Another buyer bought two condos in the same building for a combined $157.5 million, nearly a 54% increase from the two unit’s combined sale prices the previous year. In May, a three-bedroom apartment at 220 Central Park South, thought to be the city’s most expensive residence, sold for $33 million, the full asking price and almost a quarter more than the seller paid for the property in 2019. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks. Recent data indicates the city is beginning to buck the trend. The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks. Besides, more than a quarter of the building is empty and just voids, which raised the voice of critics as well. According to the WSJ, the pandemic and concurrent anti-racism protests in the city hurt high-priced New York real estate even more than the September 11 terrorist attacks. The New York Times on the 15th of Feb, 2021 published an article under the title The Downside to Life in a Supertall Tower: Leaks, Creaks, Breaks mentioning the failure of the 432 Park Avenue skyscraper as what the residents said. Luxury real estate appears to be on the rise again after being battered during the coronavirus pandemic. 432 Park has experienced millions of dollars in flood damage, including a water line failure that breached the elevator shafts. He made his fortune in real estate and retail. TangentĪlhokair was estimated by Forbes to be worth $1.7 billion in 2017 but has since been left off the annual billionaires’ list over an ambiguity of his assets. A spokesperson for the Alhokair Group did not immediately respond to a Forbes request for comment.
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