Ian Bruce Eichner, the original developer who broke ground on the Cosmopolitan in October 2005, partially financed construction on the project by selling condominium units, as was the custom at the time. More than 1,800 buyers put down 20% on high-six- and low-seven-figure sales prices; in all Eichner raised a reported $280 million in deposits accounting for $1.4 billion worth of final sales.
In January 2008, Eichner's 3700 Associates LLC defaulted on a $760 million construction loan from Deutsche Bank, which seized the property, determined to complete construction, and halted condo sales.
In June 2009, 400 condo owners filed a class-action lawsuit against Deutsche, claiming breach of contract and seeking refunds for their deposits. The bank settled with more than 1,600 of the buyers, paying back 75¢ on the deposit dollar for condos in the West Tower, 68¢ for the East Tower.
A little less than 300 people didn’t settle and litigation continues, each side claiming the other is in default. Roughly 100 people picketed on opening night. A few hundred buyers could, ultimately, close on and occupy their condos.
All this is a background for explaining why the bulk of the hotel rooms are larger, by nearly 15%, than the standard Las Vegas Strip size (720 square feet, compared to the typical 620). Because Cosm rooms started as a condo-hotel, the more than 2,000 Terrace one-bedrooms are oversized and many have kitchenettes with SubZero refrigerators and microwaves. They also have Japanese soaking tubs and smaller outdoor terraces.
The Terrace Suites are 910 square feet, with two baths, in-room washer and dryers, and larger terraces. And the Wraparound Terrace Suites are 1200 square feet with 480-square-foot terraces and a dining area.
The Cosm has a dozen restaurants. The Henry, across from the Bond Bar at the northeast entrance, is the coffee shop; you can buy the New York Times and L.A. Times right there. This is the only eatery on the casino level.
On the second floor, on the west side, is the Wicked Spoon Buffet; we reviewed breakfast and eyeballed lunch for the January Advisor. On the second floor, intermixed with the retail shops, are Holstein’s, the gourmet-burger bar and restaurant (also reviewed in the January LVA); China Poblano, a combo Chinese-Mexican eatery (slightly downscale); and Va Bene Caffe, the coffee bar and bakery. On the third floor are the more upscale restaurants, though none is particularly formal: Blue Ribbon Sushi, Scarpetta (Italian) and D.O.C.G. (wine & charcuterie, both from New York’s Chef Scott Conant); Estiatorio Milos (Greek seafood, from New York’s Costas Spiliadis); Comme Ca (a French brasserie from L.A. Chef David Myers); STK steakhouse; Jaleo (tapas and paella from Chef Jose Andres); and, of course, the unnamed pizza place.
As for retail, the attraction is Allsaints, a British clothier with an odd but intriguing theme: hundreds and hundreds of antique Singer sewing machines are lined up in long rows in the front windows; bigger industrial machines are scattered around the floor of the store. Skin 62 Cosmetics is the Holland-based skin-care store’s first operation in the States. And CRSVR is the premium sneaker boutique. Here, DJs keep shoppers hopping and give away mix tapes; CRSVR also sells some clothes (hooded sweatshirts and accessories).
RetroSpecs sells eyewear that was popular from the 1870s to the 1970s. Go to DNA 250 for denim, Beckley and Stitched for designer duds, Molly Brown’s for swimwear (this store had eye-popping women modeling them on opening night), and Droog for home furnishings and accessories.
Rounding out the amenities at the Cosm are the 43,000-square-foot Sahra Hamman spa, with all the massage, bath, skin, nail, face, and body services you’d expect, and two fitness centers.
