Add The New York Post on Google As drones circle the 1,396-foot tower and repair work begins at 432 Park Avenue, the 94th floor skypad at the beleaguered building has sold for $22 million, Gimme Shelter has learned — a stunning comedown from its original $33 million ask two years ago, and a $3.75 million gut-punch from the $25.75 million price it went into contract at earlier this month.
The seller is a trust linked to the late teen science prodigy turned philanthropist Roy T. Eddleman, founder of Spectrum Labs, who paid $31.5 million for the half-floor spread in 2019. He died in 2022 at age 82.
“The $22 million closing is lower than anyone wanted, but a half floor in the building hasn’t sold since 2024. This is the new market reality,” listing broker Marc Riedel of Serhant told The Post, who shares the listing with Serhant’s Jordyn Nusynowitz.
One broker familiar with the sale said a hit like that barely stings for an owner in that tax bracket.
“You write it off, move on and make more money,” the broker said. “There are lots of bad deals. At least here you get the joy of living in the building.”
Jennifer Lopez and Alex Rodriguez once counted among the glamorous residents at 432 Park.
While sale prices at 432 Park keep sliding, rents are doing the opposite — a split brokers describe as the building’s Jekyll-and-Hyde reality. A certain buyer no longer wants in, but a certain renter still wants the address, repairs and all.
The same 94th floor unit had a signed lease with a renter willing to pay $85,000 a month — a building record for a half-floor unit — before a buyer swooped in and signed a purchase contract first, bumping the renter out.
That set off a chain reaction. Unit 66A, also asking $85,000 a month, ultimately rented for over $90,000. Another unit, 72A, then rented for $85,000. Both 66A and 94A are 4,000-square-foot, half-floor layouts with three bedrooms, three and a half baths and a library.
“I knew I could get $85,000 for 94A, but I didn’t foresee others following in the building,” Riedel said. “It tested the new reality of rising rents throughout the city.”
Two of the three units sold this year went to buyers who already owned elsewhere in the building, sources said.
“It’s one of the most hated buildings in New York, but people love it. It’s comical,” one broker said, noting some renters are drawn by friends already living there — including the pull of dinner together at the building’s private restaurant, run by Michelin-starred Australian chef Shaun Hergatt.
The sale closed as the building’s troubles continue to mount.
On Aug. 4, the building filed a work permit application with the city’s Department of Buildings.
The building’s condo board declined to comment. Building manager Len Czarnecki also declined, telling Gimme Shelter: “We are in active litigation and will refrain from comment.”
Built in 2015 and designed by the late architect Rafael Viñoly, the tower has been dogged by design complaints since it opened. Viñoly once told Gimme Shelter the building “has a couple of screw-ups,” including oversized window frames and a layout that put prime front-facing views in the bathrooms rather than living spaces.
The bigger issue emerged last year, when a report warned that concrete cracks could send chunks raining down and potentially render the building uninhabitable without a $160 million renovation — one owners hope the courts will force the developer to pay for.
Residents have also complained of swaying, groaning, leaks, power outages, elevator problems and the sound of trash hurtling down the chutes at alarming speeds.
The condo board sued CIM Group, Macklowe Properties and the sponsor entity in 2021, citing more than 1,500 construction and design defects, some of which the board’s engineering consultant flagged as life-safety issues.
A second suit filed in 2025 alleges CIM and Macklowe knew about facade cracking during construction and concealed it from buyers and city inspectors; CIM has denied the allegations and is seeking dismissal. The cracking has allegedly caused flooding and corrosion, and elevators have reportedly gotten stuck during high winds.
The drones circling above are surveying the tower ahead of the $160 million repair effort, as the building’s DOB work permit application moves forward.
“I would never buy in that building,” said one insider familiar with the litigation. “It was built so thin and so tall that it relies on advanced mechanical measures to stop it from swaying in the wind — that’s what caused a lot of the damage.”
“Living there is a gamble. It’s too dangerous for me to allow any of my relatives to live there. I’m a pessimist. This is a real problem — and they’re paying so much to live there!”
