Manhattan Co-op Hotel Sued by Russian Billionaire

New York City's Mark Hotel

is caught up in an upper-crust real estate version of the Cold War. Russian billionaire Shalva Chigirinsky, a self-made oil mogul, is suing the Upper East Side boutique hotel. He wants to terminate his contract for the purchase of a $15.75-million luxury penthouse apartment. Included in his demands is the recoup of a $4-million down payment, reports the New York Post.

The 83-year-old Manhattan hotel is considered to be one of the city's best. In 2008, the property revamped its real estate by converting 42 units into co-ops for purchase. Currently the Mark has eight condo apartments available for purchase. The hotel also 100 rooms and 50 suites. The top of the Mark is a piece of real estate fit for a billionaire: a 9,037-square-foot, five-bedroom, eight-bath, duplex penthouse, with a massive terrace. The listed price: $60 million.



Fortunately for Chigirinsky, he didn't agree to buy the $60 million pad.