Plaza penthouse buyer suing developer

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.