Insurance bigwig files $12M suit against Extell for “defective” apartment

TRD New York /
Feb.February 24, 2012 09:30 AM

Joseph Plumeri, CEO of insurance giant Willis Holdings Group, filed a lawsuit alleging $3 million worth of defects were undisclosed before he purchased his 995 Fifth Avenue co-op for $20.5 million in March 2010, the New York Post reported. He is seeking $12 million in damages from Extell Development, which converted the former Stanhope Hotel into the co-op.

Plumeri said he began renovating his five-bedroom, 7.5-bathroom unit just months after buying it because it came with defective waterproofing, poor installation of floors and soundproofing, bad fireproofing, and structural problems. Once Plumeri completed what he deems costly upgrades, the apartment was allegedly damaged by a water leak from the upstairs unit, which the suit claims was similarly defective.

Plumeri wants Extell to pay for his repairs and to fix the apartment upstairs. But a spokesperson for the development firm said the suit “has no merit.” [Post]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
Clockwise from top left: 180 Ashland Place. 180 East 125th Street, 35 Commercial Street and 2440 Fulton Street (Credit: Google Maps)

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC
Gary Barnett and 149 East 124th Street (Credit: Google Maps)

Extell’s plan for East Harlem development site revealed

Extell’s plan for East Harlem development site revealed
Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

Extell’s Israeli bonds put on downgrade watch
Clockwise from the top: 500 East 30th Street, 1 Ellis Street and 2555 Broadway (Credit: Google Maps)

NYC’s 10 biggest new real estate projects

NYC’s 10 biggest new real estate projects
One Manhattan Square’s adult treehouse (Credit: Extell)

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square

Check out Gary Barnett’s “Adult treehouse” at One Manhattan Square
Extell CEO Gary Barnett and JPMorgan’s Jamie Dimon (Credit: Getty Images)

Barnett refis Diamond District assemblage with $340M loan

Barnett refis Diamond District assemblage with $340M loan
Gary Barnett and an aerial view of 2551 Broadway (Credit: Google Maps)

Extell proposes UWS mixed-use tower after completing assemblage

Extell proposes UWS mixed-use tower after completing assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...