Sales price-per-foot halved at Plaza
May 22, 2009 01:35PM By Adam Pincus
The Plaza
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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Comments
Anonymous
HALF! At least one seller has a clue.
Comment #1 Posted By: Anonymous 05/22/09
Anonymous
6 months from now, they will go even lower.
Comment #2 Posted By: Anonymous 05/22/09
Anonymous
very different views
Comment #3 Posted By: Anonymous 05/22/09
Anonymous
The bottom is a long way down.
Comment #4 Posted By: Anonymous 05/26/09
Anonymous
This is a great deal for a value buyer with time, and it is also a very proffessional job from a GREAT real estate agent that put it together. Pretty smart to be so attractive
Comment #5 Posted By: Anonymous 05/27/09
Anonymous
The contract was signed in 9/08. The real price should south of the final price.
Comment #6 Posted By: Anonymous 06/05/09
Anonymous
2k per sq ft is more realistic. Fair value in manhattan will be in the 6-800 range.
Comment #7 Posted By: Anonymous 06/07/09
Anonymous
#5 is the broker who sold the unit. #4 is not the buyer.
Comment #8 Posted By: Anonymous 06/07/09