Half of the Plaza's newly-built six penthouses are now wrapped up in litigation. Two of those, a triplex and duplex combined for a price of $53.5 million, are part of Russian buyer Andrei Vavilov's lawsuit against developer El-Ad Properties. He alleges that the Plaza penthouses are not what was promised, and he wants his $10 million deposit back as well as $20 million or so in interest and damages. Now, Braden Keil reports that another buyer is suing for breach of contract. The "30ish hedge-fund manager" wants $6.5 million plus legal fees due to "fraud," "negligent misrepresentation" and "deceptive trade practices." Woo boy, can you say shitshow? Last time around, El-Ad and Plaza brokerage Stribling said the lawsuit was just buyer's remorse, and Vavilov was trying to find a way out of closing. So, will financial turmoil be blamed here, or are these penthouses truly pieces of crap?
· Follow Suit [NYP/Gimme Shelter]
· The Plaza coverage [Curbed]