Elad Group CEO Miki Naftali steps down

New York /
May.May 17, 2011 11:11 AM
From left: Miki Naftali, The Plaza, 21 Astor Place and the Grand Madison

Miki Naftali has stepped down as CEO of Elad Properties, which owns The Plaza Hotel, the New York Post reported. Despite speculation that controversy in The Plaza Hotel led to his stepping down, Miki Naftali insisted that was not the case. Naftali, who forged the $675 million purchase of The Plaza in 2004, vacated his role to pursue a new venture that includes an investment in an undisclosed mixed-use space in the city. Naftali will hold on to a 49 percent stake in Elad Properties. According to the Post, insiders believed Naftali was under fire from his boss, Isaac Tshuva who owns Elad Properties’ parent company the Elad Group, because of an inability to land long-term tenants in the hotel’s restaurant and retail spaces. Elad’s recent lawsuit against the Oak Room that forced the owners to shutter the space, they said, merely expedited the process. But Naftali shrugged off the criticism, and told the Post that starting on his own “is something that I decided a few months ago.” Elad Properties also runs 21 Astor Place, the O’Neill building on Sixth Avenue and the Grand Madison, among other Manhattan properties. [Post]


Related Articles

arrow_forward_ios
Miki Naftali

Is urban living dead? “I don’t buy it,” says Miki Naftali

Is urban living dead? “I don’t buy it,” says Miki Naftali
Plaza Hotel (Getty)

House divided: Plaza residents, hotel battle over union labor

House divided: Plaza residents, hotel battle over union labor
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali Group plans another Upper East Side condo

Naftali Group plans another Upper East Side condo
The Plaza Hotel, Sofitel New York at 45 West 44th Street and Le Bernardin at 155 West 51st Street (Credit: Yarl via Wikipedia Commons, Sofitel and Le Bernadin)

Mass layoffs claim jobs at the Plaza, Sofitel and Le Bernardin

Mass layoffs claim jobs at the Plaza, Sofitel and Le Bernardin
Plaza Hotel managing director George Cozonis with the Plaza Hotel at 768 5th Avenue (Credit: Cozonis by Fernanda Calfat/Getty Images)

The Plaza shuts down and lays off 251

The Plaza shuts down and lays off 251
TRD Talks Live

Watch major NYC developers tonight on TRD TALKS LIVE

Watch major NYC developers tonight on TRD TALKS LIVE
Tribeca neighbors locked in a protracted legal dispute over access to an alley, 5 Franklin Place, raise questions about city agencies’ actions after lobbying. (Credit: Google Maps, Wikipedia Commons, iStock)

In Tribeca, an alley fight for the ages

In Tribeca, an alley fight for the ages
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...