Flood of Frustration at 995 Fifth Leads to $12 M. Suit Against Gary Barnett

pic view Flood of Frustration at 995 Fifth Leads to $12 M. Suit Against Gary Barnett

Trouble in paradise, or at least on Fifth Avenue. (PropertyShark)

There’s nothing horrifying or unsettling (anymore) about dropping $20.5 millon on a beautiful five-bedroom, 7.5-bathroom, 10-foot-ceiling, full-floor apartment on Fifth Avenue with sweeping views of Central Park. Unless, of course, you consider the $3 million dollars worth of problems that were discovered with the apartment after the purchase.

The Post notes that Joseph Plumeri, CEO of insurance brokerage Willis Holdings Group, purchased the home and began renovations last fall when he discovered the $3 million dollars worth of problems that include: numerous latent defects, defective waterproofing, defective installation of floors and soundproofing, defective fireproofing, and defective structural work.

Even after Plumeri’s renovations were finished, the apartment received water damage from the $27.5 million dollar apartment upstairs.

The Observer remembers when this was supposed to be the greatest conversion ever, but it languished for years—and perhaps for good reason. Now a dame grand as Daphne Guiness can’t even sell her place.

Plumeri has filed a $12 million dollar suit against the building developer, Gary Barnett’s Extell Development (he sure loves lawsuits). A representative for Extell told the Post that the suit “has no merit” and that “Extell prides itself on doing the highest quality work.”

Perhaps this is karma for renaming the Sears Tower to Willis Tower, Mr. Plumeri.

mewing@observer.com