New Yorkers say Plaza has lost its soul

Some New Yorkers believe developer Elad Properties is exploiting and cheapening the Plaza name in trying to make it a global brand. “They’re taking the brand and trying to maximize it with no taste level,” said Margaret Ternes, executive director of The Fund For Park Avenue. Elad plans to open Plaza hotels in Las Vegas, San Francisco, Tokyo and other locations around the world. Some Plaza penthouse buyers are suing Elad for not delivering the lavish apartments they were promised, and Elad is suing TPG Architecture for shoddy workmanship on the Plaza’s retail space renovation. Steven Gaines, author of “The Sky’s the Limit: Passion and Property in Manhattan,” said, “the hotel is a landmark, physically and spiritually. What’s next, Plaza dog food? It’s an exploitation of the revered name.”