Plaza Hotel (The) – Condominiums | The Real Deal New York

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Plaza Hotel (The) – Condominiums

768 Fifth Avenue
New York, NY 10019
212-807-6161

The Plaza, formerly known as the Plaza Hotel, is a residential condominium building at 768 Fifth Avenue at the southeastern corner of Central Park. The landmarked 20-story building opened in 1907 as a hotel designed by Henry J. Hardenbergh. Ownership changed hands several times, including to Conrad Hilton in 1943 and Donald Trump in 1988. Trump sold it in 1995 for $325 million to Troy Richard Campbell, who then sold it nine years later to Elad Group for $675 million. Elad closed the Plaza in April 2005 for extensive renovations and to convert the property into high-end condominiums. The building reopened in March 2008 as 130 hotel rooms, 152 hotel-condo units that owners can rent out if they live in them a certain number of days a year, and 182 luxury condos. Developer Harry Macklowe purchased one such Plaza condo for $50 million. In 2011, Russian composer Igor Krutoy paid $48 million for a 12th-floor spread. Two buyers, who purchased condos sight unseen during the renovation, later sued the developer for misrepresenting the quality and finishes of the product. Facing competition from the needle towers of Billionaires' Row on 57th Street, sales prices at the Plaza have dropped considerably since 2007. The Indian investment firm Sahara India Pariwar owns a controlling stake in the building.

  • Address 768 Fifth Avenue
  • neighborhood Midtown
  • borough Manhattan
  • owner Elad Group
  • developer ELAD GROUP
  • owner entity CPS 1 REALTY LP
  • architect Victor K. Han Architect
  • PLANS DISCLOSED 02/07/2006
  • dob permit issued 06/14/2011
  • tco issued 06/04/2007
  • DOB FILE PLANS 06/06/2005
  • DOB FILE Link
  • LIST/LAUNCH SALES 06/20/2006
  • height in feet 251
  • floors 19
  • AG Initial Price $ 365,555,000
  • ag file plans 02/07/2006
  • AG FILE Link
  • residential units 191
  • commercial units 3
  • hotel units 0
  • total units 336
  • square feet 779,616
  • const. status CONDO COMPLETE
  • block and lot 1-01274-7504
  • BIN 1035253
Condominium Units+
  • Event Retail Leasing
  • Building Name Fifth Avenue and Central Park South
  • Address 1 West 58th Street
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 4,720
  • Publication Date 04/01/2012
  • Event Date 02/21/2012
  • Party 1 Elad Group
  • Party 1 Brokerage In-house
  • Party 2 Angelo Galasso
  • Party 2 Brokerage Crown Acquisitions
  • Party 2 Broker Ralph Chera, Jordan Barker
notes
The menswear designer signed a lease for retail space at the Plaza Hotel's Edwardian Room.
  • Event Financing
  • Building Name Plaza Hotel
  • Address 768 Fifth Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Publication Date 12/01/2008
  • Event Date 10/22/2008
  • Party 1 El-Ad Group, Kingdom Holding
  • Party 2 HSBC Bank, Transwestern Realty Finance Partners
notes
A $260 million financing was provided to convert a construction loan for the hotel portion of the property into a long-term, permanent mortgage. The refinancing included a $40 million mezzanine loan provided by Transwestern Realty Finance Partners. 21-story mixed-use building.
  • Event Sales
  • Building Name Plaza Hotel
  • Address 768 Fifth Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Price $ 500,000,000
  • Publication Date 11/01/2005
  • Event Date 09/22/2005
  • Party 1 Elad Group
  • Party 2 Prince Alaweed bin Talal
notes
The sale of the non-condo part of the Plaza, worth $500 million, is subject to the approval of the state attorney general's office, which could come as soon as the end of October. Prince Alaweed sold the Plaza for $675 million in August 2004.

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