The Real Deal New York

Sales price-per-foot halved at Plaza

May 22, 2009 01:34PM
By Adam Pincus

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A second-floor duplex at the Plaza Hotel Residences sold for $2,751 per square foot, about half the price that similarly sized units were closing for last year.
 
The three-bedroom unit with 4,283 square feet was sold by the developer, Elad Properties, to a company called Paradeplatz Ltd. for $11.786 million.
 
The condo faces Central Park in the rehabilitated hotel at 768 Fifth Avenue.
 
The purchase by Paradeplatz went into contract in September 2008 and closed May 15, according to city property records published today. 
 
A similar, but slightly smaller, sponsor unit on the fourth floor with 3,912 square feet went into contract in 2006 and closed in August 2008 for $21.5 million, or $5,504 per square foot, city records show.
 
A smaller duplex on an upper floor that the developer sold went into contract in 2007 and closed in January 2009 for $11.076 million, or $4,055 per square foot, records show.
 
Elad Properties declined to comment on the sale.

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