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Flipper Madness Breaks Out at The Plaza

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Has The Plaza become the New York City landmark that everyone loves to hate? The condo/hotel is on an epic run of bad press?one that began with a hilarious yarn about lonely tenants, continued with a buyer who was stuck overnight in a garbage room because no one could hear her screams, and most recently added a chapter regarding a nasty little lawsuit. But while Plaza developer Elad Properties says Andre Vavilov's lawsuit is just a case of buyer's remorse, Braden Keil reports today that other Plaza buyers have the same complaints about the delivered renovations, from ceiling heights that don't measure up to windows that are too small. At least, that's according to Vavilov's lawyer. Keil also reports that as many as 25 units are being re-listed, on top of the 20 that are currently for rent. Is it really a sign that buyers desperately want out, or do folks just think they can make a quick buck off the overheated luxury market and its new Russian friends? Until we see an apartment sold for a loss we'll have to assume the latter, but yikes, it's looking a little ugly over there.
· White Elephant [NYP]
· Curbed's Plaza coverage [Curbed]

The Plaza

Central Park South, Manhattan, NY 10019 Visit Website