NYC's Most Expensive Rental Asks $250,000 a Month in Troubled 432 Park Avenue
The full-floor condominium on the 88th floor of the supertall skyscraper is also for sale at $88.5 million, as the building undergoes costly repairs and faces multiple lawsuits.
A condominium on the 88th floor of 432 Park Avenue, New York City's tallest residential building, has been listed for rent at $250,000 per month, making it the city's most expensive rental offering. The 8,100-square-foot residence, which spans the entire floor, features five bedrooms, seven bathrooms, and panoramic views from its position on Billionaires' Row.
The apartment is also available for purchase at $88.5 million. The sellers are financier Lewis "Lew" Sanders, former chairman of AllianceBernstein and founder of Sanders Capital, and his wife, Alice. They purchased the unit for $60.8 million in 2016 and reportedly invested an additional $10 million in custom finishes designed by Andrew Sheinman of Pembrooke & Ives.
Despite its opulent features, including a library with a wood-burning fireplace and a chef's kitchen, 432 Park Avenue has a history of structural and mechanical issues. Residents have reported problems such as swaying in the wind, noise, leaks, elevator malfunctions, and a loud garbage chute. The building's white concrete facade has also shown signs of cracking, raising concerns about potential hazards.
These issues have led to multiple lawsuits. In 2021, owners sued the developers over approximately 1,500 alleged defects. A second lawsuit was filed in 2025 seeking at least $165 million for alleged fraud, claiming the developers concealed exterior cracks. The developers have denied any wrongdoing.
Repairs estimated at $160 million are currently underway to address the building's problems. A structural engineer previously warned that the tower could become uninhabitable if these issues are not resolved, though the Department of Buildings has stated the building has passed inspections.
Despite the building's troubled history, sources suggest the high rental price may be a strategy to offset New York City's new pied-à-terre tax. A source familiar with the residence described it as "spectacular, understated and elegant." The building's amenities include a private restaurant, a 75-foot pool, and a prime location on Billionaires' Row.