The Real Deal New York

Plaza penthouse buyer suing developer

September 08, 2008 03:28PM

The buyer of a $53.5 million, three-level, two-unit penthouse at the Plaza is backing out of the deal and suing the building’s developer, Elad Properties. The buyer, who the New York Observer identified as Russian financier Andrei Vavilov, bought the penthouses sight-unseen based on representation made by Elad. The lawsuit alleges that the penthouses were altered after the purchase, diminishing the livable square footage, minimizing windows and lowering ceilings. It further alleges that Elad and its exclusive sales and marketing broker, Stribling & Associates, “intentionally concealed the modifications.” The buyer hopes to get his $10.7 million deposit back, and is seeking $20 million in damages.


2 Responses to “Plaza penthouse buyer suing developer”

  1. March 06, 2012 at 1:34 pm, After three failed deals, Elad finally sells last remaining Plaza unit for $25.4M – insiderater.com said:

    […] purchased for its full $39.5 million asking price by Russian financier Andrei Vavilov in 2007. But Vavilov would not close on the contract because he claimed the unit was not up to the standards promised by Elad. After a lengthy legal […]

  2. March 12, 2012 at 10:18 am, Plaza Hotel | Penthouse Apartment | Christian Candy | Посты said:

    […] purchased for its full $39.5 million asking price by Russian financier Andrei Vavilov in 2007. But Vavilov would not close on the contract because he claimed the unit was not up to the standards promised by Elad. After a lengthy legal […]