A five-bedroom apartment at the Plaza has sold for $21 million, significantly less than its 2007 purchase price by Valery and Olga Kogan. Originally listed at $45 million in 2020, the apartment represents a broader trend of money-losing resales for high-profile properties in the iconic hotel. The Kogans, who have also listed multiple New York and Israeli properties amid the pandemic, are reportedly facing legal challenges regarding their ownership of an airport in Russia. This reflects both the volatile luxury market and complications tied to the couple's past financial ties.
The Plaza apartment has seen a decline in value, selling for $21 million—$5 million less than its 2007 purchase price by Russia-connected billionaire Valery Kogan.
The Kogans, known for their high-profile property purchases, reportedly started a massive sell-off of their luxury real estate portfolio following the COVID pandemic.
The luxurious Plaza apartment, though ornate and grand, is another example of the ongoing struggles real estate investors face in recovering their investments.
Kogan's financial entanglements, including disputes with the Russian government over the ownership of a major Moscow airport, highlight the complex dynamics at play.
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