Published on: November 8, 2025, 09:23h.
Updated on: November 8, 2025, 09:25h.
- Lawrence Ho is among the elite residents of 432 Park Avenue.
- The casino mogul invested $65.16 million in an 83-floor penthouse back in 2017.
Recently, The New York Times unveiled a troubling investigation regarding the allegedly substandard construction of one of the globe’s most opulent residential towers. 432 Park Avenue, a residence for many affluent individuals visiting NYC, has faced scrutiny over its structural stability.
Situated on Billionaires’ Row, 432 Park Ave. towers above Central Park and features high-end “pencil” skyscrapers rising over 1,000 feet.
However, the NYT article suggests that the impressive 96-story, 1,400-foot structure is deteriorating. The publication claims the developers prioritized visual appeal over durability, using a white concrete mix that is more prone to cracking compared to traditional reinforced concrete and steel.
Engineers consulted by the Times indicated that parts of the 432 Park façade are indeed breaking down, warning that “chunks of concrete may fall.” In 2022, the city’s Buildings Department issued violations for “immediately hazardous” exterior conditions. The building management claims these issues have been resolved.
Residents have argued that the reports are exaggerated. A representative from the developer stated that allegations of façade deterioration are “meritless.”
Casino Resident
Billionaires’ Row is where Lawrence Ho, a prominent gambling figure from Hong Kong, chose to establish a secondary residence in New York City.
In March 2017, Casino.org reported that Ho had purchased a top-floor unit at the newly completed 432 Park Ave for $65.16 million, marking the third-largest residential real estate deal in New York that year. The penthouse, covering the entire 83rd floor, measures approximately 8,000 square feet, featuring six bedrooms and six bathrooms.
The building offers numerous high-end amenities such as access to exclusive Michelin-starred eateries, a private cinema, an indoor golf simulator, a 75-foot indoor lap pool complete with a whirlpool, sauna, steam room, a boardroom accommodating 14, a fitness center, and a library.
Ho acquired the 432 Park Ave. property through Valor Dragon Limited. Records show that he made a $34.66 million down payment at the time of closing, with the remaining $30.5 million financed via mortgage.
Property records indicate that Valor Dragon continues to hold ownership of this real estate asset.
Declining Fortunes
Ho’s penthouse at 432 Park Ave is likely worth less today than it was in 2017, influenced by ongoing public concerns regarding the building’s structural integrity. The billionaire has also seen a decline in his net worth during the same timeframe.
When Ho acquired his New York residence in March 2017, his Melco Resorts shares were trading around $18. Currently, those shares have dropped to $8.50 based on the latest market close.
Melco continues to focus its investments in China’s Macau area, where it manages integrated resorts such as City of Dreams and Studio City on Cotai Strip, along with operations in the Philippines, Cyprus, and Sri Lanka.