Elad countersues at Plaza

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.