(Source: New York Post)
Canadian billionaire Alex Shnaider, a 4-foot-10 steel magnate who wears elevator shoes and once partnered with Donald Trump, is trying to weasel out of a deal to buy $25 million in penthouse condos at a new Upper East Side high-rise.
Shnaider, reportedly worth $1.3 billion, agreed to buy an entire floor of four penthouse condos for $5 million to $8 million each at the Brompton, a 22-story brick-and-limestone tower on 86th Street and Third Avenue.
But the pint-size playboy’s net worth plummeted this year, according to Forbes, down from $2.2 billion in 2008 as commodity and real-estate prices tanked.
Now Shnaider is suing the developer to get back his $5 million deposit and cancel his purchase agreement on apartments now worth millions less than when he inked the deal in May 2008.
Read Annie Karni, Isabel Vincent and Brad Hamilton’s full article “BILLIONAIRE SOURS ON $25M SUITE DEAL” in the New York Post (July 5, 2009)