Trump Plaza

Developer Wants $1M Back After Failed Trump Plaza Deal

Yonkers, NY-based Cottage International Development Group LLC envisioned convert one of the hotel towers at Trump Plaza in Atlantic City to condominiums.

To that end, the developer put down a $1 million deposit toward the project with Orlando-based Buena Vista Corp.

The trouble was Buena Vista didn’t own the high rise.

The $1 million now is the subject of a May 9 amended complaint filed in U.S. District Court in Fort Lauderdale.

The lawsuit claims the deposit was sent in two installments after Cottage signed a letter of intent to purchase Trump Tower East from Buena Vista last November. A consultant for Buena Vista said the company was “under contract” to acquire the Trump Plaza, the lawsuit states.

The letter of intent provided to Cottage offered an inspection period that lasted until February.

“Cottage then discovered that BVC did not own the Trump Plaza, nor did it have any enforceable agreement with the owner (Trump Plaza Associates LLC) to purchase it,” the lawsuit states.

BVC sent Cottage a copy of a nonbinding letter of intent to buy the building from Trump Associates, the complaint said.

“To this day, BVC (Buena Vista Corp.) has never provided Cottage with any evidence of its contractual right to buy the Trump Plaza,” the lawsuit states.


Source: DBR

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