West Village penthouse owner wants to keep hedgie’s $2M deposit

Discussion in 'Wall St. News' started by dealmaker, Jan 18, 2018.

  1. dealmaker


    West Village penthouse owner wants to keep hedgie’s $2M deposit
    By Carleton English

    January 17, 2018 | 9:54pm

    Modal Trigger upload_2018-1-18_11-59-10.gif
    165 Perry Street R Umar Abbasi
    Hedge this!

    The owner of a West Village penthouse wants to keep a hedge fund exec’s nearly $2 million deposit because the financial pro backed out of a deal to buy the pricey pad.

    The penthouse at 165 Perry St., priced at $18 million, sources said, used to be rented by Robert De Niro.

    William Monaghan put it on the market in 2015, and hedgie Eric Cole agreed to buy it on July 28, according to court papers.

    Cole put down an $1.8 million deposit, sources said.

    see also

    Owner of $18M West Village duplex in battle with co-op board

    Everything was seemingly proceeding smoothly until Cole suddenly alerted Monaghan on Dec. 20 that he wanted to back out.

    So, Monaghan sued Cole for breaching the contract and has asked the court to order Cole to forfeit the cash.

    Cole, 45, a protégé of hedge fund billionaire David Tepper, runs Warlander Asset Management, a $1 billion credit-focused hedge fund launched in 2015.

    Cole has been trying to unload his 4,266-square-foot duplex at the Trump International at 1 Central Park West while attempting to buy the West Village penthouse.

    So far, Cole has not been able to move his Trump condo.

    The property was listed at $20 million in September.

    Cole, with his wife, Rachel, purchased the five-bedroom abode in 2013 from Theory founder Andrew Rosen for $15.6 million.

    On Perry Street, Monaghan thought everything was headed toward a sale.

    A spat with the co-op over maintenance fees was settled, and Cole was told a meeting between him and the board had been scheduled for Jan. 6.

    But 17 days before the meeting, Cole told Monaghan he was backing out of the deal, court papers allege.

    Cole said he no longer wanted the penthouse because Monaghan entered “into an agreement that would be binding upon Mr. Cole after closing,” court papers allege.

    The Trump International duplex’s listing broker, Kyle Blackmon of Compass, did not immediately respond to requests to comment. Cole did not respond to requests to comment.

    Slartibartfast likes this.
  2. Overnight


    Mreh, what is two million between rich friends? I'm still freaking out when I realize I could have saved $300 by switching to Geico. Miserly? No. Prudent? Yes.

    These people are tards. They really need to spend a year dumpster diving for food, to get a grip on reality.