The Real Deal New York

Peruvian billionaire gets $2.8M penthouse deposit back

Judge rules that co-op board reneged on private terrace promise
April 23, 2015 11:00AM

Peruvian banking billionaire Carlos Rodriguez-Pastor won a refund of a $2.75 million penthouse deposit, with the judge agreeing that the co-op board acted out of turn.

Rodriguez-Pastor made the deposit on a $27.5 million penthouse at 1107 Fifth Avenue, but withdrew his accepted offer after learning that the co-op board planned to designate his penthouse roof as a common area that other residents would be allowed to walk through, the New York Post reported. The new designation went against his contract terms.

“The lingering specter of a co-op board’s refusal to comply with the governing document’s provision regarding the owner’s right to exclusive access … would make any reasonable purchaser uneasy,” a Manhattan appeals court judge wrote.

Last year, a lower court judge ruled that Rodriguez-Pastor would have to forfeit his deposit.

Hedge funder Mark Kingdon purchased the penthouse for $31 million last year. [NYP] — Tess Hofmann