"At a September 17 shareholder meeting, the suit alleges, the board revealed it had a few days earlier signed a term sheet for a $2 billion sale with an LLC believed to be owned by an affiliate of the Khashoggi family. Per the suit, the term sheet stated that the building would become part of the Dorchester Collection, a luxury-hotel group owned by Brunei, and that the residents would have to leave their apartments within a year"
"There's more: According to the suit, the board not only "admitted that it did not know who the Purchaser was" or whether it actually could finance the purchase, but it also, the residents allege, rebuffed a competing offer from Taj Hotels, which has operated the building since 2005. The suit goes on to claim that the Indian luxury-hotel chain offered"
The Pierre is a landmark Upper East Side hotel with co-op residences that include luxury amenities and high maintenance fees. Residents filed suit in Manhattan Supreme Court asking a judge to compel the co-op board to turn over books and records, alleging a secretive sale process. The board allegedly signed a term sheet for a roughly $2 billion sale to an LLC thought affiliated with the Khashoggi family, converting the property to the Dorchester Collection and requiring residents to vacate within a year or forfeit proceeds. Residents say the board admitted uncertainty about the purchaser and financing and rebuffed a competing Taj Hotels offer.
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