![]() When I moan about the situation, people ask me what I consider to be my options. The ever-changing yet always classy NYC skyline. When I mentioned the increase to several people in my office, and for those of us who deal in high-end real estate, even jaded real estate professionals were astounded. ![]() ![]() The commercial tenant, whose lease expired last year, chose not to renew, resulting in astronomical increases on the number of shares designated to each apartment. Last year, on January 1, 2020, I was hit with an assessment on my coop apartment that even for those of us familiar with building increases, was breathtaking. Without the need to evoke sympathy for these uber rich shareholders, there are stories in other condos and coops in NYC that though on a smaller scale, illustrate almost the same loss of stability and control. The reality is that the vast majority of owners do not call 432 Park their primary residence, and even for the wealthy, the cost of ownership has become staggering. From excessive swaying on windy days to metal clanging in the night, the design flaws that have reared their ugly head are too numerous to detail, and have caused great hardship for those who have battened down the hatches and stayed on board. I am merely using this person as an example of the problems that even the very wealthy have fallen victim to.Īnd now it appears that these rich and famous folks who purchased at 432 Park, are singing songs of sorrow, adding to an unusually stressful year. I stopped following her apartment’s updates on our website, but as of last year, it still remained unsold. Even in a company with the name of Sotheby’s, there are limits to our magical powers. She remained adamant in her desire to sell at a price high even for this lofty tower, and as a result, we were unable to offer our services. The building, was overly “amenitized”, a word I’ve just invented to indicate that it had all the amenities imaginable: an in-house masseuse, parlors for all sexes, library, movie theatre, banquet rooms, and on and on. The owner refused to agree to our suggestion of staging, which would have at least created more interest and added a more human setting to at least give the impression that people actually lived there. ![]() The major drawback of this apartment, which I realized upon entering, was that in its empty un-staged self, it was just another series of large boxes with lots of windows, closets, and amazing views. I should add that the apartment was on a floor above the 50th at 432 Park Avenue, with views as one can imagine, to die for, as they say. When I reflect on this encounter, years later, I’m reminded of the demeanor, the sense of entitlement, the absolute chutzpah, of this Madame who would not budge so much as a nickel in her demands to sell her condo at a profit of nearly 3 million dollars only a few months after purchasing. The article also brought to mind one of my clients from some years ago that I dealt with, who resides in this spectacular skyscraper. Without the need to belabor the ongoing issues of life in many pre-war buildings in New York City, the article regarding life today in this luxury condo clearly articulates the broad range of coop/condo woes. Such is the case with many coop boards’ unilateral decisions affecting all who reside in these buildings. 432 Park Ave towering over its neighbors.
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