Elad countersues at Plaza
September 19, 2008 08:33AM
The Plaza hotel
In the latest development of litigation at the Plaza, developer Elad Properties has filed a countersuit seeking $36 million in damages against buyer Andrei Vavilov, accusing the Russian hedge fund manager of libel and of filing a "sham lawsuit." Vavilov, who purchased two adjoining units in the building for $53.5 million, had filed a suit against Elad and marketing agency Stribling & Associates -- seeking his $10.7 million deposit and $30 million in damages -- for allegedly using bait-and-switch tactics to sell the apartments. On Wednesday, another buyer in the building sued for the $6.5 million deposit on their unit.
[Post]
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments