My Hotel Geek

The Plaza, a Fairmont managed hotel, is officially reopening after a long 2 year restoration. I had the chance to stay at the grand icon back in 2000 and hope to go back one day… when and if the staff rate opens up!

The Plaza is owned by Elad Properties. The hotel was bought for $675 million in 2004 and $400 million were injected to return The Legend to its original glory. Some details I was able to find on the net: 30 million dollars were spent for the roof and 4.5 million for the Grand Ballroom restored to its 1929 opulence.

Since opening in 1907, the Plaza has been bought and sold eight times, once by the Hilton family in 1943 and once by Trump in his Ivana- infuenced ’80s.

The Plaza hotel will offer 282 distinctive Louis XV style guestrooms (including of 152 pied-à-terres) and is the first hotel in the world to have 24-carat gold plated Sherle Wagner designed sinks and fixtures in every guest room and suite. I guess only the megawealthy community can really appreciate 24-carat gold plated sinks, I’d be happy with a regular marble sink and brushed nickel faucet…

Another interesting part of this project is the conversion of guestrooms to private residences. Sales for the 19-story Beaux Arts building went better than expected. From floor plans alone, 75% of the 182 residences were sold. Twothirds of the buyers were American, with 66% of those from the metropolitan area. The biggest buyer, real estate developer Harry Macklowe, bought an entire floor of the Plaza for around $60 million. New England Patriots owner Bob Kraft also purchased in the building, as did several international billionaires.

The restoration of The Plaza, Henry Janeway Hardenbergh’s Beaux Arts masterpiece, has been overseen by an award-winning design team including Gal Nauer Architects, Costas Kondylis and Partners, Walter B. Melvin Architects and Rani Ziss Architects.

Square-foot prices started in the $5,000 range and increased to an apex of $6,500. A one-bedroom with a view of Central Park costs around $7 million. A three-bedroom is on the market for $20 million.

You must go on the Elad page and and click on the video and dream you were a guest of The Plaza for a few minutes…