2nd Buyer Sues Over Multimillion Dollar Plaza Penthouse

by Jared Paul Stern (RSS feed)
Sep 18th 2008 at 7:01PM

Last week we reported that Russian billionaire Andrei Vavilov, who signed a $53.5 million contract sight unseen for an ultra-luxe penthouse at New York's famed Fifth Avenue hotel-turned-apartment building The Plaza (above), sued the developers claiming the finished product was an "attic-like" tenement. Now the Wall St. Journal reports that a second Plaza penthouse buyer has filed a claim on similar grounds, alleging fraud and misrepresentation on the part of the Plaza's developer El-Ad and its real estate agents. The buyer, who has not been identified, is demanding the return of a $6.5 million deposit plus legal fees of at least $350,000, according to the complaint filed in New York Supreme Court. In a statement, El-Ad dismissed the claims as vain attempts on the part of buyers with cold feet to "back out" of their deals.

UPDATE: El-Ad has now filed a counter-suit against Vavilov for libel, seeking $36 million in damages.

Tags: Andrei Vavilov, AndreiVavilov, Fifth Avenue, FifthAvenue, New York, NewYork, Penthouse, Plaza

Filed under: Real Estate Developments

Subscribe to these comments

Reader Comments (Page 1 of 1)

caribbeauty Sep 19th 2008 7:40AM

What happened to the final walk through before going to the signing table? Didn't the place look like that before especially with the windows. Didn't the hotel service offered the same view and attic like windows, so why would they be disappointed. How did they think it would look from the outside, the windows didn't look any different.

mariavazquezc Sep 19th 2008 8:39AM

Yes, i want my money back!!!!!!!

hey dude7 Sep 20th 2008 8:08AM

what in the world...?????

people buy homes with out a visit???

.

.

hey dudes i have a bridge here for sale..... its red and ...has a......

Travel Nomad Sep 22nd 2008 11:00AM

Looking at the few brief comments here, again points out one of the big differences between ordinary working stiffs and the very rich.

I work with people that make lots of money, they buy cars like Bentleys and Mercedes without ever going to the dealership and test driving them.

They call a jeweler and have a necklace made for the wife or girlfriend and never see it until it is delivered, and they buy many homes the same way.

They expect the very best in quality for their money and either they feel these Plaza apartments are not up to snuff or they realize the dollar is falling like a stone and they vastly overpaid.