In the late 1890s the Davenport House was a famous and successful brothel, until a young prostitute named Alice killed herself there. After her death, the brothel became haunted by Alice's ghost, and was eventually abandoned. More than a century later, the old structure is renovated into a beautiful mansion. It is still rumored to inhabit the ghost of Alice. Despite this, the new owner; the rich and arrogant heir to the Davenport fortune, decides to throw a wild party for his first night in the house.

Great white sharks bio-engineered to be the size of piranhas with the purpose of living in rich peoples exotic aquariums, terrorize New York City when they get into the water supply and do what great white sharks do best.