"A Likely Catastrophe Waiting to Happen": Local Resident and Engineer Sound Alarm on Billionaire's Unsafe Construction in SoHo

The Group Calls on the NYC Buildings Department to Take Immediate Action to Protect Residents

NEW YORK, June 16, 2023 /PRNewswire/ -- Today, local financier and SoHo resident Federico Pignatelli and architect Richard Donald held a press conference at Pier59 studios, sounding the alarm regarding what is believed to be an illegal and unsafe construction by Pignatelli's neighbor billionaire Ray Dalio in SoHo that is in serious danger of collapsing and harming local residents and passersby, as it is built resting on a 140-year-old wooden structure. 

As reported in the New York Times, an illegal additional penthouse floor, the 7th floor, built atop a SoHo co-op apartment by billionaire hedge fund manager Ray Dalio, poses a substantial risk to the community, and has forced neighbor Federico Pignatelli, the owner of Pier59 studios, out of his apartment since May 2021 due to the unsafe conditions that continue worsening.

During a presentation on the state-of-the-art LED MegaWall at Pier59 studios, Mr. Pignatelli and Mr. Donald explained the clear threats posed by the approximately 200,000 pound additional floor that Dalio constructed during the height of the COVID-19 pandemic, and towards Dalio's efforts to falsify documents with the New York City Department of Buildings and the NYC Landmarks Preservation Commission.

"In my professional opinion, the construction built by Mr. Dalio and his team is structurally unsound," shared Richard Donald, President, RSD Engineering. "After conducting a close examination, the structure is not compliant with the NYC Building Code and lacks adequate lateral stability. Furthermore, multiple steel connectors holding up the newly constructed penthouse are resting on timber columns within Mr. Pignatelli's apartment that cannot structurally bear that weight with the required margin of safety."

Pignatelli declared: "The same conclusions regarding the lack of support strength of the antique wooden building structure came from an engineering report issued by Howard L. Zimmermann Architects commissioned back in 2012 by the very co-op but that later they blatantly ignored, as by Dalio's professionals, by allowing during the chaos of the 2020 pandemic this large illegal construction of an entire 7th floor penthouse." 

"This is not just a dispute between neighbors; this is about a building that is on the verge of a potential collapse, endangering not only myself, but all of the residents in this building and around it, in the heart of SoHo," said Federico Pignatelli, SoHo resident since 1991 living next the dangerous construction. "The added floor that Mr. Dalio has built weighs the equivalent of 50 SUVs, resting on 140-year-old wooden columns which are now tilting and cracking. It is sure an unsafe condition and potentially a catastrophe waiting to happen."

"I have been happy to work with Mr. Pignatelli, and grateful that he brought attention to this issue before it got worse," shared New York City Councilmember Christopher Marte. "This is a systemic enforcement problem, and we cannot let reckless construction projects lead to conditions that jeopardize people's lives and livelihoods. Seeing what happened at the parking garage on Ann Street, our City needs to do better to enforce code and ensure that approved plans are followed at every site and every stage."

Please click here to download the presentation from the event

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