Owners at 432 Park Avenue have filed a lawsuit against developers Harry Macklowe and CIM Group, claiming they engaged in fraud by concealing cracks in the building's façade. The condo board alleges that the developers ignored warnings about these structural issues and misled city inspectors and potential buyers. This latest legal action, which follows a previous lawsuit citing over 1,500 defects, seeks $165 million in damages to address both physical defects and depressed property values. Owners say the structural flaws have caused significant flooding and corrosion, impacting daily life for residents.
The owners of 432 Park Avenue allege that developers engaged in 'deliberate and far-reaching fraud' regarding widespread cracking and defects in the building's façades.
The condo board seeks at least $165 million in damages and claims the developers concealed issues from city inspectors to maximize profits.
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