With the luxury market, so falls the Plaza

Once one of Manhattan’s most storied institutions, the Plaza Hotel today seems like a cautionary tale in luxury real estate, the New York Times reported. The last nearly-dozen condo sellers at the Plaza sold their units at a significant loss, while its luxurious retail space has been forsaken by shoppers. Clark Wolf, an independent restaurant consultant, told the Times that the Plaza’s downfall represents a cultural shift in the city, one that is seeing legendary high-end institutions falling by the wayside. “It’s gone from being a landmark to being just a building,” Wolf said. “In an era without Tavern on the Green or a Café des Artistes, we need something. New York City is screaming for a landmark.”