Is New Yorks Plaza Hotel Selling False Promises?
New York’s Plaza Hotel is having some trouble with it’s sales department. It seems two of the purchasers have filed suit against the company and it’s associates for deceptive trade practices, fraud, and negligent misrepresentation.
According to reports in the New York Post the residential units that were described to buyers and the actual product being delivered are two different things. With the fallout on Wall Street, New York real estate prices on the high end are going be feeling some pressure. It will be tough to move units at even luxury properties such as the Plaza Hotel if there is not trust in the companies behind it.
The unnamed buyer of PH2001 is suing the Plaza residential limited partnership, developer El-Ad, the marketing arm of Stribling & Associates and others for breach of contract. He wants $6.5 million plus legal fees of not less than $350,000, plus appropriate interest.
The suit charges the defendants with “fraud,” “negligent misrepresentation” and “deceptive trade practices.” Specific details of the legal action were not available. And lawyers for the buyer of the duplex condo in the famed landmark – said to be a 30ish hedge-fund manager – did not return calls.
Two of the six penthouses originally offered at the Plaza are already in litigation.via New York Post.
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