Luxury Apartment Building in Hell’s Kitchen Claims $83 Million Damages After Crane Fire and Collapse

The owners of a luxury high rise apartment building hit by a falling crane last July on 10th Avenue have made an insurance claim for nearly $83 million in damages.

The incident resulted in 12 people sustaining minor injuries, including three firefighters, when a fire in the cab caused the crane’s 180-foot boom and its 16-ton load to collapse into 10th Avenue between W40th and W41st Street, rendering multiple apartments at 555TEN unlivable. The Victory, a high rise apartment building at 561 10th Avenue, across W41st Street from 555TEN, also suffered damage.

The incident on July 26, 2023 brought hundreds of firefighters and EMS to the scene. The collapse caused nearby buildings, including 555TEN, YOTEL, The Victory, 500 W42nd Street and MiMa to be evacuated out of fear of a collapse of the remaining support structure of the crane.

According to the Morningstar Credit database and first reported by BisNow , damage to the Extell Development and RXR Realty owned 555TEN amounted to “an estimated loss amount of $82,812,682.72”. The building is estimated to have a total value of $800 million, according to the Financial Times .

The top-floor sundeck and swimming pool area at 555TEN were damaged by the falling crane and FDNY firefighters working on the roof to extinguish the blaze. One resident told us that the swimming pool has just returned to action, but “the sundeck that overlooks 10th Avenue is still closed.”

A new crane rose last October to finish off work at the 47-story construction owned by Go Covenant LLC and developed by Gotham Organization and Goldman Sachs Asset Management JV. The housing development has faced 10 lawsuits since the incident took place, court records show.

Monadnock Construction was fined $25,000 by the NYC Department of Buildings, in relation to the July incident, for “failure to safeguard all persons and property affected by construction operations,” DOB records show.

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