Original Plaza buyer doubles up for $11M

June 08, 2010 09:30AM

The Plaza Hotel

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]