The Plaza

Hotels

Photo of The Plaza via Pixabay

A sign of New York City’s recovery, The Plaza Hotel will reopen next month after closing its doors to guests for over a year. The iconic Central Park South hotel announced it will open its luxury rooms again on May 20, about 14 months after it first suspended services due to the pandemic. “For the past year you’ve been asked to stay home, The Plaza is now extending its formal invitation to return to New York,” the hotel’s website reads.

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Celebrities, Central Park South, Cool Listings

Listing photos by Rich Caplan

Considered “one of the most well-known homes in America and the finest in the world-renowned Plaza,” the fabled Astor Suite has come on the market for $19,950,000. The four-bedroom corner suite faces both Central Park and Fifth Avenue and was previously occupied by John Jacob Astor, John F. Kennedy, and the Duke and Duchess of Windsor. In fact, the interior architects at S.R. Gambrel Inc. brought in master artisans that rebuilt Windsor Castle in England to help transform the space. From hand-drawn plaster to rich English oak paneling to hand-hammered leather walls from France, this home is certainly fit for royalty.

Have a look around

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condos, Features, NYC Guides

New York City’s top 30 condos

By 6sqft, Thu, August 20, 2020

From supertall new developments and projects by some of the world’s most famous architects to historic landmarks brought into the 21st century, 6sqft has rounded up the best condo buildings in New York City. Ahead, find out which condominiums made the list and what you can expect in terms of views, amenities, neighborhood, and more.

Read on for a guide to the city’s top condo addresses

Central Park South, Cool Listings

Listing photos courtesy of Elegran

As if living in the Plaza wasn’t posh enough, this mansion apartment is the only residence in the building to have a private elevator and a personal grand staircase with a private landing. Of course, it’ll cost you–$46,000 a month. But that gets you 4,665 square feet of space, four bedrooms, four-and-a-half bathrooms, and Central Park views from every window. And the home comes fully furnished.

Take the tour

Central Park South, Cool Listings

All photos courtesy of Douglas Elliman

Russian oligarch and co-owner of Moscow’s Domodedovo Airport Valery Kogan and his wife Olga Kogan have put their insanely opulent Plaza apartment on the market for $45 million. The billionaire couple bought two units in the iconic building in 2007/2008 for $26 million and then combined them, according to the Wall Street Journal. The massive home that they’re now trying to unload–which the listing describes as being “reminiscent of French royalty”–is dripping with gold detailing, crystal chandeliers, ornate moldings, and a master bathroom wrapped from floor to ceiling in imported onyx. It even has an alcove in one of the building’s turrets.

You’ve gotta see this place to believe it

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Architecture, Features, History

10 of NYC’s most impressive Terra-cotta buildings

By Lucie Levine, Thu, October 4, 2018

Terra-cotta, Latin for “fired earth,” is an ancient building material, made of baked clay, first used throughout early civilizations in Greece, Egypt, China the Indus Valley. In more modern times, architects realized that “fired earth” actually acts as a fire-deterrent. In the age of the skyscraper, terra-cotta became a sought-after fire-proof skin for the steel skeletons of New York’s tallest buildings. In the early part of the 20th century, the City’s most iconic structures were decked out in terracotta.

You’ll find terra-cotta on famous facades from the Flatiron to the Plaza, but the material often flies under the radar of pedestrians and architecture buffs alike because it can mimic other materials, like cast-iron or carved wood. Now, this long-underappreciated material is getting its due. On October 24th, the Historic Districts Council will present its annual Landmarks Lion Award to the terra-cotta firms Boston Valley Terra Cotta and Gladding, McBean, which work to keep terra-cotta alive worldwide, and to the preservation organization Friends of Terra Cotta, which has worked to preserve New York’s architectural terra-cotta since 1981. The ceremony will take place at Grand Central’s Oyster Bar, under the magnificent Guastavino terra-cotta ceiling recently restored by Boston Valley Terra Cotta. Fired up about finding “fired earth” around town? Here are 10 of the most impressive examples of New York terra-cotta!

Learn more about New York’s Terra Cotta Treasures

Central Park South

Qatari fund closes on $600M Plaza Hotel buy

By Dana Schulz, Thu, July 5, 2018

Photo via Wally Gobetz/Flickr

In May, the minority owners of the iconic Plaza Hotel, Ashkenazy Acquisition Corporation and Saudi Prince Alwaleed bin Talal, went into contract on the landmarked building, matching the $600 million offer made earlier in the month by a separate group of investors. However, reports out today tell us that the deal closed on Monday, with Katara Hospitality, a subsidiary of Qatar’s sovereign wealth fund, buying the minority owners’ 25 percent stake, along with Indian business group Sahara’s 70 percent stake and hotelier Sant Singh Chatwal’s five percent stake. Katara is the Qatar Investment Authority’s hotel division and this is their first foray into the NYC market. According to sources referenced by The Real Deal, the minority group decided to drop its bid because Katara offered greater “certainty” of closing.

The long road to selling the Plaza

Central Park South, real estate trends

Photo via Creative Commons

Update 5/8/18: Saudi Prince Al-Waleed Bin Talal and Ashkenazy Acquisition Corp. will buy the Plaza Hotel for $600 million, besting a previous offer made less than a week ago, according to the New York Post. While it was reported White City Ventures and the Kamran Organization were in contract to buy the iconic building, the prince and Ashkenazy, as the minority owner, had the option to acquire the hotel if they matched the $600 million offer. The deal is expected to close this summer.

A deal to sell the historic, 111-year-old Plaza Hotel has finally been reached, after the New York City landmark sat on and off the market for years and changed hands numerous times. As the Real Deal reported, a group of investors including Shahal Kahan of White City Ventures and Kamran Hakim of the Hakim Organization, are in contract to buy a majority share of the hotel for $600 million. While reports in March said the group was considering paying for part of the purchase with cryptocurrency, the deal instead is being made up of equity from investors and a $415 million loan from a pair of British billionaires, David and Simon Reuben.

More details here

Central Park South, real estate trends, Technology

Photo via Wally Gobetz/Flickr

Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.

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Features, NYC Guides, Restaurants

A borough-by-borough guide to NYC’s food halls

By Devin Gannon, Tue, October 10, 2017

Cronuts. Raclette. Poke bowls. Avocado toast. While the list of trendy cuisines making a splash in New York City’s food scene appears endless, food halls are making it easier for New Yorkers to try a bit of everything all under one roof. The city is experiencing a boom in this casual dining style; real estate developers opt to anchor their buildings with food halls, as all-star chefs choose food halls to serve their celebrated dishes. Ahead, follow 6sqft’s guide to the city’s 24 current food halls, from old standby Chelsea Market to Downtown Brooklyn’s new DeKalb Market, as well as those in the pipeline, planned for hot spots like Hudson Yards and more far-flung locales like Staten Island.

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