Peruvian billionaire gets $2.8M penthouse deposit back

Judge rules that co-op board reneged on private terrace promise

TRD New York /
Apr.April 23, 2015 11:00 AM

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

 

Related Articles

arrow_forward_ios
Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers
(Credit: Seward Park Co-op, Pixabay)

Missed opportunity: LES co-op wants to re-vote on air rights sale but developers say they’ve moved on

Missed opportunity: LES co-op wants to re-vote on air rights sale but developers say they’ve moved on
The Dakota and Brisbane House at 1215 Fifth (Credit: CityRealty)

Co-op board battles are dragging out renovations and repairs for years

Co-op board battles are dragging out renovations and repairs for years
Keeping up appearances: Co-op boards are using this trick to beef up comps

Keeping up appearances: Co-op boards are using this trick to beef up comps

Keeping up appearances: Co-op boards are using this trick to beef up comps
“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections

“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections

“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections
Dakota co-op board race discrimination lawsuit dismissed

Dakota co-op board race discrimination lawsuit dismissed

Dakota co-op board race discrimination lawsuit dismissed
Carnegie House residents bolting over Schron’s looming fees

Carnegie House residents bolting over Schron’s looming fees

Carnegie House residents bolting over Schron’s looming fees
Midtown co-op board allegedly asked to interview buyer’s child

Midtown co-op board allegedly asked to interview buyer’s child

Midtown co-op board allegedly asked to interview buyer’s child
arrow_forward_ios

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

Loading...