The whole rooftop scene is one for Raul. At this point he doesn't think the Phantom is real, but seeing Christine so utterly broken makes him realize that her fear of him is - "All I Ask of You" is all about how he takes that fear seriously and wants her to feel safe again.
At the end, the Phantom has finally let Christine go, and the mob is descending upon his lair. He plays the monkey musical box and sings a few lines from "Masquerade", before sitting down on his throne, pulling a blanket over him and disappearing forever (or at least until Love Never Dies). A Tear Jerker of an ending that will have everyone feeling for the Phantom, at least a little.
Right after the Point of No Return was the Heartwarming Moments for this Tropette when she first saw the stage show. The Phantom is no longer playing games, or pretending to be Christine's Angel, or tempting her - he is actually pleading for Christine's affection. The vulnerability of such a powerful character, as well as how crushing his loneliness was, was in itself nearly a Tear Jerker.
Erik: Say you'll share with me one love, one lifetime. Lead me, save me from my solitude. Say you want me with you, here, beside you. Anywhere you go, let me go too! Christine, that's all I ask of -
Meg going looking for Christine after "Think of Me" to congratulate her is simple but sweet, as is the fact that throughout the show she never feels anything but genuine, tender pride towards Christine's success. Of all of the characters in Phantom, Meg retains the most honest, innocent outlook through everything that happens; her first instinct is always to comfort and care for Christine, never of revenge. She's a walking Heartwarming Moment.(This changes, of course, during LND, which is why this troper rejects that reality and substitutes their own.)
The end of the 25th Anniversary Celebration at the Royal Albert Hall, in which all the West End Phantoms from the past twenty-five years join and sing "Music of the Night". Although Michael Crawford was onstage, he did not sing with them, because he had just gotten back from playing the Wizard during a matinee show of Andrew Lloyd Webber's The Wizard of Oz.
Crawford did get his own Heartwarming Moment at the end, though, when Ramin Karimloo (who performed the Phantom in the concert) bowed respectfully to him at the show's conclusion.
Crawford was not the only one moved to tears in that moment...