What’s that sound? It’s the sound of a sad song playing from the world’s smallest violin for rich people. Apparently a bunch of billionaires got swindled by a luxury condo developer in New York City, and the story is pretty golden.
This has to be nature’s way of finally healing, right? This real estate money pit sounds abysmal, but maybe it’s just a little bit of payback for the super rich?
The Manhattan luxury condo tower, located at 432 Park Avenue, which cost $1.25 billion to construct and was once the tallest residential building in the world, was supposed to be the ideal place for the super rich to call home. Despite it’s apparent curb appeal, amenities, and the status it was supposed to bring to residents, the project has been riddled with safety flaws and other costly mishaps.
Residents interviewed for the New York Times piece say that everyone in the building hates each other now because of how dramatic the living situation has become. Floods, leaks, cracks, creaks, as well the breakdown of equipment have apparently made the building a nightmare to live in. With price tags in the millions for individual units, it’s not like residents can just flip the properties either.
Oh you poor billionaires. We feel so bad for you! You can come stay with us if you need. We have a futon in our guest bedroom that has a bunch of dog hair on it. We’ll clean it up for you.
Sorry, rich people!
While the insanely high sticker price to purchase one of the luxury condos was tenable for many of the shell companies that represented rich buyers, many of the new rising costs associated with the building are not. For example, residents were first required to spend at least $1,200 a year at the building’s in-house restaurant. Now? That fee was jacked up to $15,000! And the restaurant hasn’t even been open as much because of the pandemic. To make matters even worse, breakfast is no longer free either! Oh no!
Even more agregious for residents is the rising cost of insurance premiums. Now that the building has had multiple leaks and other mechanical issues, insurance premiums have risen 300% in just two years! Along with that, the price attached to using common area spaces has also jumped 40%. Guess that cool glow-in-the-dark pool table and gym better really be worth it now.
Despite the fact that these condo owners are clearly getting swindled, the internet did not have much sympathy for their plight. Folks were quick to weigh in once news of the struggles broke.
We don’t often delight in other peoples’ misfortunes, but when out-of-touch billionaires are involved, it’s hard not to celebrate. At the end of the day, most of the people who own these condos don’t even live in them. So sorry if their insurance premiums are going up because they got tricked into getting a raw deal.
Sounds like these folks should have spent way less on avocado toast or put more of their paychecks into savings! Isn’t that what they told us to do?