September 23, 2008
No, Really, It Has Nothing to Do With the Market Downturn
A Russian hedge fund manager is suing the redeveloper of New York's Plaza Hotel, claiming that the $53.5 million penthouses he bought in reliance on computer modeling are unsatisfactory and "attic-like." Andrei Vavilov plunked down $10 million as a down payment to buy both penthouses in the renovated hotel, planning to make one giant condo overlooking Central Park.
The developer, however, is fighting back, claiming that Vavilov's claimed dissatisfaction is a sham and suing him for libel.
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