Exclusive | Billionaires Row tower at risk of raining chunks of concrete on NYC will begin facade repairs this month

A massive apartment at 432 Park Ave.on Billionaires’ Row is in contract for far less than its asking price, and the deal is slated to reset sales in the building.The unit, 94A, last asked $25.75 million — down from its $33 million ask in 2024.

The buyer purchased the half-floor unit for $31.5 million in 2019. It asked $26.95 million in January. The buyer and final price are not yet known, but it will be for less than $25 million and will have major repercussions for future sales.“This [closing] will reset what the market is for the building,” said listing broker Marc Riedel, of Serhant, who shares the listing with Serhant’s Jordyn Nusynowitz.“We had multiple offers.

This is where the market is.”To that end, a half-floor unit on the 66th story just slashed $3.5 million off its asking price.The four-bedroom unit, which was asking $32.5 million in 2020, now asks $22.99 million with listing brokers Fredrik Eklund and John Gomes of Douglas Elliman.Built in 2015, the building was designed by the late architect Rafael Viñoly, who died in 2023.In an astonishingly frank interview with Gimme Shelter, Viñoly once said the building “has a couple of screw-ups,” including window frames that take up too much space, and interior design and layout that gave the bathrooms prime views at the front of the building.Since then, some prices have been falling.

Especially since an alarming report last fall, warning that concrete cracks could lead to “raining chunks of concrete“ and render the building uninhabitable unless it launched an extensive, and pricey, $160 million renovation. Riedel added that repairs to the building’s facade will begin this month — with owners footing the bill.It will take three to four years to complete, he said, adding that owners hope the courts will force the developer to ultimately pay the repair costs.Residents have also complained about the supertall’s swaying and groaning, leaks, power outages and elevator problems ...