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

New York /
Mar.March 06, 2012 09:30 AM

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]


Related Articles

arrow_forward_ios
Elad Group's Isaac Tshuva and1299 Third Avenue (Getty, Google Maps)
Elad picks up shovel-ready UES development site
Elad picks up shovel-ready UES development site
Two Russian billionaires shopping NYC properties
Two Russian billionaires shopping NYC properties
Two Russian billionaires shopping NYC properties
From left: Jamie Dimon, chief executive officer, JPMorgan Chase and Don Peebles, chief executive officer, The Peebles Corporation (Getty Images, KPFF Consulting Engineers/Illustration by Steven Dilakian for The Real Deal)
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Enrique Razon, Jr. and the Plaza Hotel (Tdorante10/Wikimedia, iStock, ICTSI)
Filipino billionaire bought NYC homes with Manila casino’s money: lawsuit
Filipino billionaire bought NYC homes with Manila casino’s money: lawsuit
Charlie West at 505 West 43rd Street, Elad's Yitzhak Tshuva and Tishman Realty's Daniel Tishman (Photos via StreetEasy, Charlie West, Getty, Elad)
Tishman Realty strikes bulk condo deal with Elad Group
Tishman Realty strikes bulk condo deal with Elad Group
Plaza Hotel (Getty)
House divided: Plaza residents, hotel battle over union labor
House divided: Plaza residents, hotel battle over union labor
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
arrow_forward_ios

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

Loading...