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New York

Plaza Hotel condo sells for $66M

Sale marks NYC’s fourth priciest in 2023 and new record for Central Park South property

Plaza Hotel Condo Sells For $66M
Plaza Hotel (Google Maps, Getty)

A Plaza Hotel residence notched one of the city’s priciest sales this year. 

Unit 1109 at the condo and retail building closed for $65.8 million last week — the fourth most expensive deal to close in 2023, according to public records. 

The 12,000-square-foot apartment ranks behind two units at Vornado’s Central Park South, which sold for $80 million and $75 million respectively. Coming in at third is a penthouse at Miki Naftali’s 1165 Madison Avenue, which closed in the spring for nearly $68 million. 

The deal for the Plaza condo placed just ahead of a $65.6 million sale at 432 Park Avenue. The 79th-floor condo sold for less than half of its asking price when it hit the market two years ago. 

It’s also a record-breaking sale for the iconic Central Park South property, according to appraiser Jonathan Miller. The sale exceeds that of Harry Macklowe and his ex-wife Linda’s $60 million deal at the building for 14,000-square-feet across seven contiguous apartments in 2007. 

The unit last sold for $45 million in 2008. At the time, the sale price was just under the most expensive in the city that year, a $46 million deal for a duplex penthouse at 1060 Fifth Avenue.  

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The buyers and sellers of Unit 1109 could not be immediately identified. 

Turnover at the Plaza residences appears to be high, Miller said. About 20 percent of the building’s 163 units are on the market — about double what he considers the norm. 

“When a lot of units are for sale in a building, the absorption into the market is slow enough that the listings are backing up,” Miller said. 

Among the listings is a $50 million duplex, which hit the market in June. The 4,500-square-foot condo was last purchased for $11 million in 2010 and underwent a renovation. 

Also on the market are units 1801/1901 with an asking price of $31.4 million. 

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Companies and People
Vornado Realty TrustHarry Macklowe
Tags
Luxury Real Estate