Lawsuits and accusations trouble the Plaza

The 181 residential condominium units built at The Plaza Hotel, after
developer Elad Properties bought the building four years ago to turn it
into a hotel and condo, were purchased quickly for record prices.
But now 30 of those units are back on the market, and in its January issue, Vanity Fair looks at the several lawsuits and complaints about building materials and
conditions that have beset the building. The Palm Court, The Plaza
restaurant where book character Eloise had tea, loses $125,000 per
month. Elad has had trouble attracting top retailers, many of whom have
already established a presence nearby, to the building’s
39,000-square-foot mall. This past weekend, the New York Post’s Page Six magazine also looked at problems plaguing the Plaza and cited New Yorkers who believe Elad is exploiting and cheapening The Plaza name by trying to make it a global brand. WNYC’s Leonard Lopate show covered The Plaza this morning.