By Katherine Clarke | Wall Street Journal
The developer of 432 Park Avenue, one of the world’s tallest and most luxurious condominium towers, on Wednesday filed its answer to a $125 million lawsuit from the building’s condo board over alleged construction defects, calling the board’s suit “ill-advised” and “an effort to wrest unwarranted payments” from the developer. The answer, filed in New York State Supreme Court by an entity controlled by Los Angeles-based CIM Group, also alleged that the complaints raised by the board had been “vastly exaggerated.”
The board’s lawsuit, filed in September, had alleged that the Billionaires’ Row megatower was one of the worst examples of developer malfeasance in the history of New York City, citing more than 1,500 alleged defects, breakdowns, failures and safety issues.
