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A Park Avenue condo just sold for $70.5 million, making it the most expensive home sold in NYC in the past year — despite the building being riddled with design flaws that cause flooding and electrical explosions

The dining area
The open-concept dining area is located next to the living room.

  • The $70.5 million apartment is New York’s most expensive home sale since April 2021.
  • The 8,000-square-foot apartment was previously two separate units.
  • The sale comes amidst an ongoing lawsuit between residents and developers over construction defects.
An apartment at 432 Park Avenue in Manhattan was sold for $70.5 million last month, making it the most expensive residence sold in New York City since April 2021.

The living room
The living room.

432 Park Avenue was designed by architect Rafael Vinoly and construction was officially completed in 2015. At 96 floors, it was once considered one of the tallest residential buildings in the world.

The apartment — on the building’s 82nd floor — went for $70.5 million, down from the asking price of $79 million in January. It was originally listed for $90 million in 2020, per property records

The sale is New York City’s largest since April 2021, per an Olshan Realty market report.

The listing was held by Ryan Stenta of Douglas Elliman Realty. Stenta declined to comment on the sale of the unit.

The new buyers are “apparently unfazed” by the ongoing $125 million legal battle between residents and the developers, per Olshan Realty.

432 Park Ave building exterior
432 Park Ave. building exterior.

Despite being one of the most luxurious buildings in the world, 432 Park has also been plagued with problems.

In September, the condo board filed a $125 million lawsuit against the developers CIM Group and Macklowe Properties, Insider’s Heather Schlitz reported.

The building was completed in 2015. But beginning in 2016, residents began complaining of numerous construction defects that resulted in flooding, electrical explosions, and even noise issues caused by the building’s swaying, according to The New York Times.

According to the lawsuit, CIM Group’s chairman Richard Ressler (who owns a unit in the building) “admitted that the sound and vibration issues are ‘intolerable,’ rendering it difficult to sleep during periods of even moderately inclement weather.”

“What was promised as one of the finest condominiums in the City was instead delivered riddled with over 1,500 identified construction and design defects to the common elements of the Building alone (leaving aside the numerous defects within individual units),” the lawsuit continues.

The apartment buyers are Yossi and Gaëlle Benchetrit. They own another apartment on the lower floor of the same building, the Wall Street Journal previously reported, citing people familiar with the deal. 

Yossi Benchetrit is the chief procurement and programming officer of Altis USA, a cable television provider, while his wife Gaëlle is the founder of the aesthetic clinic Clinique des Champs Elysées New York, per the Wall Street Journal.

The buyers were represented by Jason Haber of Compass. The Benchetrits and Haber did not immediately respond to Insider’s requests for comment.

432 Park Avenue is located in an area known as Billionaires’ Row.

The New York City skyline
Skyscrapers that form the Billionaires’ Row include Central Park Tower, Steinway Tower, and 432 Park Avenue.

Billionaires’ Row is a luxury residential area in Manhattan located along the southern end of Central Park and is home to some of the world’s most expensive residences.

In 2019, hedge fund manager Ken Griffin bought a penthouse at 220 Central Park South in Billionaires’ Row for $238 million — making it the most expensive home ever sold in the US, the Wall Street Journal reported

The penthouse on the 96th floor of 432 Park Avenue also made waves when it was listed for $169 million in July 2021 (It appears to still be available nearly a year later). It was previously owned by Saudi billionaire Fawaz Al Hokair, per the Wall Street Journal.

The apartment spans over 8,000 square feet and takes up the entire 82nd floor.

The dining area
The open-concept dining area is located next to the living room.

It was originally two separate apartments, but the former owners had the units combined into a single unit, per The Real Deal.

The home features almost 13-foot high ceilings and large windows that offer panoramic views of the city skyline.

The apartment comes with almost full-length windows
The apartment comes with almost full-length windows with a clear view of Central Park.

Source: Streeteasy

The apartment features five bedrooms and six bathrooms.

One of the bathrooms in the apartment
One of the bathrooms in the apartment comes fitted with a freestanding bathtub next to a full-height window.

There are two master bathrooms and four ensuite bathrooms attached to guest bedrooms, per the listing.

There is an oversized chef’s kitchen with a large stone island counter.

The kitchen
The kitchen.

Source: Streeteasy

The house also comes with two home offices, two walk-in closets, and a home theater.

The media room
The home theater.

Source: Streeteasy

Residents may enjoy building amenities such as a fitness center, a spa with a sauna and massage facilities, as well as a billiards room.

The apartment comes with two offices
The building comes with a billiards room.

Source: Streeteasy

There’s also a 75-foot indoor swimming pool on the 16th floor where residents can take a dip regardless of the weather.

The building comes with a 75-foot indoor swimming pool
The building comes with a 75-foot indoor swimming pool.

Residents also have access to a range of services including room service, concierge, a 24-hour doorman, as well as valet parking.

On the 12th floor of 432 Park Avenue is a private restaurant overseen by Shaun Hergatt, an acclaimed chef who has received Michelin stars for three of his other New York City restaurants.

Residents are required to spend a minimum of $15,000 per year at the restaurant, per The New York Times. This amount has increased since 2015 when the minimum spending was just $1,200 a year.

Read the original article on Business Insider

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