Developer Jerry Rosengarten (leisure suit) teamed up with hotelier Richard Born (boutique hotels, including the Maritime, the Mercer, the Greenwich and the Pod — also the owner of this ridiculous apartment) in 2005 to build the Bowery Hotel, with Rosengarten leasing the land from a Las Vegas-based landlord. Then...
In 2011, the moment Mr. Rosengarten had been waiting for finally came: The land under the hotel became available for purchase after Mr. Guior, the Vegas property owner, died. Okay, maybe not the most tactful way to put that, but yes, that's what happened.
That's also when things got ugly between the two inventors. Rosengarten had hoped to convert the building's top three floors (including the full-floor penthouse that has been on and off the rental market since 2008, usually asking $30,000) into one exorbitantly priced condo. His lawsuit, filed in April, accuses Born of buying up all the stock in the late Vegas landlord's company in order to circumvent their agreement. He also claims that since the suit was filed, Born has stopped revenue payments from his 12 percent equity stake in the hotel.
· Inventor of the leisure suit sues boutique hotelier [Crain's]
· Bowery Hotel coverage [Curbed]