Price reduction

(The first) Plaza Hotel

Word has it that NYC’ Plaza Hotel is being sold for $600,000,000, down a tad from the $670,000,000 the current owners paid for it in 2004. (UPDATE: FF and another reader point out that the owners sold off a slew of rooms as condominiums, so they’re doing quite well here) Still a chunk of change – family lore has it that my great-grandfather, a builder in NYC in the 1800’s, was offered the land the Plaza sits on but rejected it, reasoning that the pond/swamp across the way would cause a wet basement. As the story goes, the first Plaza Hotel did indeed have a wet basement and was torn down in 1907. No one was going to pull the wool over ol’ great grandpa’s eyes!

5 Comments

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5 responses to “Price reduction

  1. New York Legends

    What, not a word about Mike Wallace? He showed up everywhere in NYC. The US Open, Madison Avenue, all over town. I always liked his narration of Biography in the 1960’s. He made anything sound important or worth listening to. Will be missed. The CBS icons are fading out. Another era.

  2. anon

    does your family history have any other details about the land deal? it would be wonderful to know what your great-great would have been asked to pay.

    the plaza is never on my nyc radar for a place to stay or for a place to recommend out-of-towners to stay when asked. i think the hotel hit its prime in eloise’s day.

  3. Anonymous

    $600 million for the hotel and management rights on the hotel condo pool bears no relationship to the property which El Ad acquired a few years ago — El Ad poured $500+ million into renovations and sold over half the building in the form of ultra high end condo apartments. El Ad is actually monetizing its remaining holdings at a substantial profit assuming the reported contract actually closes.

  4. Anon1

    I walk by this building often and assume The Plaza has many unsold apartments or mostly absentee owners. There is rarely more than half a dozen lights on in the whole Central Park side of the building at night. I heard from a broker acquaintence many foreigners bought apartments in this building. Bet they are sorry they did.

  5. anon

    here is an article listing some of the recent plaza sales; also a little history of the building pricing, going back to the donald days

    http://www.corcoran.com/news/index.aspx?page=Article&pub_id=13659