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Billionaire May Get Deposit Back After Not Buying Penthouse

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After 1107 Fifth Avenue co-op board president Maureen Klinsky was outbid by Peruvian billionaire Carlos Rodriguez Pastor for the building's impressive penthouse with wraparound terraces, Klinsky got to work making the apartment much less attractive by getting the board to vote to build a shared roof deck above the penthouse, accessible via the penthouse's terrace, and then announcing that it was time to close off the terrace entirely for building repairs. Rodriguez Pastor ended up backing out of the $29.5 million deal, and now an appellate court in Manhattan has overturned a ruling that the billionaire would have to forfeit his $2.75 million deposit. To add insult to injury, Klinsky didn't even end up getting the apartment.

· Billionaire who canceled purchase of $27.5M Fifth Ave. penthouse because he'd have to share roof might get his deposit back [NYDN]
· 1107 Fifth Avenue coverage [Curbed]