The Plaza Hotel in downtown New York City is one of the icons of the city, located at the intersection of Central Park and Fifth Avenue. For many visitors to Manhattan and New York, stars and regular people alike, nothing has been as representative as staying at the Plaza when in town. Now, part of the famous 100-year old hotel is being turned into condominiums for those who actually want to own a piece of the legendary building. Some famous guests of the hotel include Duke Ellington, Stevie Wonder, Marlene Dietrich and Earnest Hemingway. When touring, The Beatles took a whole wing in 1964.
While prices for these exclusive units aren’t being advertised, recent sale prices are listed in a New York Times article. The article shows that a one bedroom, 1,212 square foot apartment sold for $5.8 million in September to Ronald Sargent, the President and CEO of Staples, Inc, the office supply company. This little unit overlooks Central Park and has a 22 foot wide living room, providing plenty of views while Mr. Sargent ponders ways to sell paper and ink more efficiently.
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One floor up another executive just purchased a 2,600 square foot apartment for a mere $10 million. David Barger, the chief executive of discount airline JetBlue, also closed on his apartment in September. Mr. Barger’s apartment has windows on facing the south, west and north, so he will be able to spot his company’s aircraft in the sky on clear days. JetBlue flies into and out of all three New York Airports, LaGuardia, JFK and Newark.
The conversion of the hotel began in April of 2005. Miki Naftali, president of Elad Properties, the owner of the Plaza, indicated that the 200 condominiums would be mostly on the top 12 floors of the 19 floor building. There are still some 150 hotel rooms for visitors. “The Plaza is unique not only in the location and the fabulous exterior, but there are some fabulous interior spaces with so much history, and we wanted to maintain those spaces,” said Mr. Naftali on MSNBC.
Selling a Luxury Home
Overseas Property Investors Right Now Is The Time
Investment company NuWay International, with the support of Coldwell Banker, will hold an exclusive International Investor Summit on the evening of October 13th, 2007 at the Millennium Hotel in London UK. This event will bring together investors and business people from the region in a forum to look at the possibilities in the international real estate market. In particular, NuWay will be showcasing US real estate focused on low priced premium and rapidly appreciating properties in some of the most sought after niche resort markets in the US.
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