New York Plaza hotel’s ownership drama continues after United Capital Real Estate Development is now the third company to sue for the property, according to court filings, Bloomberg reports.
United Capital Real Estate is suing Subrata Roy, chairman of Sahara India Pariwar, the property’s majority owner, alleging that they breached an agreement by seeking a separate deal, according to the report.
They are also alleging that the company fraudulently induced United to enter into contracts, show proof of funds and place money in escrow, according to a complaint filed in New York state court on June 22.
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Earlier this year, Ashkenazy Acquisition Corp and Saudi Prince Alwaleed bin Talal’s Kingdom Holding, the minority investors trying to buy New York’s historic Plaza Hotel, have sued the property’s majority owner Sahara for allegedly reneging on an agreement that gives the group the right to match another offer, according to reports.