Residents of 432 Park Avenue, a luxury skyscraper in New York City's Billionaires' Row, have filed a lawsuit against the building’s developers, CIM Group and Macklowe Properties. They claim the building has serious construction defects and that the developers acted fraudulently.

This 96-story tower, once the tallest residential building in the Western Hemisphere, now faces major legal challenges due to numerous problems reported by residents.

The lawsuit says that the developers knowingly used poor-quality concrete in the building’s main load-bearing exterior. This has caused more than 1,800 cracks in the structure. These defects have led to flooding, corrosion, and concerns about the building’s safety.

Residents also say they experience ongoing issues like broken elevators, loud noises, and vibrations. These problems have hurt their daily lives and comfort.

The condo board accuses the developers of hiding these problems from city inspectors and potential buyers in order to avoid delays and extra costs. The lawsuit demands at least $165 million to cover repairs, compensation for lost property value, and penalties.

Some apartments have still been sold, but often at lower prices. For example, one unit sold for 37% less than what it was originally bought for. The building’s reputation has suffered, making buyers worried and lowering property values.

The developers deny the claims and say they have addressed issues as they came up. However, the legal battle continues, putting the building’s future in doubt.

As the lawsuit moves forward, residents and buyers remain concerned about the safety and value of 432 Park Avenue. The case could have big effects on luxury real estate and developer responsibilities for building quality and safety.