search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLincoln Property defaults on Newport Beach office loanLincoln Property defaults on Newport Beach office loan“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87M
New York

Plaza penthouse buyer suing developer

Sign Up for the undefined Newsletter

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.