Inside Wealth

Dangling Crane Draws New Attention to Luxury Tower

Paul O'Donnell, Special to
One57, a luxury apartment building, in New York.
Victor J. Blue | Bloomberg | Getty Images

One57, a luxury apartment building in Manhattan that has grabbed headlines for its use of controversial tax breaks, was being closely watched by emergency teams, as a crane, apparently knocked loose by Hurricane Sandy, dangled from its topmost floor.

The crane partially collapsed Monday afternoon, and remained dangling Tuesday from the top of the $1.5 billion skyscraper.

Some nearby buildings, including 900 guests at the Parker Meridien hotel, were evacuated as a precaution and the streets below were cleared. The block includes Carnegie Hall.