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He alleges that the owners plan to start holding events for more than 3,000 people ending as late as 4am on week nights, “with rooftop dining and liquor service until 2am.”

After similar concerns were raised by a local community group, Spring Studios said it had adjusted plans to limit the number of events held on the roof and ensure that they finish earlier.

However Mr. Handler, whose three-bedroom apartment sits atop 1 York Street, claims that as well as causing him anguish, the renovations do not comply with the TriBeCa neighbourhood’s planning laws. The dispute has tarnished a run of good fortune for Mr. Handler, who received a 36% rise last year after the share price of Jeffries, once a boutique investment bank, rose by 48%.

His two-storey penthouse runs to 6,500 square feet, with another 1,500 of outdoor roof terrace intended for large dinner parties. It has three bedrooms, three bathrooms and two powder rooms.

The master bedroom suite has “custom millwork cabinetry with acid-etched doors and mirror backing,” a shower crafted from “Calcutta gold marble” and a sauna with cedar benches.

If guests grow tired of the apartment’s miniature cinema, with a 100-inch projector screen, they can slip into the building’s swimming pool or work out in its gymnasium.

Mr. Handler and his wife, Martha, can also make use of luxurious features such as plasma televisions that swing out from bathroom walls and a wardrobe so big that it contains a sofa from which to deliberate.

The Handlers also own two lakeside houses in the affluent hamlet of South Salem in upstate New York, from which Mr. Handler hails.

Spring Studios, which is not subject to the lawsuit, referred inquiries to the named defendants. Calls to 50 Varick LLC were not answered and messages could not be left. The New York City buildings department did not return a request for comment.

The Daily Telegraph