The Plaza Hotel has settled a law suit brought by Andrei Vavilov who charged that a penthouse apartment he had bought in the landmark building for $53.5 million had lower ceilings and smaller windows than had been indicated in renderings.
A Reuters article yesterday said that Y. David Scharf, who presents Russian financier Andrei Vavilov, said "the two sides had reached an agreement on Tuesday but he declined to elaborate."
The article noted that The New York Times reported that StreetEasy.com showed that "the apartment - made up of two separate penthouses built on top of the Plaza - was still on the market with no buyers having closed."
Mr. Vavilov had filed a breach of contract against El-Ad Properties, the concern that converted part of the legendary hotel into residential condominiums, last year charging that the apartment was "attic-like" and had obstructed views and demanding the "return of his $10.7 million deposit and $30 million in damages." El-Ad countersued for $36 million in damages.
A September 8, 2008 article in The New York Observer by Max Abelson described Mr.Vavilov as a "buzz-cut Russian financier" and "a hedge fund maverick who became a deputy finance minister under Yeltsin in 1992, survived an assassination attempt in a Kremlin parking lot in 1996, [and made a fortune in Russian oil in 2002...."
A Reuters article yesterday said that Y. David Scharf, who presents Russian financier Andrei Vavilov, said "the two sides had reached an agreement on Tuesday but he declined to elaborate."
The article noted that The New York Times reported that StreetEasy.com showed that "the apartment - made up of two separate penthouses built on top of the Plaza - was still on the market with no buyers having closed."
Mr. Vavilov had filed a breach of contract against El-Ad Properties, the concern that converted part of the legendary hotel into residential condominiums, last year charging that the apartment was "attic-like" and had obstructed views and demanding the "return of his $10.7 million deposit and $30 million in damages." El-Ad countersued for $36 million in damages.
A September 8, 2008 article in The New York Observer by Max Abelson described Mr.Vavilov as a "buzz-cut Russian financier" and "a hedge fund maverick who became a deputy finance minister under Yeltsin in 1992, survived an assassination attempt in a Kremlin parking lot in 1996, [and made a fortune in Russian oil in 2002...."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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