"The Pierre is a storied hotel on the Upper East Side with co-op residences - and they are fancy (the building's neo-Georgian design was inspired by the Palace of Versailles, and the residents enjoy the same perks as hotel guests, including daily housekeeping and room service and other amenities). Plenty of rich and famous people have kept apartments there, among them Disney's Michael Eisner and Paul Simon's son, Harper."
"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 after the sale's completion or else "forfeit their share of the proceeds.""
"The suit, filed in Manhattan Supreme Court, asks a judge to force the co-op's board of directors to turn over its books and records. 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."
Residents at the Pierre hotel filed a lawsuit in Manhattan Supreme Court seeking the co-op board's books and records and challenging a proposed sale. The complaint alleges the board signed a term sheet for a roughly $2 billion sale to an LLC linked to a Khashoggi affiliate and that the building would join the Dorchester Collection, requiring residents to vacate within a year or lose their share of proceeds. The suit claims the board did not know the purchaser's identity or financing ability and rejected a competing offer from Taj Hotels, which has managed the property since 2005. Plaintiffs include designer Tory Burch and other wealthy residents.
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