The Real Deal New York

Posts Tagged ‘Plaza’

  • Ann Kathrin Linsenhoff and her former apartment at the Plaza

    German Olympic medalist Ann Kathrin Linsenhoff, a dressage horse rider who won gold at the 1988 Olympics in Seoul and was crowned world champion in 1990, has taken a hit on the sale of her apartment at the Plaza.

    Linsenhoff, who first listed the apartment for sale with Sotheby’s International Realty in March 2011 and later switched to Elliman, sold the 1,996-square-foot spread for $8.5 million. That’s almost $1 million less than its original asking price of $9.49 million, according to public records filed with the city today. The equestrian bought the apartment for $9.76 million in 2007. [more]

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  • From left: Elliman's Melanie Lazenby and Dina Lewis and the interior of the Plaza unit

    The four-bedroom, six-bath Astor Suite at the Plaza Hotel & Residences at 768 Fifth Avenue, which has held the title of the city’s priciest rental unit for the past five months, has dropped its price by a massive $40,000 a month, according to data from Streeteasy.com. The unit, which was placed on the market in December by Melanie Lazenby and Dina Lewis of Prudential Douglas Elliman asking $165,000 a month, is now listed at $125,000 a month. [more]

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  • The Plaza

    The president of Kazakhstan’s brother, Bolat Nazarbayev, is alleging his ex-wife and stepson conspired to steal his $20 million condominium at the Plaza in a lawsuit filed in the Manhattan Supreme Court, the New York Post reported. Nazarbayev claims that his then-wife, Maria Nazarbayeva, and stepson, Daniyar, convinced him to give them power of attorney to complete the apartment purchase in 2008. Rather than putting the home solely in Bolat’s name as instructed, the pair added Maria’s name to the property, according to court documents. [more]

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  • alternate text
    Kelsey Grammer and the Bridgehampton home he recently sold

    Former “Fraiser” star and newlywed Kelsey Grammer has found a buyer for his 7,500-square-foot Bridgehampton mansion, according to the New York Post. The undisclosed buyer paid the property’s full $9.95 million asking price. Although this recent property sale leaves Grammer without a Hamptons hideaway for the time being, the actor said he’s considering buying another East End home in the future. As for rumors that Grammer was planning to buy a Plaza pad? Totally false, said Grammer, who bought a $7.52 million, 3,000-square-foot apartment in Jean Nouvel’s 100 11th Avenue condominium last November…. [more]

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  • In the video above about the country’s richest celebrities, HLN Showbiz Tonight looked at one of the places those bigwigs spend their money — New York City real estate. Sabrina Kleier Morgenstern, an executive vice president at Gumley Haft Kleier, said there are at least three celebs who are interested in New York City real estate — Nicole Kidman (who recently bought a fourth-floor unit at 200 11th Avenue for $9.6M), newly-hitched Kelsey Grammer (who along with his new wife, Kayte Walsh, checked out a $9.9 million Plaza condo) and Jennifer Aniston (who is close to a deal on a West Village penthouse).

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  • One of the first condo buyers at the Plaza Hotel has just spent $11 million to double his space with a second, three-bedroom apartment overlooking Central Park, the Wall Street Journal reported. The buyer, Giuseppe De’Longhi, chairman of Italian appliance company De’Longhi SpA, now has more than 4,500 square feet at the Plaza, which he plans to combine into a 15th- and 16th-floor duplex. Brokers said the purchase — at a 5 percent discount off of the unit’s 2007 purchase price — represents a strengthening in both sales and prices at the storied conversion, which struggled to find and keep buyers and to compete with neighbor 15 Central Park West during the downturn. Of the 181 original apartments at the Plaza, 23 are currently on the market, down from 30 one year ago. Four are in contract, including the one next door to De’Longhi’s new pad. Originally listed for $18 million, its price was ultimately cut to $13.9 million before it found a buyer. [WSJ]

    [more]

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  • Jones Lang LaSalle has poached the star Cushman & Wakefield sales team that has brokered $20 billion worth of deals over the past decade, including the sale of 666 Fifth Avenue and the Plaza Hotel, according to Crain’s. The foursome — Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham — will lead JLL’s New York City capital markets team as part of the firm’s recent efforts to build up its talent and services. … [more]

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  • From left, Arthur has shuttered and today is Demel's last day, both at the Shops at the Plaza.
    From left, Arthur has shuttered and today is Demel’s last day, both at the Shops at the Plaza.

    When the Viennese bakery Demel closes shop tonight for the last time in the Plaza Retail Collection stores, it will be the fourth retailer in about a month to abandon the troubled below-ground concourse. Demel, which is embroiled in a lawsuit with the owner of the Plaza Hotel, Elad Properties, will serve its last chocolate cake and latte tonight, a lawyer for the company said, and move out of the building at 768 Fifth Avenue over the next few days. A new location has not yet been identified, the attorney said. The retail space at the Plaza has been challenged with lawsuits and vacancies since the iconic Plaza Hotel reopened in 2008 following a $400 million renovation, with tenants and brokers complaining of poor property management and the lack of a coherent marketing plan…. [more]

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  • alternate textFrom left: Pamela Liebman of the Corcoran Group and Dolly Lenz of Prudential Douglas Elliman

    Two new additions have been announced for The Real Deal’s fifth annual forum, “Distressed Opportunities: Taking advantage of distress and searching for a real estate recovery.” Dolly Lenz, vice chairman of Prudential Douglas Elliman, and Pamela Liebman, president and CEO of the Corcoran Group, will join the all-star panel of real estate executives, analysts and economists. Other panelists include economist Nouriel Roubini, co-founder and chairman of RGE Monitor and NYU professor of economics; Coney Island developer Joseph Sitt, CEO of Thor Equities; Plaza developer Miki Naftali, president and CEO of the Elad Group, and Mark Zandi, chief economist at Moody’s Economy.com. The event, to be held Oct. 14 at Alice Tully Hall, Lincoln Center, will be moderated by Brian Sullivan, an anchor at Fox Business News. The forum will kick off at 3 p.m. with a networking and exhibition period, followed by the main event at 6:30 p.m. More panelists will be announced. Seating is limited. Tickets cost $80 and can be purchased by clicking here or calling Centercharge at (212) 721-6500. TRD[more]

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  • Today’s biggest price cut

    August 26, 2009 05:56PM

    The Manhattan home to see the biggest price cut today is unit 608 at the plaza, a one-bedroom, one-and-a-half-bathroom condominium, according to Streeteasy.com. The 782-square-foot space was reduced by $125,000, to $2.1 million from $2.225 million, marking a nearly 6 percent price reduction. Listed by the Corcoran Group, the One Central Park South unit features Plaza collection appliances and a garden view. The unit has been on the market since November 2008, undergoing three prior price reductions before the current cut.

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  • After Labor Day, luxury real estate brokers will be eyeing about 10 big
    listings that will act as bellwethers for the residential market as it
    heads into the fall. If these properties, including Brooke Astor’s
    duplex at 778 Park Avenue and the penthouse at the Plaza, sell, the
    market will look better, brokers said. In Brooklyn, the market will
    appear stronger if a triplex in Dumbo’s Clock Tower Building, on the
    market for $25 million, manages to sell. Another key unit is the $60
    million, 9,799-square-foot penthouse in the Mark Hotel, which Stribling
    & Associates’ Kirk Henckels said might appeal to a foreign buyer…. [more]

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  • Elad Properties is giving troubled Italian businessman Luigi Zunino extra time to come up with the rest of the money to buy a three-unit apartment at the Plaza. Zunino missed his deadline to close on the $45 million unit, which he paid a $9 million deposit for. The Wall Street Journal previously reported that Zunino was trying to sell the apartment for $100 million, even though he hadn’t closed yet. In December 2008, sources said representatives of Italy’s prime minister, Silvio Berlusconi, came to see the 10,026-square-foot apartment, which has six bedrooms, three kitchens, six baths, a library, gallery and terrace. According to the Times, there are about 30 listings at the Plaza, with
    a total asking price of more than $250 million, and only one resale has
    closed since September 2008…. [more]

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  • Slow sales at the Plaza

    June 22, 2009 09:19AM

    At the Plaza, apartment inventory has been growing and little is
    selling. According to the Times, there are about 30 listings at the
    Plaza, with a total asking price of more than $250 million, and only
    one resale has closed since September 2008. Jonathan Miller, president
    of appraisal firm Miller Samuel, said at the peak of the market, sales
    at the Plaza and 15 Central Park West “fed off each other,” driving
    prices even higher. Miller said that sales over the next two years
    would establish which building will hold its value better, and that
    “early signs are showing that 15 Central Park West has more interest.”… [more]

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  • Biggest price cut of the day

    June 19, 2009 05:17PM

    The unit to see the biggest price cut today is a four-bedroom,
    four-bath condo at the Plaza, according to Streeteasy.com. The price of
    the 4,000-square-foot apartment at 1 Central Park South, apartment 409 which was formerly the
    Frank Lloyd Wright suite, was cut by $3.5 million, and the home is now
    on the market for $18 million. This is the home’s second price cut and
    it is now listed for 30 percent less than its asking price of $25.7
    million when it first went on the market in November. The Corcoran
    Group’s Carrie Chiang, who The Real Deal recently named the top agent
    in Manhattan
    based on total dollar value of listings, and Loy Carlos
    are marketing the unit. TRD

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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…. [more]

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  • A merger between Cooper Square Realty and Wentworth
    Property Management has resulted in the largest residential property manager in
    the city. Combined, the two companies manage 300 buildings with 60,000
    apartment units, including the condominium portion of the Plaza at Central Park South, which was managed
    by Cooper Square Realty, and Rochdale Village in Jamaica,
    Queens, which was managed by Wentworth. Industry observers believe this merger will
    mark the beginning of a consolidation in the property management industry,
    which has been hurt by the overall real estate downturn. The new combined
    management company will operate under the Cooper Square name and Jonathan Klein,
    Wentworth’s former president, will become chief administrative officer of the new Cooper Square.

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  • Nearly a fifth of the 15 million square feet in Class A buildings in
    the southern portion of the Plaza submarket is available for lease,
    according to commercial tenant advisory firm Studley. Nearly 3 million square feet, or 19.3 percent of the total Class A
    available space in Manhattan, was on the market in the neighborhood between
    Fifth and Second avenues and 50th and 54th streets, according to the
    firm’s first-quarter leasing report. The northern half of the Plaza
    District is defined as Fifth to Second avenues between 54th and 60th
    streets. Overall in Manhattan, the firm predicted the availability rate for all types of office space could hit the same level. … [more]

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  • Available units in high profile buildings are lingering on the resale market,
    and few people are stepping up to buy them. At Trump International last
    week, 19 apartments were listed for sale, including the $28 million
    penthouse owned by Italian film producer Vittorio Cecchi Gori. At 15
    Central Park West
    , 16 apartments are for sale, and the Plaza has 33
    listings, including a six-bedroom apartment that includes what was once
    the Frank Lloyd Wright suite. Adam Modlin, a principal of the Modlin
    Group, said buyers are looking to purchase homes at “what they think
    prices will be in six months,” and are waiting for prices to drop
    further. Louise Sunshine, founder of the Sunshine Group, is not advising sellers to cut prices. “I would
    advise anybody who lives in a quality building to raise their prices
    and have patience, because nothing is going to move until people have
    confidence,” Sunshine said…. [more]

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