A condo buyer who agreed to pay $53.5 million for two New York City penthouse apartments wants his money back
September 9th, 2008
Buying pre-construction comes with risks. For one thing, you're trusting that the finished product will resemble the model on display in the sales office.
A Russian tycoon is accusing the owner of the Plaza Hotel in New York of playing "bait and switch" with the two penthouse condos he agreed to buy "sight unseen" for $53.5 million. He says the condos look more like an "attic" than luxury homes. He is suing El-Ad Properties and demanding it refund his $10.7 million deposit and pay $20 million in damages.
El-Ad told The Wall Street Journal that the claims are baseless.
Entry Filed under: News
Leave a Comment
Some HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>
Subscribe to the comments via RSS Feed