Demand for condos at Plaza Hotel is pretty weak

Apartments at iconic hotel haven't kept up with comparable buildings

TRD New York /
Aug.August 26, 2015 08:45 AM

Anecdotes and average price data tell the same story — condo units at The Swanky Plaza Hotel greatly underperform compared to the ultra-deluxe high-rise units on nearby “Billionaires’ Row.”

Doug Morris, CEO of Sony Music Entertainment, recently sold his two-bedroom at the Central Park classic, located at 768 Fifth Avenue. He netted $10 million, a mere $2,832 over the price he paid in 2007. 

Median prices at the hotel were $3,636 per square foot when it was partially converted to condos by Elad Properties in 2007 and 2008, one of the highest condo price points in the city at the time.

But over the last 18 months, median prices there stand at a mere $4,325 a foot. An improvement, to be sure, but nowhere near the $6,323 per square foot median at nearby 15 Central Park West or the $5,340 per foot median at the Time Warner Center, the New York Daily News reported.

Prices at eight nearby buildings, including the above, along with 15 Central Park West, the Metropolitan Tower, the Park Imperial, Essex House, Trump Parc and Trump Park Avenue, have gone by an average of 37 percent over the past eight years, compared to just 19 percent at The Plaza, according to the Daily News.

The Plaza just didn’t turn out to be the great project it was supposed to be,” Compass broker Jay Glazer told the Daily News. [NYDN]Ariel Stulberg

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Looting devastates LA’s prime retail corridors

Looting devastates LA’s prime retail corridors

Looting devastates LA’s prime retail corridors
220 Central Park South (Getty)

Carpenter alleges foreman coerced her into sex for years in 220 CPS

Carpenter alleges foreman coerced her into sex for years in 220 CPS
Alliance Chairman Bruce Ward and Greystar Chief Executive Bob Faith (Greystar, Alliance)

Greystar adds 130K units to management portfolio in $200M deal

Greystar adds 130K units to management portfolio in $200M deal
“People are looking for that bubble”: Brick Underground’s Teri Rogers on a residential market under lockdown

“People are looking for that bubble”: Brick Underground’s Teri Rogers on a residential market under lockdown

“People are looking for that bubble”: Brick Underground’s Teri Rogers on a residential market under lockdown
Prominent New York City retail spaces — including the Macy’s flagship store and Fifth Avenue retail corridor — were hit by widespread looting on Monday night. (Getty)

Macy’s, 5th Ave retail ransacked by looters on NYC’s first night of curfew

Macy’s, 5th Ave retail ransacked by looters on NYC’s first night of curfew
arrow_forward_ios

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

Loading...