Bridgewater Associates founder Ray Dalio was accused of damaging his neighbor’s penthouse in the process of building an “enormous addition” to the rooftop of their SoHo building.
Federico Pignatelli sued the billionaire hedge fund mogul in New York state court last week, claiming he was given no notice of Dalio’s plans to add a bulkhead and “huge terrace” with decking and trellis on the roof of 468 West Broadway. Dalio owns unit 6G in the landmarked building while Pignatelli owns 6H.
An Italian prince and the owner of Pier59 Studios at Chelsea Piers, Pignatelli says Dalio’s construction damaged a vertical column in his living room, made skylights non-operational, and caused a door to the roof to stop closing. The project also allegedly resulted in falling plaster, cracks and dust throughout the apartment and water leaks.
Dalio didn’t immediately respond to a request for comment on the suit.
Preferential Treatment
Pignatelli also claims in his suit that the building’s co-op board gave Dalio preferential treatment. According to Pignatelli, his own request to build a bathroom above his unit was previously denied by the board.
“It appears that the board and cooperative may have been influenced by the notoriety of Dalio, the owner of a well known $200 billion dollar hedge fund,” said Pignatelli, whose 2,800 square-foot apartment was described by the New York Post in 2016 as the “ne plus ultra of bachelor pads.”
The building’s co-op board couldn’t immediately be reached for comment.
Pignatelli has sued the board twice before — once over the construction of a smoke shaft through the roof area and again over the right to reinstall wood planks and beach chairs on the roof. Both cases were settled.
Dalio isn’t the only hedge fund titan whose rooftop plans have rubbed others the wrong way. Pershing Square Capital’s Bill Ackman was asked in November to revise his plans for a Norman Foster-designed glass penthouse on the roof of his Upper West Side building after neighbors objected.
The case is The Pignatelli Trust v Ray Dalio et al, 151936/2022, New York State Supreme Court, New York County.
–With assistance from Claire Ballentine.
This article was provided by Bloomberg News.
