Plaza Hotel is going condo - and retail
January 27, 2005
The Plaza Hotel is checking out, at least temporarily.
The landmark building at the foot of Central Park, which has served as a watering hole and meeting place for kings and queens and the backdrop for Hollywood movies, will close by April 30 and be transformed into condos, stores, and a much smaller hotel.
The 805-room Plaza will reopen late next year with about 150 hotel rooms, 200 condominiums and multilevel retail space, Miki Naftali, president and chief executive of Elad Properties, announced yesterday.
Plans for the changeover were first disclosed when Elad bought the Plaza in the summer for $675 million from Prince Alwaleed Bin Talal of Saudi Arabia. Naftali declined to say how much the renovations would cost or for how much the condos will sell.
The condos will be built on the top 12 floors of the 19-story Plaza and some of the lower floors facing Central Park, Naftali said. He said they will range from one- to four-bedroom apartments.
Naftali said he's already fielding inquiries for condominiums. "So many people are calling us, some obviously high-profile people," Naftali told Reuters. "What we say is that when we're ready, we'll call them back. It's such a unique property."
In addition to "Plaza Suite," the hotel's movie appearances include "The Way We Were," "The Great Gatsby," "Barefoot in the Park," "Funny Girl," "Cotton Club" and Alfred Hitchcock's "North by Northwest."
The Plaza's most famous restaurants will remain largely unchanged and will reopen in 2006, although they will be operated separately from the hotel and could have new names and menus. The restaurants include the Oak Room and the Oak Bar, which boast dark oak walls and 20-foot ceilings; the Palm Court, located in the center of the hotel; and the former Edwardian Room, which was renamed One C.P.S. and closed at the end of 2004. The Oyster Bar will be converted into retail space, Naftali said.
The main ballroom, where Truman Capote held his famous Black and White Ball in 1966, will also remain unchanged, Naftali said.
The Plaza's exterior was named a city landmark in 1969, but the interior never received landmark status, leaving Naftali relatively free to complete his renovations.
Naftali said it was "funny" that the Plaza still has a reputation for being one of the city's best hotels, and that there are hotels that are nicer. He aims to change that. "The fame is still here and we'd like to upgrade and to refresh the property ... ," he said.
Elad, which is owned by Israeli developer Yitzhak Tshuva, retained the New York-based design team of Gal Nauer and Costas Kondylis and Partners to draw up the renovation plans.
January 27, 2005
The Plaza Hotel is checking out, at least temporarily.
The landmark building at the foot of Central Park, which has served as a watering hole and meeting place for kings and queens and the backdrop for Hollywood movies, will close by April 30 and be transformed into condos, stores, and a much smaller hotel.
The 805-room Plaza will reopen late next year with about 150 hotel rooms, 200 condominiums and multilevel retail space, Miki Naftali, president and chief executive of Elad Properties, announced yesterday.
Plans for the changeover were first disclosed when Elad bought the Plaza in the summer for $675 million from Prince Alwaleed Bin Talal of Saudi Arabia. Naftali declined to say how much the renovations would cost or for how much the condos will sell.
The condos will be built on the top 12 floors of the 19-story Plaza and some of the lower floors facing Central Park, Naftali said. He said they will range from one- to four-bedroom apartments.
Naftali said he's already fielding inquiries for condominiums. "So many people are calling us, some obviously high-profile people," Naftali told Reuters. "What we say is that when we're ready, we'll call them back. It's such a unique property."
In addition to "Plaza Suite," the hotel's movie appearances include "The Way We Were," "The Great Gatsby," "Barefoot in the Park," "Funny Girl," "Cotton Club" and Alfred Hitchcock's "North by Northwest."
The Plaza's most famous restaurants will remain largely unchanged and will reopen in 2006, although they will be operated separately from the hotel and could have new names and menus. The restaurants include the Oak Room and the Oak Bar, which boast dark oak walls and 20-foot ceilings; the Palm Court, located in the center of the hotel; and the former Edwardian Room, which was renamed One C.P.S. and closed at the end of 2004. The Oyster Bar will be converted into retail space, Naftali said.
The main ballroom, where Truman Capote held his famous Black and White Ball in 1966, will also remain unchanged, Naftali said.
The Plaza's exterior was named a city landmark in 1969, but the interior never received landmark status, leaving Naftali relatively free to complete his renovations.
Naftali said it was "funny" that the Plaza still has a reputation for being one of the city's best hotels, and that there are hotels that are nicer. He aims to change that. "The fame is still here and we'd like to upgrade and to refresh the property ... ," he said.
Elad, which is owned by Israeli developer Yitzhak Tshuva, retained the New York-based design team of Gal Nauer and Costas Kondylis and Partners to draw up the renovation plans.
