Buyer of $46M pad at 432 Park sues over “catastrophic flood”

Mystery owner wants $12M deposit back from Macklowe, CIM Group
By Konrad Putzier | January 23, 2017 07:46PM

An indoor waterfall can be a neat penthouse amenity — less so if it’s caused by a burst pipe.

The mystery buyer of a $46.25 million apartment at CIM Group and Macklowe Properties’ condominium tower 432 Park Avenue is suing to get her or his $11.56 million deposit back, alleging that a water leak damaged the unit.

According to a complaint filed In New York’s Supreme Court Monday, a “catastrophic water flood” on Nov. 5 affected floors 83 through 86, damaging several rooms in the apartment, “saturating multiple layers of insulation and sheetrock, penetrating the walls and internal support beams and electrical wires, and infiltrating the marble and wood flooring throughout.”

The buyer, a Florida-based entity called “Park Avenue Residence, LLC,” alleges that CIM and Macklowe inadequately repaired the damage and did not commit to properly fixing it within 45 days of the incident, canceling the sales contract. The developers allegedly refused to refund the deposit, hence the suit.

The buyer had signed a contract for the unit in October 2013, but it hadn’t yet closed by the time of the leak.

A spokesperson for the building told The Real Deal that it’s “ownership’s policy not to comment on matters involving buyers and residents.”

The highest pad in the 1,396-foot-tall tower sold to Saudi billionaire Fawaz Al Hokair for $88 million last year.

Earlier this month, another wealthy Saudi, Hamza Al Kholi, sued Harry Macklowe for the second time, alleging he was cheated out of a 2 percent equity stake in the building’s retail space.