When Paying $80 Million Doesn’t Guarantee Your View

September 11, 2025

Time to read [5 minutes]

Takeways

  • A condo development next to 520 Park Avenue is set to block some western views of Central Park, sparking disputes over the impact on values
  • A billionaire buyer is suing the developer, alleging he was not informed about the potential future obstruction when purchasing his unit
  • The case highlights long-standing risks in real estate, where views are never guaranteed, and prospective obstructions can significantly affect a property’s value.

There’s a terrific story out by Curbed/New York Magazine, A Park Avenue Scuffle Over an $80 Million View, where some condo buyers within a recent super luxury tower are losing their views. Back in the 1980s, after we moved to Manhattan, I was working for an on-site real estate sales company in their new building on a relatively high floor. I was brand new to Manhattan at the time, but recall hearing a real estate agent answer the following question from a buyer: “I notice there is a gas station on corner across the street in line with the unit we like..should we be concerned?” The agent responded with something like “I guarantee that nothing will be built on that site.” Of course, a year later, a developer built an equally tall condo tower there. Ah, due diligence and buyer beware. Some parties at 520 Park Avenue (it’s not on Park Avenue) were not aware of this new project. Wow. Here’s a terrific New York Times piece I worked on in 2019 on the view topic: Rooms With a View (and How Much You’ll Pay for Them) (gift link). Check out the latest building schematic at 655 Madison Avenue from YIMBY. The building could be built as of right (shown below) or, if the City Planning Commission (CDC) approves the developer’s request, it could be built as tall as 520 Park. Again, wow.

Losing The West

With a new condo development going up on the west side of 520 Park, all or some of the western exposure will be blocked, which faces Central Park (see map below). The new value of “Super Talls” like 520 Park is their smaller footprint, which enables 360-degree views from the top. When a unit loses a portion of its view amenity through a view obstruction, especially the most prized status of a Central Park view, there is an expected hit to value. Of course, the obstructed units still have tremendous views, but not equivalent to the pre-obstruction views.

Was The View Obstruction Baked Into Value?

One of the buyers, billionaire Orlando Bravo, is suing the developers over this lack of information from the developer at the time of sale. I’m not going to speculate about this litigation. The only point I’d make would be that if any knew the potential for a blocked view of the buyers, then in theory the value hit would be already baked into the price ultimately paid. In the fallout from the lawsuit, the coverage suggests that Bravo was not aware of the obstruction at the time of sale.

Final Thoughts

The impact on value from an unexpected reduced “view” doesn’t just apply to “Super Talls.” I’ve advised on litigation matters regarding the view impact. The value of a new tangible amenity from the combination of the latest engineering and materials technology has enabled the potential for even more of this type of litigation. I’d even be worried if a developer would “guarantee” an unobstructed view. In our market, the only guaranteed views of Central Park would be found directly across the street from Central Park.

The Actual Final Thought – The theme of the following sign seemed appropriate.

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