Attic Like Apartment a "Snip" at $53.5 million

So, the New York penthouse apartment atop the famed Plaza Hotel is back on the market at an absolute steal at $53.5 million following a private settlement in the case of Vavilov –v- Stribling and El-Ad Properties.

Last year Russian financier Andrei Vavilov paid a deposit of $10.7 on the apartment and then discovered how much he disliked it saying it was "attic-like" with oppressive ceilings and a terrible view of Central Park.

The real estate website StreetEasy.com shows the apartment (made up of two separate penthouses built on top of the Plaza) is still on the market with representatives for developer El-Ad Properties and broker Stribling & Associates “not available for comment”.

Andrei complained the apartment was "attic-like" with small windows, low ceilings, obstructed views and ugly drainage grates and demanded the return of his $10.7 million deposit and $30 million in damages. A counter suit, issued by El-Ad accused him of libel and demanded $36 million in damages.

The Plaza, opened in 1907, has been owned by moguls such as Conrad Hilton and Donald Trump and, following a $400 million renovation, reopened last March as a mixture of hotel rooms and condominiums. The penthouses for sale were advertised as magnificent "one of a kind" properties.

Wish Mr Vavilov was our Client……