Nobody's Immune: Buyers Sour on Swank Building Thanks to Mold

May 7, 2015 — Nowadays everyone is going on and on about One57 and all the new shiny condos cropping up on Billionaires' Row and beyond, but back in 2008 — a rough year for many people — 823 Park Avenue was enjoying its moment in the sun. According the New York Daily News, the still-swanky building "initially drew waves of high-profile finance types and even former New York Rangers star Brendan Shanahan, commanded top dollar during the last real estate boom, with the penthouse selling for a whopping $30.5 million in 2008." Those were the days. But it looks like the honeymoon's been over for some time. The Park Avenue building, which "was once the cream of the crop … has recently fallen out of favor with buyers." The reason? Mold. And now the very wealthy residents of the luxury condo building are suing the building's developer, Elliot Joseph's Property Markets Group, which converted the building from rentals in 2005. There's the usual he said/she said. But the bottom line is that even the mega-rich aren't immune from a little grief in the city, and that while the main thing in the real estate game is location, location, location, it suddenly means nothing when it means dealing with an issue like gross mold.