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CEO Sues for Fix at His $21 Million Fifth Avenue Fixer-Upper

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Willis Holdings Group CEO Joseph Plumeri purchased the 15th floor of 995 Fifth Avenue in March 2010 for for $21 million and promptly began tearing the place up for a renovation. At which point he discovered some things he might have been happier to leave buried. In a $12 million lawsuit against the developer who converted the building, once the Stanhope Hotel, Plumeri alleges that his new apartment was “riddled with numerous latent defects, including defective waterproofing, defective installation of floors and soundproofing . . . defective fireproofing, [and] defective structural work," and it wasn't the only apartment to have these issues. (Certainly would add another dimension to the lawsuits over flooding from Daphne Guinness's apartment in the building.) Plumeri wants Extell to pay for fixing his own apartment and the one directly upstairs, where a leak damaged Plumeri's apartment after his renovation was finished. It sounds like the 16th-floor pad is currently unoccupied?anyone thinking about buying might want to hold off for a little while.

· Willis CEO Joseph Plumeri sues over defects at his $20 million Upper East Side apartment [NYP]

995 Fifth Avenue

995 Fifth Avenue, New York, NY