastie Boys, which led him to join an unexpected career as a tour photographer and key supporting member, leading him to a worldwide explosion of hip-hop that began in the mid-1980s. Front-row seat found for.

    Mr. Powell found out that he had chronic obstructive pulmonary disease last year. On Monday, he was found dead in his West Village apartment. He Was 59.

    The death was confirmed by his manager and radical, Tono Radwani.

    [Read the full obituary here.]

    Ricky Powell was born on November 20, 1961 in Brooklyn and grew up mostly in the West Village. He Attended LaGuardia Community College in Queens and graduated from Hunter College in Manhattan with a degree in Physical Education.

    Mr. Powell’s photographs were intimate and casual, a precursor to the over-documentation of the era of social media. They often felt fully inside the moment, living it instead of seeing it. Their subjects were diverse: Andy Warhol and Jean-Michel Basquiat, the street occupied outside a gallery opening; Francis Ford Coppola and his daughter, Sophia, at one of his early fashion shows; run DMC; Cindy Crawford, an ex-superstar; People sleeping on park benches.

    Josh Swade, who directed the documentary titled “Ricky Powell: The Individualist,” said Mr. Powell had a raw social and cultural intelligence, “matching himself, on the streets of New York in the 60s and 70s” Happened. “

    It’s Thursday – capture the moment.

    The image

    Dear Diary:

    A friend of mine was coming from Rio de Janeiro and living in an apartment on the Upper West Side. I met him and we prepared for a day in the city.

    After exiting the apartment, we went to the lift, where we were greeted by an older woman with two small dogs.

    I couldn’t help smiling as I read the slogan on the woman’s shirt: “What if Hokey Poki is what’s all this? “

    “what does this mean?” My Brazilian friend asked.

    How to understand it?

    I looked towards the lady.

    She Saw me

    Then we did what any respected New Yorker would do. We poked at the hoke and we rolled ourselves.

    – Joan Goodman

    New York Today is published on weekdays around 6 am Register here Get it by email you can get it too nytoday.com.

    What would you like to see more (or less)? email us: nytoday@nytimes.com.

    Latest articles

    Related articles