Last July, a crane fell on 10th Avenue, leaving the owner of a luxury high-rise apartment building to file an insurance claim for about $83 million in damages.
Twelve people, including three firefighters, sustained minor injuries in the incident. A fire inside the cab caused the crane's 180-foot boom and 16-ton load to collapse on 10th Avenue between West 40th and West 41st Streets, rendering several apartments at 555TEN uninhabitable. The Victory apartment tower at 561 10th Avenue across from 555TEN on West 41st Street was also damaged.
Hundreds of firefighters and emergency personnel rushed to the scene during the July 26, 2023 incident. The collapse prompted evacuations of nearby buildings, including 555TEN, YOTEL, The Victory, 500 W42nd Street and MiMa, due to fears that the crane's remaining support structure could collapse.
According to the Morningstar Credit Database, losses at 555TEN, owned by Extell Development and RXR Realty, amounted to an “estimated loss of $82,812,682.72.” The building's total value is estimated at $800 million, according to the Financial Times.
The sun deck and pool area on the top floor of 555TEN were damaged by a falling crane and FDNY firefighters battling the blaze on the roof. One resident said the pool has finally reopened, but “the sun deck overlooking 10th Street is still closed.”
Last October, a new crane rose to finish work on the 47-story building owned by Go Covenant LLC and developed by a joint venture between Gotham Organization and Goldman Sachs Asset Management L.C. The housing developer has faced 10 lawsuits since the incident, according to court records.
Monadnock Construction was fined $25,000 by the New York City Department of Buildings in connection with the July incident for “failing to protect all people and property affected by construction activities,” according to NYC Department of Buildings records.
