After three failed deals, Elad finally sells last remaining Plaza unit for $25.4M

March 06, 2012 09:30AM

Elad’s final residential apartment in The Plaza Hotel, a three-level penthouse that was nearly sold three separate times, has finally sold for $25.4 million, the Wall Street Journal reported.

The 6,300-square-foot condominium unit, listed by Stribling & Associates broker Alexa Lambert, was bought by British property developer Christian Candy, famous for building London’s One Hyde Park. Candy, who was represented by Corcoran Group broker Louis Buckworth, said he coveted the unit for its iconic location and plans to use it as a home as he begins to explore development opportunities in the city.

The condo was famously purchased for its full $39.5 million asking price by Russian financier Andrei Vavilov in 2007. But Vavilov would not close on the contract because he claimed the unit was not up to the standards promised by Elad. After a lengthy legal battle, Elad regained control of the penthouse, renovated it again, and twice made deals to sell it for more than $30 million to international buyers, but each transaction fell through.

The Journal said the unit combines elements of the property’s original Beaux-Arts design and a more modern look punctuated by loft-like skylights and angled glass walls. [WSJ]